J Darrin Gross
I'd like to ask you, Philippe Lanier, what is the biggest risk?
Philippe Lanier
Just to answer, because you gave me a little bit of a chain, one of the first important steps sitting in my feet. And to simplify for your audience, if you are an owner, you are an owner of real estate, is to recognize that the world changed and you lost a lot of money, and not bury your head in the sand. The value was fundamentally changed, and it's not coming back. And once you can emotionally get over that, you know, then you're then you're thinking about how to apply what I know and what I have left to rebuild it and to create something great. And that's where we are right now. I think the worst is in theory over and then, how do we reassess where we are as owners, what we've had lost, and how do we build something new? The you know, the biggest risk is if you haven't absorbed that, but you think that help is around the corner, if you run out of time, then you're out of the game. If the banks foreclose, then you've lost all sweat equity. It's very difficult to start again. So to make sure, you put yourself in a position where you're not hoping for a situation to change. Imagine that interest rates away may maintain high for a while. Imagine that this stuff is not going to get easier for longer. Make sure that you're you're running a company that doesn't, you know, lose money every month in salaries. That might mean you have to let some people go that that's just where we. Are. And then, then you solve for the risk of of things not getting better. And then, and then, yeah, then you, you just work hard and build
the pain is real, but I love the the advice to, you know, say, Just admit it, and, you know, go forward from there, as opposed to keep looking for the the silver bullet, or, you know, something that's going to come and save the day, because that, that is, that's, that's really wise.
