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If we learned anything from the financial crisis, it was that communicating with your lending institution is essential during these difficult times, say Steve Hedington and Salim Gulamani of Clifton Blake Asset Management.
By Steve Hedington and Salim Gulamani
If we learned anything from the financial crisis, it was that communicating with your lending institution is ESSENTIAL. Maintaining contact along with providing updated and frequent data are key during these difficult times.
Financial institutions want to know that you are dealing with the issue at-hand as well as what your strategies are when dealing with employees, clients, suppliers, franchisors, and government agencies. At the end of the day, lenders are the owner’s partners and they want the satisfaction and comfort that all possible measures are being taken to ensure the longevity of the business over a substantial period of time.
At this moment, the entire hotel industry is struggling so that is not a point of discussion or something that owners need to tell their lenders. Instead the key points of discussion should be what you are doing in the short and long term, what are your existing issues, and what have you done thus far to name a few.
Over the next few weeks, we will discuss what hotel owners can do when it comes to dealing with their lenders including some suggestions, franchisors, daily expenses, and customer communication.
In the meantime, we feel it is very important to maintain contact with your financing partners and provide them with the following information.
At the end of the day, we are all in this together and keeping the lines of communication open will only benefit all parties. There is certainly a financial aspect to this, but also a human side and they both must be considered by all of us.
If you have any questions please do not hesitate to contact Steve or Salim as they will be more than happy to have a conversation with you and assist you in any way possible.
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