11 Tucker’s Top 10 Closing Lessons The Speed Points Select the right teamAccountant, lawyer, architect (or historic consultant), lender (and lender’s lawyer), title insuranceDon’t let your “to do’s” slow the processStart survey, appraisal, insurance asapSet a hard closing date, mini-milestones, and weekly check-insStay involved and try to understand the issues
12 Tucker’s Top 10 Closing Lessons The Other Points Don’t be afraid to challenge the professionalsDon’t let the structure drive business decisionsDon’t let the structure create taxable incomeDon’t let the structure let cash out of the dealNegotiate a cap on the legal expenses you pay on behalf of your investor and lender
13 Think About the Future Ongoing Concerns Ongoing accounting fees- limit the number of audits and tax returns requiredGet your accounting and reporting processes set up right awayWrite a memo to yourself explaining the transaction in your own words right after closing
14 Think About the Future Exit Concerns Think of legal incentives as well as financial to push your investor to leaver after five yearsUnderstand tax consequences of the exitAre any funds structured as loans that will be forgiven32/39ths- negative amortization; who pays the taxes?
15 Dr. Andrew Rothschild Tucker Bartlett Chief Operating Officer