PETITION: What is the best piece of advice that you’ve been given in your career?
NN: Seek out the trifecta! Pursue a career path that perfectly aligns with your passion, capabilities and ability to do well from a financial perspective.
Along the way -be honest and authentic with yourself and others.
PETITION: What is the best book you’ve read that’s helped guide you in your career?
This book contains very simple but powerful lessons that can be applied to both personal and professional development every single day. It’s a book that I read early in my career and has served me well on countless occasions.
PETITION: What is one notable trend you expect to see in the second half of ’18 or first quarter of '19 that not enough people are talking about?
NN: I spend a decent amount of time in the restaurant industry dealing with all sorts of real estate issues centered on restructurings, acquisitions, financings, etc. It’s no secret that there has been a tremendous amount of distress/chaos in the casual dining arena which will certainly continue. One trend I’m starting to see are real cracks in the quick service (fast food) industry which should create opportunities for players in the restructuring/financing community over the next twelve months.
PETITION: What is one longer-term disruptive trend that scares you?
NN: Changes in consumer behavior as it relates to how and where they shop and eat are creating numerous challenges to the way real estate is supposed to traditionally function. If you are a retailer or a restaurant operator – how do you successfully navigate and modify your business model and associated real estate strategy based on these ongoing changes?
PETITION: On the flip side -- as a restructuring professional -- that excites you?
NN: For sure - with those challenges, come opportunities to assist in the repositioning of that real estate via our advisory group or potentially deploy capital.
PETITION: Outside of real estate – what area of the financial markets are you paying close attention to?
NN: Based on some recent calls I’ve been getting from workout professionals - there are a handful of BDCs (Business Development Companies) and other non-bank lending groups that have some real loan issues in their portfolio. In many cases – there were aggressive, covenant friendly loans made to private equity sponsors to support an acquisition or recapitalization. The business underlying these loans faced some sort of hiccup or head-wind that has now resulted in an overleveraged situation where the equity sponsor is pretty much out of the money and doesn’t necessarily want to put new money in. In this setting – there is a lack of liquidity and options available to fund the ongoing working capital and operations of the business. With interest rates going up – this trend should likely increase and create numerous opportunities for the restructuring community.