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What It’s Like to Negotiate With Landlords Right Now

Photo by VALERIE MACON/AFP via Getty Images

Hospitality lawyer Jasmine Moy visits Eater’s Digest this week

The biggest factor determining whether a restaurant or bar business can survive this pandemic — more important than pivots or its customer base or neighborhood — is the relationship between the tenant and the landlord. Or more specifically, the willingness of said landlord to cut said tenant a deal.

Some people are making concessions, whether it’s temporary or longterm abatements or newly structured partnerships. And some landlords, even some without mortgages, are letting tenants walk.

To get a sense of what it’s like on the inside of these negotiations and deals, we invited hospitality lawyer Jasmine Moy on the Eater’s Digest podcast this week to talk about the deals she’s seen, why some landlords prefer empty storefronts to reduced rents, what kinds of restaurateurs are actually signing new leases right now, and how it all works with hotel/chef management deals.

The biggest takeaway: “It’s important, more important now than ever, to not get into a longterm relationship like this with someone who you don’t think is a good person, with someone that you don’t think you trust, with someone who you don’t think feels that your business is an asset to their neighborhood or to their property.”

Listen and subscribe to Eater’s Digest on Apple Podcasts and read our full conversation with Moy below.

Amanda Kludt: So Jasmine, tell us what you do and the kinds of clients you work with, and then also how the pandemic has affected your business.

Jasmine Moy: Sure. I’m primarily a transactional attorney, which means I’m a business attorney who does nothing but looks at contracts all day, and many of those contracts are leases. So when all of this was going down, I was in the middle of a half a dozen leases, six or seven different leases, that were in various stages of negotiation. The minute people realized that this was looking bad, March 12th or whatever day the shutdown occurred, all of those offers to find leases got pulled by the tenants, by the person who was looking to get into the space.

Daniel Geneen: Right.

JM: Because I think most of these people saw the writing on the wall. They realized that the rents were possibly going to drop and that certainly there would be a lot more empty locations available to them on the other side of this.

DG: And also it wasn’t fertile ground to open a restaurant.

JM: Oh, sure. Yeah. I mean, not only that but the idea of the cessation of all of these services. People weren’t going to be able to... We weren’t sure if any construction was going to happen, and so it certainly doesn’t make sense to commit yourself to a 10 or 15 year lease at a rent that you think is not going to be great in 6 months, with work you’re not sure when it is going to get done, for a restaurant that you’re not even sure is going to be able to operate the same way that it might have pre-COVID.

AK: It’s become clear that a lot of restaurants’ ability to survive depends on their relationship with their individual landlord and whether or not that landlord is willing to cut a break. Over the last 5 months have you seen a willingness to cut breaks to these tenants, or is it just all over the map?

“There’s an honest to God difference now in who you’re working with.”

JM: Yeah, I would say that this is the one thing that has really, I think, surprised me, is that for all the years that I’ve been doing this, I think the general perception is that landlords are greedy jerks and who cares if you don’t like your landlord, just sign the lease and mostly they leave you alone until you’re ready to go. But I do think that this has really brought to light that there’s an honest to God difference now in who you’re working with, the integrity of who you’re working with, and that I think people should be much more selective going forward about their landlord.

That being said, I want to caveat this by saying that I’ve seen this happen both ways, in that you have a landlord you’ve love, but maybe he dies or maybe he sells the building and then you get a landlord you hate. So even signing a lease with somebody, does not guarantee that, for the rest of the term, you’re going to be taken care of and you’ll have this amiable relationship. But I do think it’s important, more important now than ever, to not get into a longterm relationship like this with someone who you don’t think is a good person, with someone that you don’t think you trust, with someone who you don’t think feels that your business is an asset to their neighborhood or to their property, and who don’t feel like they value you as a tenant, and that they don’t give a shit about who’s there, whether it’s a restaurant or a bank or whatever. So I do think that that probably is going to be much more important going forward.

And I don’t want to say that even a nice landlord or having a good relationship with the landlord, in my experience, has ensured a better lease deal. I think it helps to have a certain amount of goodwill and a good relationship because it means the conversations come are much more open and productive, but that doesn’t mean you’re still going to get to the place where both people need to be, especially if the landlord has a mortgage on the property or is otherwise leveraged or otherwise has their own liquidity or cashflow issues. Some of those folks, their hands are just tied. They’re like, “We’ve talked to the bank, the bank is only going to give us as much. We can’t give you the kind of discount you’re asking for.” And a restaurateur then at that point, it has to have a come to Jesus moment and they’re looking at their numbers and they’re saying, “Either I can make this work or I can’t make this work.” So, you know, a good relationship or a nice landlord, isn’t even the end-all-be-all, it depends on what the surrounding situations are for that specific landlord.

AK: And is it that the corporate landlords are more likely to cut a deal because they have more capital, or is the other way around? They’re less likely because they’re less personal and less-intimate?

“The large landlords are making much better deals than small landlords.”

JM: Completely anecdotally, the large landlords are making much better deals than small landlords, and I do think that this is directly related to their ability to negotiate with their banks, to their liquidity, and to their financial diversification and packages. A huge developer might not need all of the rent money as urgently as maybe a small landlord needs, or a mid-sized landlord needs it. But completely anecdotally, the best deals I’ve seen and I’ve heard of are from larger landlords, institutional landlord.

DG: So can you actually talk us through that, like what was the trajectory? So for what, you said like 6 weeks you weren’t doing anything because people weren’t negotiating new leases, and then what started to happen? Because we started to hear that restaurants were going to their landlords and trying to cut deals, but was that the next wave of business that you were doing?

JM: Well, so what happened is right when all of this hit, I sent everybody an email and I said, “Here’s what we know, here’s what we don’t.” The PPP then came about and I was like, “Here’s the deal with the PPP. Here’s how you can, and can’t spend it.” Sit down with your bookkeeper and your accountant, start running these numbers, because we are going to eventually have to put offers together with the landlords, but I was also immediately approaching the landlords saying, “Hey, can we get an agreement here that you’re not going to try to send default notices.” Which is what you send someone who’s behind in rent in order to further the eviction proceeding. I said, “Can we have an understanding here, you’re not going to send any of default notices, you’re going to give us time to work this out?” And everybody immediately said, “Yes. Yes we’re going to give you time, but let’s see how this shakes out. Let’s see about the PPP. Let’s see if the amount of PPP that you can use for pay for rent, let’s see if that changes.” Which it did.

So nobody was willing to put anything on paper until they, I think, let the dust settle a little bit, but it was my recommendation that everybody open a line of communication saying that they want to talk about it, saying that they were ready to have the conversations, but then nobody wanted to have the conversations right then. They all wanted to wait a couple of months to see how bad the virus was going to get and all of the other things before they were willing to make a deal. So I don’t think any real deal, like the substance of conversations about what the deals look like, happened until really the shift in the PPP requirements changed, and that’s when everybody started to get a better handle on their financials.

AK: And that’s when the Paycheck Protection Program loans shifted from what, 75% on your staff to 60%?

JM: To 60, mm-hmm.

AK: So then people could spend much more towards their rent?

JM: Yeah, exactly. And I think that actually I was making a lot of arguments at the time about not paying rent because such a limited amount of the PPP was being able to be used for rent, and having that shift, I think, I don’t want to say it like pulled the rug out from under me, but it definitely changed the argument that I was making and made my argument much less-strong about not paying rent during those closed months, because everybody knew. If you have somebody EIN, you can basically, for a while, look up how much money they’ve gotten, so many landlords had a sense of how much money their tenant had gotten and said, “You could pay rent with this. You could pay 100% of your rent with this for these number of months.”

DG: Right.

JM: And so in negotiating, I really switched my tac. I started saying, “Okay, well yeah. We can use that money for rent and we will use it for rent, but the winter is going to be impossible. We’re going to have some sidewalk dining until October or whatnot, but November, December, January, February, they’re going to be really, really hard. If you’re going to take a hit on this, I need you to take a hit then. Can we agree to three months of rent abatement, and then maybe another month that you use the security deposit as rent or something, we need four months of a rent-free period in the winter.” And I’ve been having decent success arguing for that.

So certain landlords are willing to take some sort of a hit, but they’re reluctant to take a hit on the rent for the long-term. They are very reluctant to change the rent. But they will, for the next year, come up with some sort of alternate situation, but they don’t really want to change the rent going forward.

DG: Oh, interesting. So they don’t want to change what’s on the agreement, but they’re willing to take a cash payment of something and then combined with something else. Actually, could you actually give us some examples of some deals that you’ve actually worked out?

JM: Sure. The best deal that I’ve seen from a client of mine was a huge developer, I can’t say which one, but it was a huge developer, and they offered a full rent abatement through the end of the year, so through the end of December, and then 50% off their rent for the entirety of next year.

AK: Oh wow.

JM: Which I think is great. But this is not a sit-down restaurant, this is more of a quick service, so I think that the rent, they have a smaller footprint, the rent is not insignificant, but it was smaller than say someone who has two floors of full dining rooms or something.

DG: Right.

JM: So that’s the best deal that I’ve seen. I have a bunch of weird sort of wonky hybrid situations where they got into the weeds on their numbers and agreed to various low-base rents, supplemented with percentage rents for the next two years, and that, for any three month period, if the percentage rent exceeds whatever the base-rent would have been in the lease, then you switch back to the lease rent. Everybody wants to get back to the lease rent, but it’s a matter of when and what triggers that, and for how long you can get a discount when we all are not exactly sure what the next 12 to 18 months are going to look like. So people are finagling very complicated, weird tailor-made deals, but, and like I said, I’m trying to prioritize free rent through the winter so that some folks can try to just get through the year and we can hopefully be in a better place next year and come spring.

DG: And will you work with new people who are interested in talking to their landlords about making a deal, or are you only focused on working with people where you did their contract initially?

JM: No. I will totally talk to... I’ve given out a lot of free time, I will say, to existing clients.

DG: Can’t imagine.

JM: I have said, “This sucks and I don’t want to pile on, I’m going to give everybody a certain amount of free time to try to work this out.” But for new clients, I wouldn’t do that. I mean, that’s an offer for the same for existing clients. New clients I’m happy to do it, but I’ve told them, “Listen, the last thing they want to be doing is spending money on a lawyer.” So what I’ve been doing is sending people emails that say, “If I were you, this is what I would do. I would reach out to my landlord. This is what I’ve put together. I would put together a proforma, I would really put together a proposal, I would explain it, I would make my best effort to get a deal done with the landlord without involving me, until you’re at the point because you want to document it and like at lease amendment or something.” Because I just didn’t want them to waste money on me when I thought a lot of this they could do themselves. And a lot of it, they had to do themselves.

So I’ve been telling people, “Hey, have enough conversations on your own first, and if you’re not having productive conversations, come to me.” But realistically speaking, I’m not a litigator. So if people are fighting with their landlord, if their landlord is trying to evict them, if they can’t come up with a deal and the landlord is threatening to sue them for six months of back rent that they haven’t paid, I’m referring that work out to people who spend all of their time in landlord-tenant court, to deal with someone who can fight this in the courts and try to get some protection that way.

So, yeah. I would certainly take in new clients and help them negotiate, but a lot of the negotiation is on them to really figure out where they max out and what they have the capacity for. They have to do all of that work first, before I can help them get to where they need to be. If that makes sense?

AK: A common question I’ve been getting is, why would a landlord rather have a vacant space than have a tenant that’s paying a discounted rate? So I know that these people have mortgages if they are mom-and-pop landlords. At first I thought it might be tax breaks, but then I see that’s not necessarily the case, especially in many cities. So what is the motivation there?

JM: It is a direct relation that the rent has to the value of the property. And when I talk about the value of the property, I’m not even talking about the assessed value of the property, I’m talking about the value of the property to the bank and the security that the bank sees in that building or in the space, because the kind of money a bank will lend to you, is directly related to how much income you can see from the property, and by income on the property, all you’re talking about is rent.

So the minute you lower the rent, you lower the ability to borrow money or to get any kind of liquidity from a bank. And so people are very reluctant to do that. So they would rather, versus lowering the value of their building and reducing the rent, they would rather leave it empty. And I’m not a tax attorney, but I do know that there are various write-offs and things you can take if you’re taking a loss on any given year, so there’s no financial incentive to lower the rent on any space, they don’t take a hit. The hit is to them in terms of what they have access to as far as money goes, capital goes.

“I talked to a developer who said he could leave a space open for like 6 years before he’d actually start to lose money.”

So, yeah. Until we tax people, until we disincentivize people, or find a way to disincentivize them from leaving a premises open...I talked to a developer who said he could leave a space open for like 6 years before he’d actually start to lose money.

AK: Oh wow.

DG: Oh my god.

JM: Which is a really long time, which is why you walk in the West Village and everything’s empty, it’s because they can.

AK: Unless there’s actually a vacancy tax, like in San Francisco, people are just going to keep doing this. They will let their tenants walk, rather than lower the rent for them.

JM: Yeah. Unless, and again, this goes back to what we talked about as far as a landlord being a partner, sometimes landlords need somebody in there, food and beverage in particular, because maybe they’re developing something in a neighborhood that’s a little bit of a dead zone that doesn’t have a coffee shop within half a mile, that doesn’t have X, Y, or Z. Those partnerships are bound to be better partnerships because they need you a little bit. So to the extent that you’re in a neighborhood that has a ton of walk by where a landlord doesn’t really care what is in their space. Yeah. They’re not going to give a shit and they’ll leave it open. They’ll let you go, they’ll leave it open.

The people who I think are more incentivized to work out a deal are the people who need you for whatever reason, because they’ve got this mixed-use property because they need a grocery there, they need a coffee shop there, they need a restaurant there. So I do think those sorts of projects are probably going to be more attractive to people moving forward, because the landlord actually has a vested interest in your success.

DG: So just in terms of the deals you’re seeing, that makes sense that the larger corporate landlords would be much more interested, or would be entirely uninterested, in renegotiating a contract, because the last thing they would want to do is have a lower rent on paper, because they can’t borrow against it.

JM: Uh-huh (affirmative).

DG: That’s so interesting.

AK: And the mom-and-pops too.

DG: Right. Right, right. So if they do cut restaurants or cut anyone a deal and say, “We’ll allow you to skip rent for the winter.” Does that not leave any kind of paper trail for them and the banks wouldn’t see that in terms of in their borrowing practices?

JM: So what happens is the base rent on paper is the base rent.

DG: Okay.

JM: So in all of these amendments that you’re drafting, you’re talking about a base rent, but then maybe discounts.

DG: Gotcha.

JM: So the base rent is the base rent. Nobody is lowering the base rent, they’re sort of adding verbiage to give discounts in the same way in any lease that you sign, you have a free rent period. So you have a base rent, but the rent is abated, which means you just don’t pay it for a certain period. So what all of these amendments are, are like amendments at the base rent, but with percentage abatement. Percentages of the rent abated so that the base rent stays the same, it’s not being altered. And when you give that to the bank, while the bank understands that for the next 6 months there’s some differential there, they know that after that period, the base rent is the base rent and that’s what they’ll be able to see.

And banks are giving forbearances on mortgages and things like that, for the most part, so these landlords, by a large, are not having to pay mortgage during periods in which they’re not collecting rent. But every landlord has a different cashflow situation. And listen, some landlords don’t have mortgages on their properties and some lands are just being greedy.

AK: Wow.

JM: Some of them are just... I have a client who had just built, of, The Banty Rooster, Delores Tronco, had opened The Banty Rooster in the Village, put a lot of money into that space and made it beautiful, and I think her landlord was completely, they have no mortgage on the property, her landlord was completely unwilling to make a deal with her, because I think she’s looking at it and saying, “Oh, you just added millions of dollars worth of improvements, and so I’m going to be able to sell this I’m not going to have to drop the rent because someone’s going to get all of this stuff.”

AK: Wow. And that was a new restaurant, yeah.

JM: Yeah, that was a new restaurant. And she might be right.

DG: So in the case like The Banty Rooster where, obviously, you’re not happy with, I guess, the ethics of the landlord, will you steer future clients away from that property?

JM: Oh, 100%.

DG: Yeah.

JM: Yeah. That landlord is someone who, I hope Delores doesn’t mind me talking about a little bit, but Delores is a very diligent worker. She’s so smart, she’s so organized, she communicated at every turn, she wanted this woman, her name is Shelley, she wanted Shelley to be happy at every turn. And I just feel like Shelly did not even meet her halfway. From the time she signed the lease, they dragged their feet on doing the work that they were supposed to do. And I think this woman’s not like a developer, I think this is like an investment property for her, I don’t think she has three or four buildings on her management, I think this might be her building, she lives in Connecticut somewhere. I just don’t think that she cares because she’s not invested in the neighborhood, she doesn’t live there because she doesn’t have a whole lot of buildings in the neighborhood.

Some people are very invested in making a neighborhood nice because they bought 15 buildings in that neighborhood. But this woman has been difficult from start to finish, and so if somebody came to me saying, “I want to sign a lease here.” I would probably strongly recommend against them doing so. She’s proven herself to be someone who is completely unreasonable.

DG: So it might not be the case that she sees this as a huge opportunity to get someone to pay for the work that they’ve done, and maybe just that she understands rent on a very fundamental level. If you don’t get paid rent, then you kick the person out.

JM: Yeah. I mean, it’s hard to know exactly what’s going through her head at any given time, but yeah. That was one of the only landlords that I’ve dealt with, who wasn’t willing to give a little bit. And she really wasn’t. So most people are willing to give somewhat, but maybe it’s not enough. If I’m the operator and I’ve done the math and I say, “I really cannot survive unless I have X.” And the landlord is coming in at X plus $3,000, they just can’t make it work.

AK: Right.

JM: But that doesn’t mean the landlord didn’t try, it doesn’t mean you didn’t try. It still might not work.

DG: So I guess maybe on a lighter note, are you starting to negotiate deals for future restaurants that are maybe better than you would have expected, or what everyone’s talking about is like this wonderfully exciting time to plan for a new restaurant?

JM: Yeah, I am. I’m in the middle of like four different leases right now, which is sort of a lot for me, I usually only have one or two at a time. I am, and all of these concepts are casual concepts that are prime for delivery, a Chinese thing here, a Vietnamese thing there. So spaces that were already planning on doing a ton of takeout and delivery any way. Those people are doing it. And I have to say, I don’t think market rents have really dropped so much yet. I do think, when I talk to brokers, they always say it takes at least 6 months, if not 12 months, for market rents to reflect the situation on the ground.

“When I talk to brokers, they always say it takes at least 6 months, if not 12 months, for market rents to reflect the situation on the ground.”

So I don’t think that these rents that I’m seeing are super, super below market, but they just are spaces that people saw were available and think that they can support with a take-out and carry-out, take-out and delivery, only. Nobody’s going to sign a lease right now if the rent is so high that they need to dine-in or that they need to have dine-in alcohol or that they need a cafe or outdoor seating section. And so these are spaces a little deeper in Brooklyn, a couple of spaces in Queens, spaces where the rents are generally lower and more approachable anyways.

AK: Are the brokers you’re talking to predicting next summer would be a good time? Like, let’s say I have some savings and a concept and I want to open a new thing, should I just sit on it until next spring or summer?

JM: You know what, well, number one, a broker wants their brokers fee.

AK: Right.

JM: They’re never going to recommend to anybody to not find something, they’re always going to be incentivizing somebody to find something as soon as possible so that it can start getting paid. But yeah, I do think if rents are going to drop it’s going to be awhile. That said, a landlord who has a mortgage on a property, who has to pay rent, and who doesn’t have the cashflow, and who is in danger of defaulting on their loan and losing the property in foreclosure, they will lower their rent. They will drop the rent to whatever the rent needs to be in order for them to get paid. So there will be some people who will drop the rent because they are desperate for tenants, but that’s not going to be everybody. That’s only going to be the people who don’t have the cashflow otherwise.

So rents will drop and some rents will drop a lot, but it’s all going to depend, I think, on that exact landlord’s situation, the trouble that they’re in with their bank or whatnot. And I don’t know that it will be neighborhood-specific, and I think there probably are certain neighborhoods that are, I think the West Village, I think of Soho, where rents are just consistently high because people just walk around those neighborhoods. They’re good neighborhoods to open spaces in, they just may not drop there, like at all.

AK: I know you also do partnerships between chefs and hotels and help hotels fill out their spaces. What is going on in that world?

JM: Yeah. So a few hotel projects that I’m working on, I do work for Virgin Hotels, some of that work is so far planned out. These are spaces that are in construction that are not going to open for another year or 2 years. I’ve got a project in Dubai, that’s like 3 years away, but all of that is moving as if nothing is happening, literally as if nothing is happening,

AK: They’re not changing the concepts at all or anything like that? They’re just like, “All right, let’s keep going.”

JM: No, and I’m like, “Is this...?” It’s not necessarily my realm to tell these larger corporations that I think they need to be taking this more seriously, but it’s... No, all of these hotel spaces have rooftop bars and outdoor spaces and things like that. And for the most part, the hotel deals, the person running the food and beverage gets paid a fee, a management fee, that’s based upon sales. So it’s in everybody’s best interest for the restaurant to do well, and if it doesn’t do well, everybody takes the hit. The food and beverage operator and the owner take the hit. So most of these deals or percentage deals. There might be some like base-level to the fee that is sort of low, but otherwise it’s on a percentage basis, so the way that we are changing those documents is usually the hotel owner has the right to terminate the management agreement if sales are not at a certain level. The things that I’m negotiating are like taking away the ability for them to terminate based on sales if revenues are low, because we’re still dealing with the pandemic.

AK: Right. Right, right.

JM: I’m sort of trying to take away the ability to fire the food department operator for causes that are beyond their control, but otherwise those documents stay pretty consistent. But for the folks that I have who are doing food and beverage management in hotels, a lot of the space is indoors. They don’t have a ton of outdoor space depending on where they are, they’re making do, they’re doing their best, but they’re facing the exact same issues as restaurateurs are in terms of needing to have the tables far away, fighting with people who don’t wear their masks. And all of the other issues, the operational stuff, is very consistent with what a normal restaurateur is dealing with.

AK: They just don’t have the burden of rent.

JM: It’s usually a percentage rent in the hotel food and beverage deals. It’s not technically rent, the quote unquote rent, it’s not usually fixed, it’s usually a percentage. So again, when everything is on a percentage, rising tides lift all boats, et cetera, et cetera. So that would hotel’s quote, unquote, rent, the percentage they take from those sales is going to be lower. And sometimes that is a problem, because you don’t ever build a hotel with cash you have, you build a hotel with the $50 million you borrowed from the bank or whatever. So that is affecting a lot of hotel owners, they’re having real cashflow, liquidity issues.

DG: Quick question on that, why would they want to kick out a restaurant that they need? Because you need a food and beverage operator in a hotel space. What would be their incentive to try to kick out an operator now, even when the whole thing isn’t making?

JM: Well, I think you look at the flip side of that. Why are we paying this person a premium? There are a lot of hotel companies that will open a restaurant and they’ll run it, and it, frankly, it’s probably going to be a crap restaurant. It’s going to be fine, not great. I’m thinking of, no offense to Kimpton, but I’m thinking of Kimpton who usually doesn’t run food and beverage. If you’ve ever stayed in a Kimpton, it’s fine, it’s not amazing if you want somebody good.

DG: Like a Jean-Georges?

JM: Yeah. If you want a Jean-Georges, if you want to zhuzh it up, if you want that food and beverage operator to be a draw and to increase the room rate, you pay that person a premium.

DG: Yeah.

“They’ve paid a lot extra for a chef to bring in people who are not going to exist no matter how famous that chef is. So why spend that extra money?”

JM: You pay them for it. And so I think some of these relationships are, if they’re being terminated or considered being terminated, it’s because they’ve paid a lot extra for a chef to bring in people who are not going to exist no matter how famous that chef is. So why spend that extra money? I think it’s the... But yeah, they still need food and beverage, but they can maybe cobble something together and themselves, or maybe they can find a no name company, this anonymous company, who just runs in and knows how to make eggs in the morning and it’d be done with it.

DG: Not in the case necessarily of Jean-Georges, but a Jean-Georges might be getting paid right now, even though they’re not selling any food.

JM: Yeah. If you are famous enough or good enough, what we would you do, you’ve negotiated a base fee. So the fee could be anywhere between $150,000 to $500,000 a year. That being said, I’ve talked to people who are familiar with the workings of some of these other chefs, other deals that are not mine and not of my clients, and they’re saying, “We haven’t been paid.” So maybe they’re owed that money. They probably have not been paid that money, so you may have a lot of food and beverage operators who are leaving hotels because they haven’t been paid the minimum that they negotiated.

AK: Interesting.

JM: The hotel owner might just be sort of stiffing them on that because the same reason a lot of restaurateurs are stiffing their landlords, they just don’t have the money.

AK: Right. Because hotels are just so screwed right now.

JM: They’re so screwed. They’re so screwed. Yeah, I think a lot of those deals are going to fall apart, just because they’re expensive. But when everybody’s going out to eat and when everybody’s traveling, it’s a benefit to them, net benefit, but right now it’s a net negative.

AK: Cool. Well, Jasmine, where can restaurateurs find you?

JM: I’m at restaurantlawyer.nyc. I’m also on Twitter, @jasminemoy on Twitter.

DG: Thank you so much.

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Photo by VALERIE MACON/AFP via Getty Images

Hospitality lawyer Jasmine Moy visits Eater’s Digest this week

Some people are making concessions, whether it’s temporary or longterm abatements or newly structured partnerships. And some landlords, even some without mortgages, are letting tenants walk.

Listen and subscribe to Eater’s Digest on Apple Podcasts and read our full conversation with Moy below.

Amanda Kludt: So Jasmine, tell us what you do and the kinds of clients you work with, and then also how the pandemic has affected your business.

Daniel Geneen: Right.

DG: And also it wasn’t fertile ground to open a restaurant.

“There’s an honest to God difference now in who you’re working with.”

“The large landlords are making much better deals than small landlords.”

AK: And that’s when the Paycheck Protection Program loans shifted from what, 75% on your staff to 60%?

JM: To 60, mm-hmm.

AK: So then people could spend much more towards their rent?

DG: Right.

AK: Oh wow.

DG: Right.

DG: And will you work with new people who are interested in talking to their landlords about making a deal, or are you only focused on working with people where you did their contract initially?

JM: No. I will totally talk to... I’ve given out a lot of free time, I will say, to existing clients.

DG: Can’t imagine.

“I talked to a developer who said he could leave a space open for like 6 years before he’d actually start to lose money.”

AK: Oh wow.

DG: Oh my god.

JM: Which is a really long time, which is why you walk in the West Village and everything’s empty, it’s because they can.

AK: Unless there’s actually a vacancy tax, like in San Francisco, people are just going to keep doing this. They will let their tenants walk, rather than lower the rent for them.

JM: Uh-huh (affirmative).

DG: That’s so interesting.

AK: And the mom-and-pops too.

JM: So what happens is the base rent on paper is the base rent.

DG: Okay.

JM: So in all of these amendments that you’re drafting, you’re talking about a base rent, but then maybe discounts.

DG: Gotcha.

AK: Wow.

AK: Wow. And that was a new restaurant, yeah.

JM: Yeah, that was a new restaurant. And she might be right.

DG: So in the case like The Banty Rooster where, obviously, you’re not happy with, I guess, the ethics of the landlord, will you steer future clients away from that property?

JM: Oh, 100%.

DG: Yeah.

AK: Right.

JM: But that doesn’t mean the landlord didn’t try, it doesn’t mean you didn’t try. It still might not work.

“When I talk to brokers, they always say it takes at least 6 months, if not 12 months, for market rents to reflect the situation on the ground.”

JM: You know what, well, number one, a broker wants their brokers fee.

AK: Right.

AK: I know you also do partnerships between chefs and hotels and help hotels fill out their spaces. What is going on in that world?

AK: They’re not changing the concepts at all or anything like that? They’re just like, “All right, let’s keep going.”

AK: Right. Right, right.

AK: They just don’t have the burden of rent.

DG: Like a Jean-Georges?

JM: Yeah. If you want a Jean-Georges, if you want to zhuzh it up, if you want that food and beverage operator to be a draw and to increase the room rate, you pay that person a premium.

DG: Yeah.

“They’ve paid a lot extra for a chef to bring in people who are not going to exist no matter how famous that chef is. So why spend that extra money?”

DG: Not in the case necessarily of Jean-Georges, but a Jean-Georges might be getting paid right now, even though they’re not selling any food.

AK: Interesting.

JM: The hotel owner might just be sort of stiffing them on that because the same reason a lot of restaurateurs are stiffing their landlords, they just don’t have the money.

AK: Right. Because hotels are just so screwed right now.

AK: Cool. Well, Jasmine, where can restaurateurs find you?

JM: I’m at restaurantlawyer.nyc. I’m also on Twitter, @jasminemoy on Twitter.

DG: Thank you so much.

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mortgagesherpa01-blog · 5 years ago

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Do You might want to Have A Separation Agreement To Refinance A Mortgage In Your Name

In a divorce can one partner give up declare the house to the other if both names are on the current mortgage? NO. Simply transferring your curiosity to the opposite get together will depart you still answerable for paying the mortgage. As a part of the transaction you must require that the opposite proprietor refinance the property in their own title and pay off the present mortgage. Miami Lenders for Personal Loans ought to be able to clarify this course of to you and take care of the required paperwork. It should be made a part of the divorce agreement. My husband and i are separated he's filing chapter 7 bankruptcy One home is in his name and another in each of our names Can the courtroom take my house Iowa? https://www.youtube.com/watch?v=iSGKbsVkR9k doesn't take anything. Is that the one in each names? Was he paying the mortgage or a part of the mortgage? I strongly urge you to get your own bankruptcy lawyer, since that is a very technical area of bankruptcy regulation. You want to search out out if he intends to abandon his curiosity in the houses or intends to reaffirm the mortgage(s).

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cryptowavesxyz · 5 years ago

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Coronavirus ‘Didn’t Cause’ Crash, BTC Recovery ‘Will Take Months’: Hodler’s Digest, Mar. 16–22

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin price did not crash 60% due to coronavirus, Binance CEO says

It’s fashionable to think that Black Thursday’s bloodbath on the crypto markets was caused by the coronavirus. But Changpeng Zhao, the CEO of Binance, disagrees. He believes the pandemic certainly triggered the current global meltdown — but added the mass sell-offs over recent weeks have proved that the world’s economy is far too weak. Many investors are hoarding cash as the uncertainty continues, but Zhao believes they will begin to broaden their portfolios in time. “Have people bought more Bitcoin yet? No, in most cases. Many of them are still panicking over toilet paper,” he said. BTC has come a long way over the past seven days — and, at the time of writing, it’s up by 12%, sitting pretty at about $6,000. This is some way off the highs of $6,900 that were achieved earlier in the week.

Is Bitcoin correlated with the U.S. stock market?

The debate now is about how closely Bitcoin’s performance is tied to the U.S. stock market. According to research by Santiment, the correlation between BTC and the S&P 500 has now reached a two-year high — a bearish sign for the crypto markets. Historical data shows that such a high correlation is often accompanied by major downturns in BTC’s value. Santiment said: “With this pandemic, we are obviously seeing very similar movements in tandem as the coronavirus justifiably has investors in virtually every sector in a similar state of cautiousness.” Not everyone agrees with this analysis, though. Since the March 13 lows of $3,775, BTC has rallied by about 77%. Compare that with the S&P 500, which has fallen by 7.4%, and the Dow Jones, which is off by about 10% over the same period.

Congress proposal to give everyone $2,000/month “strengthens case for Bitcoin”

Countries around the world are now trying to figure out how to support those who have lost their jobs because of the coronavirus — and how to keep their economies afloat. In the U.S., one Democratic representative in Congress has proposed giving $2,000 a month to every adult — and $1,000 to every child. Other nations are similarly exploring radical measures, with the U.K. recently announcing plans to pay 80% of the wages of workers on furlough. Some in the crypto community have been taken aback by these ideas. Mati Greenspan, founder of Quantum Economics, told Cointelegraph that the American proposal would cause massive inflation — and would even benefit Bitcoin in the long run if the Democrats won the White House in November.

MakerDAO governance approves USDC stablecoin as collateral

We’ve got a little bit of time to switch gears and cover some different news in this week’s Hodler’s Digest. MakerDAO has added the USDC stablecoin as a third type of collateral, following an emergency vote this week. The move is designed to urgently increase Dai’s liquidity after how last week’s ETH flash crash created bad debt worth millions of dollars. A major downside with this decision is how it undercuts Dai’s selling point of exclusively being backed with decentralized assets. USDC is pegged to the U.S. dollar and was created by Coinbase and Circle.

Bakkt announces new direct payment integration with Starbucks

Bakkt — a platform best known for offering crypto derivatives — is diversifying into retail applications for digital assets. The company’s new app, Bakkt Cash, has now been added as a payment method to the Starbucks app on a trial basis. The ability to buy a caramel latte with an extra espresso shot using crypto is sure to cause plenty of excitement. Also this week, Bakkt managed to raise $300 million in a Series C funding round that was backed by Microsoft’s venture capital arm and the Intercontinental Exchange. The company is developing an app where cash, cryptocurrencies and loyalty points can be stored in one place and used to make purchases. Unfortunately, it’s unclear how much this new Bakkt feature will be used by Starbucks customers, with the coffee chain closing its locations to eat-in customers because of the coronavirus.

Winners and Losers

At the end of the week, Bitcoin is at $6,093.87, Ether at $128.94 and XRP at $0.15. The total market cap is at $170,237,547,952.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Swipe, Numeraire and MCO. The top three altcoin losers of the week are Hedera Hashgraph, Komodo and Terra.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“In 2008, there wasn’t a pandemic pausing global economy. But I believe the coronavirus is just a trigger, not the root cause. Our economy should be stronger, at least strong enough to survive some shocks.”

Changpeng Zhao, Binance CEO

“We are stepping into the next generation. The next generation is happening right now with national bank-issued stablecoins, I believe. I would say it will grow the cryptocurrency user base like 10 times or more.”

Lennix Lai, director of financial markets, OKEx

“The technology makes sense. The reason why it hasn’t become widely accepted is that Corporate America has a ‘walled garden’ approach to data — they need to start sharing data, a huge paradigm shift.”

Lisa Butters, Honeywell International Inc.

Prediction of the Week

Bitcoin’s price recovery may take months, Fundstrat analyst warns

We’ve seen some green shoots in Bitcoin’s price this week, but one technical analyst at Fundstrat Global Advisors warns that it might be some time before it stages a full recovery. Rob Sluymer said that “lower highs and lower lows are in place for Bitcoin” after investors practically fled every asset class — and this leaves it in a “compromised, potentially vulnerable long-term profile.” Looking ahead, he added: “Bitcoin will likely need months of consolidation to repair the technical damage now in place.” Another prediction this week came from eToro analyst Simon Peters, who predicted that the coronavirus crisis could strengthen Bitcoin.

FUD of the Week

Woman arrested for stealing $480,000 from crypto exchange she co-founded

A woman has been arrested for stealing 63.5 BTC from the cryptocurrency exchange she had previously co-founded. Ayushi Jain used to work for Bitcipher Labs and was arrested in the Indian city of Bengaluru. The 26-year-old was accused of stealing the cryptocurrency — worth about $480,000 — in two unauthorized transactions on Jan. 11 and March 11. Ayushi has since confessed to the theft, and the stolen funds have been recovered by detectives. A senior police officer said: “We seized a laptop which contained the history, showing how Ayushi used the passphrase and stole money in installments between January and March.”

Less than 1% of Australians used crypto to pay for services in 2019

A study by the Reserve Bank of Australia suggests that cryptocurrencies aren’t as popular as previously thought. The survey revealed that less than 1% of Australians used digital assets like Bitcoin to make a consumer payment in 2019. This is despite the fact that electronic transactions are becoming increasingly popular, and over 80% of those polled had heard about cryptocurrencies. In terms of the most-used alternative payment methods, crypto was third behind “buy now, pay later” services and “tap and go” mobile payments.

Bitfinex to delist 87 crypto trading pairs aiming to improve liquidity

Bitfinex has announced that it is removing 87 crypto trading pairs due to low liquidity levels. The major cryptocurrency exchange hopes the measure will improve liquidity elsewhere and help it move toward a more streamlined and optimized trading experience. In a statement provided to Cointelegraph, Bitfinex said: “The decision was taken after monitoring [the pairs] for six weeks and finding a consistent low level of liquidity. We take this type of action to concentrate trading in fewer pairs.”

Best Cointelegraph Features

Does Bitcoin have intrinsic value or is it based on thin air?

Bitcoin was dealt a blow after the newly appointed Bank of England governor said that Bitcoin has no extrinsic value — echoing similar remarks by billionaires including Mark Cuban and Warren Buffett. Are they right? Joseph Young finds out.

Flying hot off the shelves — virtual land based on blockchain

Virtual land worth hundreds of thousands of dollars has been sold on platforms such as Decentraland — and one deal was worth a whopping $215,000. Elena Perez takes a look at what’s driving demand.

China’s digital yuan is an economic cyberweapon, and the U.S. is disarming

As Beijing races to develop its central bank digital currency, the U.S. Federal Reserve sees no need for a dollar parallel. Jonathan Rosenoer has written about the implications for Cointelegraph Magazine.

The post Coronavirus ‘Didn’t Cause’ Crash, BTC Recovery ‘Will Take Months’: Hodler’s Digest, Mar. 16–22 appeared first on Crypto Waves.

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linabrigette · 6 years ago

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Palestinians Are Using Bitcoin to Transact Across Borders Amid Conflict

For a small but growing community of users in the occupied Palestinian territories of the Gaza Strip and the West Bank, bitcoin has become a lifeline.

Ahmed Ismail, a financial analyst in Gaza, estimated there are at least 20 unofficial “exchange” offices there dealing cryptocurrency to local users. Ismail himself helps 30 clients use bitcoin to purchase investments abroad, such as stocks, since there aren’t any local alternatives for putting money to work.

One such currency dealer in Gaza, Mohammed, told BTC News Today over the past four years he helped up to 50 families a month purchase an average of $500 worth of bitcoin each to send money abroad or shop online.

“Bitcoin, in their opinion, is cheaper, safer, and quicker,” he said. “Nothing works with Palestinian banks. Bitcoin wallets are alternative banks.”

While Palestine is not the only politically and economically isolated part of the world where cryptocurrency is making inroads, it’s somewhat unique among these markets in terms of the drivers – and limitations – to adoption.

For example, Palestinians do not face the kind of hyperinflation that drives Venezuelans, Iranians and Turks to hodl a digital currency with a limited supply, since they don’t have a national currency at all, instead using stable foreign currencies.

But another core property of public blockchain networks is particularly appealing in the Palestinian territories: censorship-resistance.

Anyone can conduct a peer-to-peer bitcoin transaction. Once the transaction is paid for, it can’t be vetoed by an intermediary. This would appear to solve a real problem for a population with restricted access to the global economy amid the ongoing conflict with Israel. Even supporters in the West have had their bank accounts shut down for sending money to Palestinians.

“There is no payment gateway, like PayPal, for entrepreneurs to receive payments internationally,” Laith Kassis, CEO of the nonprofit Palestine Techno Park in the West Bank, told BTC News Today. “So here comes solutions on blockchain with private nodes.”

However, an electronic currency can only do so much in a place where power outages can be a daily occurrence and even traditional banks sometimes struggle to transact with much of the outside world.

Facts on the ground

While sending or receiving bitcoin may be frictionless, on- and off-ramps just don’t exist in the Palestinian territories.

There’s no way for Palestinians to get their Israeli shekels, U.S. dollars or Jordanian dinars to online crypto exchanges since none of them work with local banks. Hence, they must rely on dealers as liquidity gateways, and that adds friction back in.

One Palestinian tech worker told BTC News Today that when she tried to cash out a bitcoin payment from a remote employer, she couldn’t get a fair fiat price from dealers in Gaza because crypto prices were soaring at the time.

As such, Saifdean Ammous, a Palestinian-born bitcoin supporter, is skeptical about any claims that the cryptocurrency currently offers a solution to his homeland’s economic straits.

“If the people who want to do the transaction don’t both have balances in bitcoin then you’re just adding extra layers of conversion from their home currency to bitcoin and back to the home currency,” said Ammous, who is a professor of economics at the Lebanese American University. “That’s never going to be a sustainable solution.”

Another non-starter, in his view, is the Palestinian Monetary Authority’s publicly touted plans to create a national cryptocurrency. Ammous said it “completely misses the point to think of bitcoin as a payment solution that can be added onto existing monetary systems.”

He added:

“Rather, it [bitcoin] is its own monetary system and it will have its own payment solutions.”

Plus, Palestinian communities revolve around local trust networks and physical assets like cash, because high unemployment and poverty rates create urgent daily needs. According to World Bank estimates, 21 percent of Palestinians live below the poverty line on less than $5.50 a day.

In that context, volatile and illiquid assets are predominately useful for cross-border transactions, but not everyday ones.

Crypto nationalism

On the other hand, tech industry optimists like Kassis take a different approach than Ammous or Ismail by engaging with the PMA.

Kassis’s Techno Park hosted its first blockchain boot camp the first week of September, with 29 participants ranging from students to entrepreneurs and government officials. By the end of the five-day technical boot camp, several developers were working on new applications. Representatives of the PMA have participated in the center’s educational programming.

“The whole ethos of decentralized ledgers plays into the [Palestinian] community’s need to talk peer-to-peer, that will enable Palestinian entrepreneurs to do business internationally,” Kassis said, adding:

“I think blockchain and fintech has a huge potential to change the dynamics of our economy and solve many of the financial constraints [by] leveraging the decentralization of the network.”

Kassis said he hopes upcoming programs like the Techno Park crypto hackathon later this year will leverage Diaspora connections to foster local expertise for institutional payment solutions.

So far, the Techno Park’s blockchain seminars at four universities across the West Bank have discussed government-sponsored pilots, enterprise crypto services provided by companies like Ripple, and initial coin offerings, in addition to bitcoin.

“It’s all about bringing awareness and creating new markets,” Kassis said. “The younger generation is more knowledgeable about crypto, more than the IT departments at banks.”

And even if it’s too soon for bitcoin to make much difference now, Ammous said he believes that in the long term it has great potential to spark societal change.

The author of “The Bitcoin Standard” argues that governments, including those in the Middle East, have been able to fund destructive ideas, such as wars, precisely because of their ability to issue unbacked fiat via central banks.

“The key thing is that the more it [bitcoin] grows, the more it will deprive governments of the ability to print more money,” Ammous said, concluding:

“I think, in the long run, this is going to be a very good thing for everywhere in the world, particularly places in the Middle East.”

Image of Palestinian flag via Shutterstock

The leader in blockchain news, BTC News Today is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. BTC News Today is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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tommymackintosh-blog1 · 7 years ago

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How Blockchain Is Unlocking Enterprise Investment For Retail Contributors

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ultrazealouslightcollector-blog · 7 years ago

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Recommendation For Filing Bankruptcy San Diego

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infinancialcontrol · 7 years ago

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November Newsletter

Hi, and welcome to the November newsletter. It is hard to believe Christmas is just round the corner as another year seems to have just flown by.

This month we put your business banker under the microscope, and see if they are on the money. We also look at turning a business around, where we list some small achievable steps that can make a big profit impact and finally managing your Foreign Currency risk. In a global economy more and more businesses have some exposure for Foreign currency exposure and it is important to take steps to minimise the risk so it doesn’t eat into your profit.

I hope you find this information useful

Your business banker – are they on the money?

Cash and cashflow are key for any and every business. Money keeps your business ticking over and the person who can most influence your access to external cash, is your business banker.

Banks usually assign a business banker to every business turning over more than one million dollars, so if you have some scale about your business there is every likelihood you have been assigned a business banker. It is their job to understand your goals and to make banking easy for you.

With constantly changing business and cash conditions it’s crucial to have a good business banker as your partner.

But do you know your business banker? And if you do, how can you tell yours is up to scratch?

What makes a good business banker

1. They’re in regular contact – it might be once a quarter, once a month or in the case of some clients, once a week (or more), but it should be regular.

2. They should take an active and authentic interest in your business.

3. They understand your business, and its cash cycle. They know roughly how many days normally pass from when you purchase stock to when you receive payment from your customers? And if your business banker understands your cash cycle, then –

They will offer products and terms on loans that match your business’ requirements

They will think beyond the ‘now’ to other products and services that may suit you later. These products may not be their own, but they don’t care. They genuinely want to help you.

They introduce you to other people within their business who may know how to help you.

4. They are flexible – where there are short term limitations. They have the flexibility to support you with extra cashflow – provided you can show you can pay it back.

When it comes to your business banker, a strong relationship and regular contact is important. Some business bankers only turn up for the annual review. You need more than this.

Don’t wait until your cash flow situation is desperate

If you don’t have an existing relationship with your business banker and you go to the bank when you urgently need cash it is probably too late. Your bank manager won’t know enough about you and your business to take a risk. If they don’t understand your business they can’t offer you cash quickly when you’re in a tight spot.

If your banker understands your business and you have had regular discussions about your current cash flow and potential requirements, then they will be far better placed to assist you when things get a little tight, providing you meet their lending criteria.

And finally, don’t let the relationship be entirely one sided. As a business owner, you should also take the initiative to maintain the business banking relationship and stay in regular contact with your banker.

Business performance: Small changes can make a significant impact on the performance and results of your business

Many business owners dream that their businesses will suddenly have a huge growth spurt or a big direction change. They might wish for overnight success, or easy passage through a difficult patch.

Unfortunately, the reality of running a business isn’t quite so magical, and improved business performance or results are usually made up of many small improvements (and hard work) which all add up to something bigger.

Here are some ideas for a few small changes you can make, or actions you (or your staff) can take which could potentially have a big impact on your business:

- Make five extra new sales calls a week

- Call five existing customers each week and see how they are going. Customer follow up and service often leads to more sales

- Find ways to save 5% on the cost of production and increase your gross margin

- Increase prices by 2%

- Provide a tempting value-add to your product that customers are prepared to pay a premium for

- Cut your overhead costs by 2-5% by reviewing all your suppliers regularly to make sure you are paying competitive prices

- Remind debtors of upcoming commitments just before they are due, to increase the chance of being paid by the due date, reducing follow up time and putting funds in your bank account sooner

- Pay accounts on time to take advantage of discount terms offered by suppliers

- See if suppliers have steps in purchase quantities. If there is a discount for bulk then work out if this could save some dollars

All these initiatives on their own might seem small but when aggregated can have a big dollar effect on your bottom line.

The best way to do this is with financial modelling. This lets you play with different scenarios and helps you establish which actions have the biggest potential impact on your business. A good finance or accounting expert can help you with financial modelling.

We have recently been involved in a successful business turnaround.

Much of this business’ new success came through measuring and making sure all the small things were done and closely managed. There was no single action that turned things around but efforts across all areas have turned a struggling business into a financially successful one.

Taking a position on Foreign currency

Whether we like it or not, all businesses who import or export goods to or from overseas are affected by the vagaries of foreign currency.

A change in foreign exchange rates can increase or decrease the price you pay your supplier.

A change in foreign exchange rates can change how much you receive in AUD from your debtors if you invoice in foreign currency.

A change in foreign exchange rates can change your margin if you have a price list in a foreign currency and pay for goods in a local currency.

There are many ways a change in foreign exchange rates can impact on your margin and profitability. Whether you like it or not, we are operating in a global economy and foreign currency exposure comes as part of transacting with overseas suppliers or customers. It’s called Foreign Exchange risk (FX risk).

How do you manage FX risk?

It is difficult to know how currencies will move relative to one another. There are so many different factors involved on a global scale, nobody can predict the direction currency is moving in, not even economists and traders (though they may try to convince you otherwise).

When you look at the forecasts produced by the big banks, they often have opposing views of where the Australian Dollar is headed compared to other currencies.

Foreign Exchange (FX) rates and management of FX exposure is unlikely to be your area of expertise. So, what can you do to manage and minimise the impact of foreign currency on your business?

Protect yourself and your business against exposure to foreign currencies

Yes, it’s possible to do this.

You can buy forward exchange contracts, for the amount of currency you are expecting to receive, to convert back to Australian Dollars (AUD). This sets the foreign rate at an agreed contract rate you can buy from your bank. It’s also known as hedging.

When you have a forward contract, you have certainty about the price you are going to pay (i.e. the exchange rate at which your foreign currency will be converted to AUD). This means you can set prices and calculate the costs of your product with some certainty.

Forward contracts won’t necessarily give you the best rate (in fact, it’s unlikely), but they will give you a set rate. A set rate provides certainty for planning and cash management. It would be foolish to attempt to make money from foreign exchange trading when it is not your primary business. Bigger businesses than yours have suffered trouble when they have tried this.

Once you have a forward contract, you have certainty of your future income or expenditure, even as exchange rates move around. It’s possible that you may have received more (or paid less) money had you not hedged your FX risk. But you’ll never know for sure. Knowing your potential income allows you to plan, budget and not fear exchange rate movements. If you leave your foreign exchange risk unhedged, there’s always a risk that if the currency moves in the wrong direction you could find yourself losing money – which will have a negative impact on your business.

The best person to talk to is your business banker who understands how to manage foreign exchange risk and can get the ball rolling for you.

If you have any questions regarding the points raised in this week’s newsletter, or you would like to know more about our services, contact Peter McLean at In Financial Control.

#businessbanker #cashflow #smalllbusiness #foreigncurrency #fx #smallbusinessprofit #smallbusinessturnaround #smallbusinesscfo #virtual cfo #cfoservice

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cryptoga-blog · 7 years ago

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BitPay Is Growing? How Startup Suspicions Are Fueling Bitcoin's Fork Discussion

http://www.cryptoga.com/news/bitpay-is-growing-how-startup-suspicions-are-fueling-bitcoins-fork-discussion/

BitPay Is Growing? How Startup Suspicions Are Fueling Bitcoin's Fork Discussion

Is bitcoin a medium of exchange or a retailer of worth? For substantially of the technology’s short background, the answer has been the two.

“All sides want the similar factor – for bitcoin to be employed by absolutely everyone,” Jameson Lopp, a software program developer at bitcoin wallet service provider BitGo, informed CoinDesk.

Having said that, it is really the route to that upcoming, the place the two features are fulfilled, that is proving a problem. The discussion more than which of all those apps need to outline bitcoin now is now arguably at the heart of the network’s scaling discussion, although it has received an extra nuance. Namely, irrespective of whether this need to all be completed by the foundation layer blockchain (as opposed to other major-layer networks).

While that may appear like a compact thought – it is really just about anything but.

It appears to all be summed up by two opposing concerns:

For firms and miners, if you’re not transacting on the bitcoin blockchain, are you working with bitcoin?

And for builders, if you’re not storing a comprehensive background of that blockchain, are you working with bitcoin?

But even though this kind of concerns could verge on the academic, in November, they will arrive far more specifically to a head. That is when Segwit2x, a proposal to alter the blockchain proposed by enterprise and miners, will shift forward with a challenging fork aimed to boost the ability of the bitcoin blockchain.

The shift, one particular that could break up the network (all over again), has strained ties among the technology’s enthusiasts, separating all those previously united toward exits for widespread startup endeavors.

“The only variance is that one particular facet thinks it is really urgent for bitcoin to grow ASAP, even though the other facet is affected person and ready to place far more work into engineering efficient solutions,” Lopp, a seen and vocal opponent of Segwit2x, said.

Other individuals, such as his colleague, BitGo co-founder and CEO Mike Belshe, believe the proposal is the only way forward, supplied that the network’s startups are strained by the latest limited ability.

Right up until a short while ago, nevertheless, there has arguably been minor in the way of knowledge points to back this enterprise standpoint. After all, most are by now passing fees off to customers, even though other individuals you should not interact with the blockchain in true time, rather batch-settling transactions in bulk at a later day.

But that may be switching now that merchant processor BitPay has introduced new information about its payments dollar quantity, which it claims has developed 328 percent over 2016. In accordance to the business, it is really on pace to system far more than $1 billion in payments this yr on the bitcoin blockchain.

“Folks normally surprise what persons are investing bitcoin on all more than the earth, and this shows that persons are actually working with bitcoin all-around the earth for true purchases,” said Sonny Singh, main industrial officer at BitPay.

He ongoing:

“And it isn’t going to matter the price of bitcoin … our volumes you should not go up and down with the bitcoin price. Our advancement charges are gradual.”

Digging further

But BitPay’s claims will certainly add gas to the political fireplace, primarily for the reason that a lot of stay skeptical of press releases displaying big gains in transaction quantity. That is for the reason that it is really not normally obvious how bitcoin firms are calculating their advancement.

For illustration, multiplying product sales by the price of bitcoin would be one particular strategy, although it would be problematic supplied that the price has greater considerably considering the fact that very last yr.

But BitPay says it is really not participating in all those game titles.

In accordance to Singh, BitPay’s advancement numbers have almost nothing to do with the price of bitcoin. When a customer goes to Microsoft’s web site and buys an Xbox gaming console through BitPay, the business works by using the dollar quantity to maintain monitor of advancement.

But, even though U.S. dollar (and other fiat income) quantity has greater, that’s not for the reason that of far more transactions per se, that’s just that larger sized worth payments are becoming made.

Singh informed CoinDesk:

“We have observed a more compact than standard improve in the range of transactions from very last yr. We have also observed a big improve in [business-to-business] transactions, which are all-around $200,000 per transaction.”

That is why BitPay’s product sales crew is laser focused on securing far more enterprise-to-enterprise commerce, according to Singh, and considerably less fixated on the more compact retail and e-commerce merchants that in 2015 introduced BitPay into becoming.

Chatting to Singh, although, it appears the business would love to be able to help the two, but, with transaction fees at this time increasing, it is really just not functional to make transactions underneath $20, he said.

Chris Pacia, direct backend developer at bitcoin marketplace OpenBazaar, agreed.

“I assume the fees hamper the use case as a medium of exchange,” said Pacia, who has set up a DNS seed for Segwit2x. “This is why it appears to me like at the very least some persons have just supplied up on payments and are now stating that bitcoin need to just be a peer-to-peer speculative investing asset (aka digital gold).”

Fee squeeze

But was bitcoin actually ever suited for retail and compact e-commerce transactions?

It makes feeling for a big U.S. corporation shopping for from Chinese suppliers (or vice versa) to reduced the time and transaction price tag of a $200,000 transaction. With bitcoin, instead than lender wires, firms can drop the time it will take to settle a payment by several times and the quantity compensated to have that payment soar through a handful of middlemen.

BitPay points to shampoo company Bellatorra as a good illustration. The business pays one particular of its suppliers in China $500,000 each individual month, according to Singh, and by working with bitcoin, fees have absent from 5 p.c to 1 p.c and the time has been cut from 5 times to one particular.

But for a compact service provider, whose typical ticket is all-around $20, they’re not actually preserving adequate time and income more than credit cards and other standard payment procedures (which are far far more popular with buyers) to make it worthy of setting up to settle for bitcoin.

This is primarily accurate considering the fact that BitPay started charging all merchants miner’s fees in March.

“All the massive firms in the space made a decision we couldn’t take up the fees any longer,” said Singh. “This is a larger deal for the more compact merchants.”

BitPay at this time prices a flat 1 p.c transaction cost additionally the network’s transaction fees – which have greater from 55 satoshis per transaction in October 2015 to all-around 120 satoshis per transaction now (whilst they have been substantially increased).

While BitPay has normally experienced a roller coaster relationship with fees, it does appear that aspect of the firm’s incapability to offer you a cost system that is effective for compact to mid-sized merchants has been predicated on the increasing miner’s fees.

In accordance to Singh: “We get the job done with a lot of non-income like Greenpeace and the American Purple Cross, and persons could donate $1 if they wanted, the place now that’s not functional.”

Sadly, Singh was not able to give a concrete plan of the quantities this kind of non-income could have probably lost more than the past yr thanks to the challenge of transaction prices.

Chance of centralization

So, even though bitcoin was at one particular time touted as a more rapidly, more cost-effective payment approach for all, that at this time isn’t really the case. And the two sides of the discussion have formulated robust thoughts about the increasing challenge.

While BitPay may want an increasing range of transactions to ascertain bitcoin’s achievements, bitcoin builders largely believe there is an inherent “security trade-off” in scaling via procedures this kind of as Segwit2x. For illustration, as blocks get larger, the further details should be stored by all all those who keep a copy of the network’s ledger.

Need to the blockchain turn into so big that only important miners and firms can keep the comprehensive blockchain, the argument goes, how then does bitcoin differ from banking institutions? And need to firms be trustworthy to ascertain the upcoming of the engineering supplied their economic curiosity in their personal achievements?

BitPay, for its aspect, would like to concentrate on its impact on true firms, as effectively as aiding the underserved in locations the place standard currencies and establishments frequently fall short big sections of society. For illustration, even though Latin The united states only accounts for 2 p.c of BitPay’s enterprise, that is a significant improve more than very last yr – and even its personal workers in the location are shifting to the digital currency.

“Absolutely everyone in the business has the option to just take their income in bitcoin. We have a advancement crew in Argentina, and that crew will take 100 p.c of their salaries in bitcoin,” Singh said.

Nonetheless, as for how the problem of scaling now or scaling later will engage in out, the verdict may only arrive with the passage – or rejection – of Segwit2x by network customers.

As bitcoin developer Jimmy Track has read it place, the bottom line is:

“Bitcoin owes no person their enterprise product.”

Pete Rizzo contributed reporting.

Disclosure: CoinDesk is a subsidiary of Digital Forex Group, which aided manage the Segwit2x proposal, and has possession stakes in BitGo, BitPay, OB1 (developer of OpenBazaar) and Paxos.

Cracked compass image via Shutterstock

The chief in blockchain news, CoinDesk is an independent media outlet that strives for the greatest journalistic expectations and abides by a strict set of editorial procedures. Fascinated in presenting your knowledge or insights to our reporting? Get hold of us at [email protected].

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easyfoodnetwork · 4 years ago

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Photo by VALERIE MACON/AFP via Getty Images Hospitality lawyer Jasmine Moy visits Eater’s Digest this week The biggest factor determining whether a restaurant or bar business can survive this pandemic — more important than pivots or its customer base or neighborhood — is the relationship between the tenant and the landlord. Or more specifically, the willingness of said landlord to cut said tenant a deal. Some people are making concessions, whether it’s temporary or longterm abatements or newly structured partnerships. And some landlords, even some without mortgages, are letting tenants walk. To get a sense of what it’s like on the inside of these negotiations and deals, we invited hospitality lawyer Jasmine Moy on the Eater’s Digest podcast this week to talk about the deals she’s seen, why some landlords prefer empty storefronts to reduced rents, what kinds of restaurateurs are actually signing new leases right now, and how it all works with hotel/chef management deals. The biggest takeaway: “It’s important, more important now than ever, to not get into a longterm relationship like this with someone who you don’t think is a good person, with someone that you don’t think you trust, with someone who you don’t think feels that your business is an asset to their neighborhood or to their property.” Listen and subscribe to Eater’s Digest on Apple Podcasts and read our full conversation with Moy below. Amanda Kludt: So Jasmine, tell us what you do and the kinds of clients you work with, and then also how the pandemic has affected your business. Jasmine Moy: Sure. I’m primarily a transactional attorney, which means I’m a business attorney who does nothing but looks at contracts all day, and many of those contracts are leases. So when all of this was going down, I was in the middle of a half a dozen leases, six or seven different leases, that were in various stages of negotiation. The minute people realized that this was looking bad, March 12th or whatever day the shutdown occurred, all of those offers to find leases got pulled by the tenants, by the person who was looking to get into the space. Daniel Geneen: Right. JM: Because I think most of these people saw the writing on the wall. They realized that the rents were possibly going to drop and that certainly there would be a lot more empty locations available to them on the other side of this. DG: And also it wasn’t fertile ground to open a restaurant. JM: Oh, sure. Yeah. I mean, not only that but the idea of the cessation of all of these services. People weren’t going to be able to... We weren’t sure if any construction was going to happen, and so it certainly doesn’t make sense to commit yourself to a 10 or 15 year lease at a rent that you think is not going to be great in 6 months, with work you’re not sure when it is going to get done, for a restaurant that you’re not even sure is going to be able to operate the same way that it might have pre-COVID. AK: It’s become clear that a lot of restaurants’ ability to survive depends on their relationship with their individual landlord and whether or not that landlord is willing to cut a break. Over the last 5 months have you seen a willingness to cut breaks to these tenants, or is it just all over the map? “There’s an honest to God difference now in who you’re working with.” JM: Yeah, I would say that this is the one thing that has really, I think, surprised me, is that for all the years that I’ve been doing this, I think the general perception is that landlords are greedy jerks and who cares if you don’t like your landlord, just sign the lease and mostly they leave you alone until you’re ready to go. But I do think that this has really brought to light that there’s an honest to God difference now in who you’re working with, the integrity of who you’re working with, and that I think people should be much more selective going forward about their landlord. That being said, I want to caveat this by saying that I’ve seen this happen both ways, in that you have a landlord you’ve love, but maybe he dies or maybe he sells the building and then you get a landlord you hate. So even signing a lease with somebody, does not guarantee that, for the rest of the term, you’re going to be taken care of and you’ll have this amiable relationship. But I do think it’s important, more important now than ever, to not get into a longterm relationship like this with someone who you don’t think is a good person, with someone that you don’t think you trust, with someone who you don’t think feels that your business is an asset to their neighborhood or to their property, and who don’t feel like they value you as a tenant, and that they don’t give a shit about who’s there, whether it’s a restaurant or a bank or whatever. So I do think that that probably is going to be much more important going forward. And I don’t want to say that even a nice landlord or having a good relationship with the landlord, in my experience, has ensured a better lease deal. I think it helps to have a certain amount of goodwill and a good relationship because it means the conversations come are much more open and productive, but that doesn’t mean you’re still going to get to the place where both people need to be, especially if the landlord has a mortgage on the property or is otherwise leveraged or otherwise has their own liquidity or cashflow issues. Some of those folks, their hands are just tied. They’re like, “We’ve talked to the bank, the bank is only going to give us as much. We can’t give you the kind of discount you’re asking for.” And a restaurateur then at that point, it has to have a come to Jesus moment and they’re looking at their numbers and they’re saying, “Either I can make this work or I can’t make this work.” So, you know, a good relationship or a nice landlord, isn’t even the end-all-be-all, it depends on what the surrounding situations are for that specific landlord. AK: And is it that the corporate landlords are more likely to cut a deal because they have more capital, or is the other way around? They’re less likely because they’re less personal and less-intimate? “The large landlords are making much better deals than small landlords.” JM: Completely anecdotally, the large landlords are making much better deals than small landlords, and I do think that this is directly related to their ability to negotiate with their banks, to their liquidity, and to their financial diversification and packages. A huge developer might not need all of the rent money as urgently as maybe a small landlord needs, or a mid-sized landlord needs it. But completely anecdotally, the best deals I’ve seen and I’ve heard of are from larger landlords, institutional landlord. DG: So can you actually talk us through that, like what was the trajectory? So for what, you said like 6 weeks you weren’t doing anything because people weren’t negotiating new leases, and then what started to happen? Because we started to hear that restaurants were going to their landlords and trying to cut deals, but was that the next wave of business that you were doing? JM: Well, so what happened is right when all of this hit, I sent everybody an email and I said, “Here’s what we know, here’s what we don’t.” The PPP then came about and I was like, “Here’s the deal with the PPP. Here’s how you can, and can’t spend it.” Sit down with your bookkeeper and your accountant, start running these numbers, because we are going to eventually have to put offers together with the landlords, but I was also immediately approaching the landlords saying, “Hey, can we get an agreement here that you’re not going to try to send default notices.” Which is what you send someone who’s behind in rent in order to further the eviction proceeding. I said, “Can we have an understanding here, you’re not going to send any of default notices, you’re going to give us time to work this out?” And everybody immediately said, “Yes. Yes we’re going to give you time, but let’s see how this shakes out. Let’s see about the PPP. Let’s see if the amount of PPP that you can use for pay for rent, let’s see if that changes.” Which it did. So nobody was willing to put anything on paper until they, I think, let the dust settle a little bit, but it was my recommendation that everybody open a line of communication saying that they want to talk about it, saying that they were ready to have the conversations, but then nobody wanted to have the conversations right then. They all wanted to wait a couple of months to see how bad the virus was going to get and all of the other things before they were willing to make a deal. So I don’t think any real deal, like the substance of conversations about what the deals look like, happened until really the shift in the PPP requirements changed, and that’s when everybody started to get a better handle on their financials. AK: And that’s when the Paycheck Protection Program loans shifted from what, 75% on your staff to 60%? JM: To 60, mm-hmm. AK: So then people could spend much more towards their rent? JM: Yeah, exactly. And I think that actually I was making a lot of arguments at the time about not paying rent because such a limited amount of the PPP was being able to be used for rent, and having that shift, I think, I don’t want to say it like pulled the rug out from under me, but it definitely changed the argument that I was making and made my argument much less-strong about not paying rent during those closed months, because everybody knew. If you have somebody EIN, you can basically, for a while, look up how much money they’ve gotten, so many landlords had a sense of how much money their tenant had gotten and said, “You could pay rent with this. You could pay 100% of your rent with this for these number of months.” DG: Right. JM: And so in negotiating, I really switched my tac. I started saying, “Okay, well yeah. We can use that money for rent and we will use it for rent, but the winter is going to be impossible. We’re going to have some sidewalk dining until October or whatnot, but November, December, January, February, they’re going to be really, really hard. If you’re going to take a hit on this, I need you to take a hit then. Can we agree to three months of rent abatement, and then maybe another month that you use the security deposit as rent or something, we need four months of a rent-free period in the winter.” And I’ve been having decent success arguing for that. So certain landlords are willing to take some sort of a hit, but they’re reluctant to take a hit on the rent for the long-term. They are very reluctant to change the rent. But they will, for the next year, come up with some sort of alternate situation, but they don’t really want to change the rent going forward. DG: Oh, interesting. So they don’t want to change what’s on the agreement, but they’re willing to take a cash payment of something and then combined with something else. Actually, could you actually give us some examples of some deals that you’ve actually worked out? JM: Sure. The best deal that I’ve seen from a client of mine was a huge developer, I can’t say which one, but it was a huge developer, and they offered a full rent abatement through the end of the year, so through the end of December, and then 50% off their rent for the entirety of next year. AK: Oh wow. JM: Which I think is great. But this is not a sit-down restaurant, this is more of a quick service, so I think that the rent, they have a smaller footprint, the rent is not insignificant, but it was smaller than say someone who has two floors of full dining rooms or something. DG: Right. JM: So that’s the best deal that I’ve seen. I have a bunch of weird sort of wonky hybrid situations where they got into the weeds on their numbers and agreed to various low-base rents, supplemented with percentage rents for the next two years, and that, for any three month period, if the percentage rent exceeds whatever the base-rent would have been in the lease, then you switch back to the lease rent. Everybody wants to get back to the lease rent, but it’s a matter of when and what triggers that, and for how long you can get a discount when we all are not exactly sure what the next 12 to 18 months are going to look like. So people are finagling very complicated, weird tailor-made deals, but, and like I said, I’m trying to prioritize free rent through the winter so that some folks can try to just get through the year and we can hopefully be in a better place next year and come spring. DG: And will you work with new people who are interested in talking to their landlords about making a deal, or are you only focused on working with people where you did their contract initially? JM: No. I will totally talk to... I’ve given out a lot of free time, I will say, to existing clients. DG: Can’t imagine. JM: I have said, “This sucks and I don’t want to pile on, I’m going to give everybody a certain amount of free time to try to work this out.” But for new clients, I wouldn’t do that. I mean, that’s an offer for the same for existing clients. New clients I’m happy to do it, but I’ve told them, “Listen, the last thing they want to be doing is spending money on a lawyer.” So what I’ve been doing is sending people emails that say, “If I were you, this is what I would do. I would reach out to my landlord. This is what I’ve put together. I would put together a proforma, I would really put together a proposal, I would explain it, I would make my best effort to get a deal done with the landlord without involving me, until you’re at the point because you want to document it and like at lease amendment or something.” Because I just didn’t want them to waste money on me when I thought a lot of this they could do themselves. And a lot of it, they had to do themselves. So I’ve been telling people, “Hey, have enough conversations on your own first, and if you’re not having productive conversations, come to me.” But realistically speaking, I’m not a litigator. So if people are fighting with their landlord, if their landlord is trying to evict them, if they can’t come up with a deal and the landlord is threatening to sue them for six months of back rent that they haven’t paid, I’m referring that work out to people who spend all of their time in landlord-tenant court, to deal with someone who can fight this in the courts and try to get some protection that way. So, yeah. I would certainly take in new clients and help them negotiate, but a lot of the negotiation is on them to really figure out where they max out and what they have the capacity for. They have to do all of that work first, before I can help them get to where they need to be. If that makes sense? AK: A common question I’ve been getting is, why would a landlord rather have a vacant space than have a tenant that’s paying a discounted rate? So I know that these people have mortgages if they are mom-and-pop landlords. At first I thought it might be tax breaks, but then I see that’s not necessarily the case, especially in many cities. So what is the motivation there? JM: It is a direct relation that the rent has to the value of the property. And when I talk about the value of the property, I’m not even talking about the assessed value of the property, I’m talking about the value of the property to the bank and the security that the bank sees in that building or in the space, because the kind of money a bank will lend to you, is directly related to how much income you can see from the property, and by income on the property, all you’re talking about is rent. So the minute you lower the rent, you lower the ability to borrow money or to get any kind of liquidity from a bank. And so people are very reluctant to do that. So they would rather, versus lowering the value of their building and reducing the rent, they would rather leave it empty. And I’m not a tax attorney, but I do know that there are various write-offs and things you can take if you’re taking a loss on any given year, so there’s no financial incentive to lower the rent on any space, they don’t take a hit. The hit is to them in terms of what they have access to as far as money goes, capital goes. “I talked to a developer who said he could leave a space open for like 6 years before he’d actually start to lose money.” So, yeah. Until we tax people, until we disincentivize people, or find a way to disincentivize them from leaving a premises open...I talked to a developer who said he could leave a space open for like 6 years before he’d actually start to lose money. AK: Oh wow. DG: Oh my god. JM: Which is a really long time, which is why you walk in the West Village and everything’s empty, it’s because they can. AK: Unless there’s actually a vacancy tax, like in San Francisco, people are just going to keep doing this. They will let their tenants walk, rather than lower the rent for them. JM: Yeah. Unless, and again, this goes back to what we talked about as far as a landlord being a partner, sometimes landlords need somebody in there, food and beverage in particular, because maybe they’re developing something in a neighborhood that’s a little bit of a dead zone that doesn’t have a coffee shop within half a mile, that doesn’t have X, Y, or Z. Those partnerships are bound to be better partnerships because they need you a little bit. So to the extent that you’re in a neighborhood that has a ton of walk by where a landlord doesn’t really care what is in their space. Yeah. They’re not going to give a shit and they’ll leave it open. They’ll let you go, they’ll leave it open. The people who I think are more incentivized to work out a deal are the people who need you for whatever reason, because they’ve got this mixed-use property because they need a grocery there, they need a coffee shop there, they need a restaurant there. So I do think those sorts of projects are probably going to be more attractive to people moving forward, because the landlord actually has a vested interest in your success. DG: So just in terms of the deals you’re seeing, that makes sense that the larger corporate landlords would be much more interested, or would be entirely uninterested, in renegotiating a contract, because the last thing they would want to do is have a lower rent on paper, because they can’t borrow against it. JM: Uh-huh (affirmative). DG: That’s so interesting. AK: And the mom-and-pops too. DG: Right. Right, right. So if they do cut restaurants or cut anyone a deal and say, “We’ll allow you to skip rent for the winter.” Does that not leave any kind of paper trail for them and the banks wouldn’t see that in terms of in their borrowing practices? JM: So what happens is the base rent on paper is the base rent. DG: Okay. JM: So in all of these amendments that you’re drafting, you’re talking about a base rent, but then maybe discounts. DG: Gotcha. JM: So the base rent is the base rent. Nobody is lowering the base rent, they’re sort of adding verbiage to give discounts in the same way in any lease that you sign, you have a free rent period. So you have a base rent, but the rent is abated, which means you just don’t pay it for a certain period. So what all of these amendments are, are like amendments at the base rent, but with percentage abatement. Percentages of the rent abated so that the base rent stays the same, it’s not being altered. And when you give that to the bank, while the bank understands that for the next 6 months there’s some differential there, they know that after that period, the base rent is the base rent and that’s what they’ll be able to see. And banks are giving forbearances on mortgages and things like that, for the most part, so these landlords, by a large, are not having to pay mortgage during periods in which they’re not collecting rent. But every landlord has a different cashflow situation. And listen, some landlords don’t have mortgages on their properties and some lands are just being greedy. AK: Wow. JM: Some of them are just... I have a client who had just built, of, The Banty Rooster, Delores Tronco, had opened The Banty Rooster in the Village, put a lot of money into that space and made it beautiful, and I think her landlord was completely, they have no mortgage on the property, her landlord was completely unwilling to make a deal with her, because I think she’s looking at it and saying, “Oh, you just added millions of dollars worth of improvements, and so I’m going to be able to sell this I’m not going to have to drop the rent because someone’s going to get all of this stuff.” AK: Wow. And that was a new restaurant, yeah. JM: Yeah, that was a new restaurant. And she might be right. DG: So in the case like The Banty Rooster where, obviously, you’re not happy with, I guess, the ethics of the landlord, will you steer future clients away from that property? JM: Oh, 100%. DG: Yeah. JM: Yeah. That landlord is someone who, I hope Delores doesn’t mind me talking about a little bit, but Delores is a very diligent worker. She’s so smart, she’s so organized, she communicated at every turn, she wanted this woman, her name is Shelley, she wanted Shelley to be happy at every turn. And I just feel like Shelly did not even meet her halfway. From the time she signed the lease, they dragged their feet on doing the work that they were supposed to do. And I think this woman’s not like a developer, I think this is like an investment property for her, I don’t think she has three or four buildings on her management, I think this might be her building, she lives in Connecticut somewhere. I just don’t think that she cares because she’s not invested in the neighborhood, she doesn’t live there because she doesn’t have a whole lot of buildings in the neighborhood. Some people are very invested in making a neighborhood nice because they bought 15 buildings in that neighborhood. But this woman has been difficult from start to finish, and so if somebody came to me saying, “I want to sign a lease here.” I would probably strongly recommend against them doing so. She’s proven herself to be someone who is completely unreasonable. DG: So it might not be the case that she sees this as a huge opportunity to get someone to pay for the work that they’ve done, and maybe just that she understands rent on a very fundamental level. If you don’t get paid rent, then you kick the person out. JM: Yeah. I mean, it’s hard to know exactly what’s going through her head at any given time, but yeah. That was one of the only landlords that I’ve dealt with, who wasn’t willing to give a little bit. And she really wasn’t. So most people are willing to give somewhat, but maybe it’s not enough. If I’m the operator and I’ve done the math and I say, “I really cannot survive unless I have X.” And the landlord is coming in at X plus $3,000, they just can’t make it work. AK: Right. JM: But that doesn’t mean the landlord didn’t try, it doesn’t mean you didn’t try. It still might not work. DG: So I guess maybe on a lighter note, are you starting to negotiate deals for future restaurants that are maybe better than you would have expected, or what everyone’s talking about is like this wonderfully exciting time to plan for a new restaurant? JM: Yeah, I am. I’m in the middle of like four different leases right now, which is sort of a lot for me, I usually only have one or two at a time. I am, and all of these concepts are casual concepts that are prime for delivery, a Chinese thing here, a Vietnamese thing there. So spaces that were already planning on doing a ton of takeout and delivery any way. Those people are doing it. And I have to say, I don’t think market rents have really dropped so much yet. I do think, when I talk to brokers, they always say it takes at least 6 months, if not 12 months, for market rents to reflect the situation on the ground. “When I talk to brokers, they always say it takes at least 6 months, if not 12 months, for market rents to reflect the situation on the ground.” So I don’t think that these rents that I’m seeing are super, super below market, but they just are spaces that people saw were available and think that they can support with a take-out and carry-out, take-out and delivery, only. Nobody’s going to sign a lease right now if the rent is so high that they need to dine-in or that they need to have dine-in alcohol or that they need a cafe or outdoor seating section. And so these are spaces a little deeper in Brooklyn, a couple of spaces in Queens, spaces where the rents are generally lower and more approachable anyways. AK: Are the brokers you’re talking to predicting next summer would be a good time? Like, let’s say I have some savings and a concept and I want to open a new thing, should I just sit on it until next spring or summer? JM: You know what, well, number one, a broker wants their brokers fee. AK: Right. JM: They’re never going to recommend to anybody to not find something, they’re always going to be incentivizing somebody to find something as soon as possible so that it can start getting paid. But yeah, I do think if rents are going to drop it’s going to be awhile. That said, a landlord who has a mortgage on a property, who has to pay rent, and who doesn’t have the cashflow, and who is in danger of defaulting on their loan and losing the property in foreclosure, they will lower their rent. They will drop the rent to whatever the rent needs to be in order for them to get paid. So there will be some people who will drop the rent because they are desperate for tenants, but that’s not going to be everybody. That’s only going to be the people who don’t have the cashflow otherwise. So rents will drop and some rents will drop a lot, but it’s all going to depend, I think, on that exact landlord’s situation, the trouble that they’re in with their bank or whatnot. And I don’t know that it will be neighborhood-specific, and I think there probably are certain neighborhoods that are, I think the West Village, I think of Soho, where rents are just consistently high because people just walk around those neighborhoods. They’re good neighborhoods to open spaces in, they just may not drop there, like at all. AK: I know you also do partnerships between chefs and hotels and help hotels fill out their spaces. What is going on in that world? JM: Yeah. So a few hotel projects that I’m working on, I do work for Virgin Hotels, some of that work is so far planned out. These are spaces that are in construction that are not going to open for another year or 2 years. I’ve got a project in Dubai, that’s like 3 years away, but all of that is moving as if nothing is happening, literally as if nothing is happening, AK: They’re not changing the concepts at all or anything like that? They’re just like, “All right, let’s keep going.” JM: No, and I’m like, “Is this...?” It’s not necessarily my realm to tell these larger corporations that I think they need to be taking this more seriously, but it’s... No, all of these hotel spaces have rooftop bars and outdoor spaces and things like that. And for the most part, the hotel deals, the person running the food and beverage gets paid a fee, a management fee, that’s based upon sales. So it’s in everybody’s best interest for the restaurant to do well, and if it doesn’t do well, everybody takes the hit. The food and beverage operator and the owner take the hit. So most of these deals or percentage deals. There might be some like base-level to the fee that is sort of low, but otherwise it’s on a percentage basis, so the way that we are changing those documents is usually the hotel owner has the right to terminate the management agreement if sales are not at a certain level. The things that I’m negotiating are like taking away the ability for them to terminate based on sales if revenues are low, because we’re still dealing with the pandemic. AK: Right. Right, right. JM: I’m sort of trying to take away the ability to fire the food department operator for causes that are beyond their control, but otherwise those documents stay pretty consistent. But for the folks that I have who are doing food and beverage management in hotels, a lot of the space is indoors. They don’t have a ton of outdoor space depending on where they are, they’re making do, they’re doing their best, but they’re facing the exact same issues as restaurateurs are in terms of needing to have the tables far away, fighting with people who don’t wear their masks. And all of the other issues, the operational stuff, is very consistent with what a normal restaurateur is dealing with. AK: They just don’t have the burden of rent. JM: It’s usually a percentage rent in the hotel food and beverage deals. It’s not technically rent, the quote unquote rent, it’s not usually fixed, it’s usually a percentage. So again, when everything is on a percentage, rising tides lift all boats, et cetera, et cetera. So that would hotel’s quote, unquote, rent, the percentage they take from those sales is going to be lower. And sometimes that is a problem, because you don’t ever build a hotel with cash you have, you build a hotel with the $50 million you borrowed from the bank or whatever. So that is affecting a lot of hotel owners, they’re having real cashflow, liquidity issues. DG: Quick question on that, why would they want to kick out a restaurant that they need? Because you need a food and beverage operator in a hotel space. What would be their incentive to try to kick out an operator now, even when the whole thing isn’t making? JM: Well, I think you look at the flip side of that. Why are we paying this person a premium? There are a lot of hotel companies that will open a restaurant and they’ll run it, and it, frankly, it’s probably going to be a crap restaurant. It’s going to be fine, not great. I’m thinking of, no offense to Kimpton, but I’m thinking of Kimpton who usually doesn’t run food and beverage. If you’ve ever stayed in a Kimpton, it’s fine, it’s not amazing if you want somebody good. DG: Like a Jean-Georges? JM: Yeah. If you want a Jean-Georges, if you want to zhuzh it up, if you want that food and beverage operator to be a draw and to increase the room rate, you pay that person a premium. DG: Yeah. “They’ve paid a lot extra for a chef to bring in people who are not going to exist no matter how famous that chef is. So why spend that extra money?” JM: You pay them for it. And so I think some of these relationships are, if they’re being terminated or considered being terminated, it’s because they’ve paid a lot extra for a chef to bring in people who are not going to exist no matter how famous that chef is. So why spend that extra money? I think it’s the... But yeah, they still need food and beverage, but they can maybe cobble something together and themselves, or maybe they can find a no name company, this anonymous company, who just runs in and knows how to make eggs in the morning and it’d be done with it. DG: Not in the case necessarily of Jean-Georges, but a Jean-Georges might be getting paid right now, even though they’re not selling any food. JM: Yeah. If you are famous enough or good enough, what we would you do, you’ve negotiated a base fee. So the fee could be anywhere between $150,000 to $500,000 a year. That being said, I’ve talked to people who are familiar with the workings of some of these other chefs, other deals that are not mine and not of my clients, and they’re saying, “We haven’t been paid.” So maybe they’re owed that money. They probably have not been paid that money, so you may have a lot of food and beverage operators who are leaving hotels because they haven’t been paid the minimum that they negotiated. AK: Interesting. JM: The hotel owner might just be sort of stiffing them on that because the same reason a lot of restaurateurs are stiffing their landlords, they just don’t have the money. AK: Right. Because hotels are just so screwed right now. JM: They’re so screwed. They’re so screwed. Yeah, I think a lot of those deals are going to fall apart, just because they’re expensive. But when everybody’s going out to eat and when everybody’s traveling, it’s a benefit to them, net benefit, but right now it’s a net negative. AK: Cool. Well, Jasmine, where can restaurateurs find you? JM: I’m at restaurantlawyer.nyc. I’m also on Twitter, @jasminemoy on Twitter. DG: Thank you so much. from Eater - All https://ift.tt/34cFK71

http://easyfoodnetwork.blogspot.com/2020/08/what-its-like-to-negotiate-with.html

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thepayonercard20-blog · 7 years ago

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Payoneer List Of Partners Immigration Dubai

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omcik-blog · 7 years ago

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New Post has been published on OmCik

New Post has been published on http://omcik.com/americas-health-care-crisis-is-a-gold-mine-for-crowdfunding/

America’s Health care Crisis Is a Gold Mine for Crowdfunding

(Photo: Thinkstock)

(Bloomberg) — Crowdfunding platforms such as GoFundMe and YouCaring have turned sympathy for Americans drowning in medical expenses into a cottage industry. Now Republican efforts in Congress to change the Affordable Care Act could swell the ranks of the uninsured and spur the business of helping people raise donations online to pay for health care.

(Related: Crowdfunding Is Not a Replacement for Life Insurance)

But medical crowdfunding doesn’t have to wait for Congress to act. Business is already booming, and its leaders expect the rapid growth to continue no matter what happens on the Hill.

“Whether it’s Obamacare or Trumpcare, the weight of health care costs on consumers will only increase,” said Dan Saper, chief executive officer of YouCaring. “It will drive more people to try and figure out how to pay health care needs, and crowdfunding is in its early days as a way to help those people.”

At industry leader GoFundMe, medical is one of the biggest fundraising categories. CEO Rob Solomon has said it’s what “helped define and put GoFundMe on the map” and has called the company, founded in 2010, “a digital safety net.”

That net grew wider this year with GoFundMe’s acquisition of CrowdRise, which was co-founded by the actor Edward Norton. It adds to the company’s business helping people fundraise for charities and sends those who need funds for “medical bills, a friend’s tuition, a group volunteer trip, or any personal cause” to GoFundMe.

Growth has been rapid. In a September 2015 LinkedIn post, Solomon wrote that the one million campaigns set up over the previous year had raised $1 billion from nearly 12 million donors. By February 2016, the total was $2 billion. In October 2016, it was $3 billion, from 25 million donors. A NerdWallet study of medical crowdfunding said GoFundMe had indicated that $930 million of the $2 billion raised in the period the study analyzed was from medical campaigns.

YouCaring, meanwhile, acquired GiveForward this year; medical fundraisers made up 70% of GiveForward’s campaigns. The combined companies have 8 million donors who have contributed $800 million to a wide range of campaigns. A big part of that total was donated to medical campaigns, according to the company. It was approaching 50% of all fundraisers at YouCaring before the acquisition, and the growth rate is set to triple this year, Saper said.

With enough volume, the business of helping people raise money for medical care has a lot of profit potential. GoFundMe takes 5% of each donation, 2.9% goes to payment processing, and there’s a 30¢ transaction fee. Smaller sites, such as Fundly and FundRazr, charge much the same. YouCaring donors pay just a 2.9% processing fee plus the 30¢.

“We rely on voluntary contributions from donors [to run the business], so our big thrust now is how do we get the word out about it,” said Saper. The company is scaling up its team and operations and hired the former global head of engagement and growth of EventBrite, Maly Ly, as its chief marketing officer in March.

Indiegogo, which started out funding filmmakers, created a separate platform in 2015 called Generosity. Medical is a top category, and users pay a 3% payment processing fee and the 30¢. Now Facebook has jumped into the fray. On May 24, it began allowing users to launch fundraisers for personal causes or nonprofits on their pages. Medical is one of eight available categories. For personal cause campaigns, Facebook takes 6.9% of each donation plus 30¢.

For more and more Americans, vying in a popularity contest for a limited supply of funds and sympathy may be the only way to pay the doctors and stay afloat. House Republicans passed a bill last month to replace the Affordable Care Act, or Obamacare. As is, the Congressional Budget Office estimates, it would leave 23 million more Americans uninsured in 2026 than under the Affordable Care Act. Even a law just resembling the bill is likely to raise the cost of health care for older and sicker Americans and for those with preexisting conditions, bolstering the medical crowdfunding business.

The industry still represents just a fraction of the hundreds of billions of dollars Americans pay annually out of pocket for health care, said Saper. Medical crowdfunding is “highly, highly scalable and has a ton of runway,” he said. “The growth rate of the industry is showing that this can absolutely be an impactful safety net for a lot of individuals and communities to help each other.”

The remarkably named Producing a Worthy Illness: Personal Crowdfunding Amidst Financial Crisis, a study published this year by the University of Washington/Bothell, offers a striking perspective on some of those communities. Personal medical campaigns on GoFundMe were likelier to come from people living in states that chose not to expand Medicaid under the Affordable Care Act, preliminary results of the study showed. Fifty-four% of 200 randomly sampled campaigns last year came from those states, though they are home to just 39% of the U.S. population. Trumpcare would sharply curtail the Affordable Care Act Medicaid expansion program.

“We had a huge number of campaigns from Texas, which is often recognized as the state where it’s most difficult to qualify for Medicaid and other public insurance,” Professor Nora Kenworthy, co-author of the study, said. “A lot of the campaigns are really using GoFundMe as a safety net,” asking for “help with lost wages, help getting basic health care services and support.”

Most medical crowdfunding campaigns are a far cry from Taylor Swift’s $50,000 gift on GoFundMe to a young girl with aggressive leukemia, or $1 million in donations for a mother whose cancer returned when she was pregnant with quadruplets. “Often, funds people are raising are for a huge range of costs that go along with care, like travel to the place where you will get care, because insurance doesn’t really cover that,” said Indiegogo’s senior director of social innovation, Breanna DiGiammarino. In the future, more fundraisers will likely seek to cover premiums and deductibles rather than the cost of care itself, she said.

(Photo: Thinkstock)

“Crowdfunding is being treated a little like crowd-insurance now,” said Daryl Hatton, CEO of Canada-based crowdfunding platform FundRazr.

Yet crowdfunding’s business model is a poor fit for the gargantuan, mundane, never-ending health care costs of many online campaigners. Some get just 10 to 20% of what they ask for, said Jeremy Snyder, a health sciences professor at Simon Fraser University in Canada, where the need remains even with a national health care system. Snyder’s research, which includes analysis of ethical issues raised by medical crowdfunding, has focused on people seeking funding for cancer treatments on Canadian crowdfunding sites.

And, of course, in the U.S. as in Canada, some campaigners get less than that, or nothing at all. Slightly more than one in 10 health-related online campaigns reached their goal in the NerdWallet report. The Bothell study found that 90% of the 200 GoFundMe campaigns didn’t reach their goal, and that, on average, fundraisers got 40% of what they asked for. That doesn’t sound like much of a fix to Snyder.

“Is this something that is going to be a solution to a lack of health insurance?” he said. “Absolutely not.”

One reason for the discouraging statistics is that while most of the campaigns are ordinary—and no less urgent for it—it is often the extraordinary ones that do best.

“The more dramatic the need, the more successful” the fundraiser, said Adrienne Gonzalez, who follows the industry as the creator of GoFraudMe.com, a site that exposes fraudulent campaigns on GoFundMe.

Among the “most active” campaigns featured on generosity.com on May 30 were one to help pay for treatments for a man diagnosed with acute promyelocytic leukemia and one for a woman struggling to cover “co-pays, travel expenses, food, lodging, essentials” as she tends to her 19-year-old daughter, who is scheduled for a kidney transplant. A third solicited funds for a woman without insurance who had been struck by lightning.

Those appeals are very different from that of an ice hockey player who had broken her collarbone in a game and started a campaign on generosity.com. She asked for $1,500 to help cover her $1,000 deductible and other costs, including being sidelined from her landscaping job for at least six weeks. Over a month, she raised $252 from seven people, or 17% of her goal. It was something.

“‘I need help with my deductible’—they are not going to be very successful,” said Gonzalez, who believes crowdfunding has done a lot of good but presents “this whole socioeconomic problem” because “you almost have to be a marketing guru” to create a successful campaign.

The Bothell researchers noticed a bias among donors toward funding solvable problems. “Injections that cost $10,000 every six months are a more solvable problem than a campaign for a family citing a litany of challenges, like utility bills that aren’t being paid because the family is paying for health care,” said Professor Lauren Berliner, Kenworthy’s co-author on the study. Media and digital savvy play a big part in attracting donations. The campaigns with hashtags, images, and flashy elements got the most financial support, the study found.

“Most campaigns are paid for by friends, and friends of friends,” said Hatton of FundRazr. “A lot of it has to do with the strength of your social network,” as people you helped now dip into a “karma bank” and help you. People with fewer financial resources may not have been able to build up that goodwill and may not have that wide and deep a social network to call on, he said.

Then there was the woman in her 30s who walked into a free clinic where Dr. Edward Weisbart, who chairs the Missouri chapter of Physicians for a National Health Program, volunteers. She was with her mother, appeared unable to speak, and had a “peculiar affect, like a crazed wild animal,” he said. It turned out she had lived for years with seizures every two to three days until she found a medication that had cut the frequency to once every two months. When she visited Weisbart, she had lost her insurance and had 10 days of medication left.

“Her inarticulate state was not a consequence of the seizures,” Weisbart said. “It was terror over what her life would be like if she couldn’t get the medication.” Once he explained that the clinic could mail her the drug and that it would cost $40 instead of $1,500, “she transformed into this normal, lucid, almost friendly person,” he said. “But she could never have used crowdfunding, because she was literally beside herself.”

Hatton is seeing more “fatigue” around crowdfunding efforts. Weisbart observed that “when you get your first request, you probably give a high amount. But as you get besieged and realize how common these requests are, donations will go down. We can’t keep on giving to everyone who asks.”

One site keeping its distance is Kickstarter, where donors fund creative projects.

“If we had personal health care campaigns, it could create a strange moral equivalency,” said Justin Kazmark, the company’s vice president of communications. “If you see documentary filmmakers trying to get $10,000 for a film alongside a project for someone whose dog needs dental surgery, or for disaster relief, it changes the mindset and frames the whole thing differently.”

— Read SEC’s Piwowar Warns About ‘SAFE’ Crowdfunding Instrument on ThinkAdvisor.

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kristinastorey27 · 8 years ago

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Raise Money to Start Your Business by Selling Your Real Estate for Cash

Are you looking for ways to raise funds for starting your business? If you own a piece of real estate that’s been more of a money pit than a cash cow, you might want to consider selling it for cash.

Why Should I Sell My Real Estate for Cash?

Maybe you’ve been holding onto a piece of real estate for, let’s just say, sentimental reasons. Is it the home you grew up in? A piece of land you once planned to build on if some ever-elusive “someday” were to arrive?

It makes little financial sense to hold onto a piece of real estate that’s costing you more money than you could ever hope to make from it. Time and weather do take their toll, after all, and maintenance is an ongoing concern, to say the least. If you’re dealing with a house that was constructed several decades ago, for example, one minor repair can reveal another more costly or even urgent one, turning what you expected to be an inconsequential outlay into a major expense.

On the other hand, selling that property the traditional way adds even more expense, in the form of commissions to realtors, costly repairs, appraisals, bank fees, and the like.

But if you can find yourself an honest-to-goodness cash buyer, you might do well to make a deal with that person.

Traditionally, cash sales of real estate take place quickly—usually within days—and require little or no cash outlay from the seller. What that means to you is that you could have the money you need to start your business within a very short time—and be on your way as an entrepreneur.

How Can I Find Cash Buyers?

In order to get the best possible cash deal for your real estate, you’re going to have to do at least some of the footwork. You can’t just sit back to wait and hope that a cash buyer will find you, because you’re ready to move now.

Place an ad in your local paper or in the local real estate section of an online listing service such as Craigslist, that reads something to the effect of, “Cash Buyer Wanted – Motivated Seller.”

Also, put yourself out there on social media and let people in your circles know you’re looking for someone with cash in hand for real property you are enthusiastic about selling quickly.

You might also want to consider putting your real property up for auction in order to attract buyers who will be in competition for what you have to offer, and therefore end up with a better deal.

Will I Have to Settle for Less Money?

Know beforehand that you’re probably going to have to sell your real estate for less than market value, but when you consider all the fees and expenses you won’t have to come up with, you still could be getting a great deal.

Then, too, what you’ll be getting in return is a speedy transaction. Most likely, you’ll have your cash in hand within days.

What Should I Watch Out For?

Real estate has been made out to be the Holy Grail of all investment opportunities—with good reason. At the moment, massive amounts of cash are flowing through the industry.

Cash house buyers have been making bank and then some. Some of those buyers are ethical and some are not. How do you tell the difference? How can you avoid unscrupulous scammers ready to prey upon your supposed innocence?

For one thing, make sure your buyer has all the agreed-upon cash in hand before you close the deal. Some dodgy buyers insist that sellers sign an option agreement, locking them into the deal for as long as six months. Then they scramble for investors to come up with the cash, leaving you holding the bag for weeks or months instead of the mere days you were counting on.

Others use the time allowed them with an option agreement—which is almost never a good deal for the seller, by the way—to place the property on the traditional open market, making a killing when they finally sell, but paying you only a fraction of what the property is actually worth.

Time waits for no one, and you know it. If getting your business off the ground is your prime motivator, selling your real estate for cash could be the key to the door to your future.

from Business Opportunities http://www.business-opportunities.biz/2017/04/16/real-low-investing-real-estate/

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thepayonercard20-blog · 7 years ago

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Payoneer Us Payment Service Verification

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