Tag Archives: management

Tenant Needs Within A Medical Office Building

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waiting roomAs a truism, the quality of a medial tenant will have a significant bearing on the process of procurement or assignment of healthcare real estate space. This is especially true when considerations are addressed for a tenant that is renewing, expanding, contracting, or relocating within a medical building.

In each circumstance, the overall design of the facility and potential costs associated will account for whether the leasing process will be simple or challenging, on a relative scale. With this in mind, a healthcare real estate advisor has the ability to influence the process positively due to their unique concentration within health care and commercial real estate.

The Renewal

Upon the majority of renewals, the size and layout of the medical office is not altered and the suite design or reconfiguration is avoided. Other times, tenants will request these or other modifications to their space.

Typically, a broker will request the approval of the landlord to determine how the costs will be distributed and who will be responsible. In some cases, the landlord will have budgeted this expense and can absorb the costs. But, most of the time, they will not. Thus, a certain percentage of the cost will be provided. In other cases, the tenant will be responsible for all modifications.

Rental market conditions should dictate who assumes financial responsibility for alterations. To determine market conditions, a good barometer procure a specialist that is educated on the short term availability and effective price of comparable lease space.

The Expansion

Expansion is typically a costly and difficult undertaking for medical tenants. This, due to the increase in overall space, and consisting of additional construction costs, as well as management and accounting requirements. For a tenant to address an expansion request properly, the expenses need to be determined beforehand to limit the administrative liability associated with the request. Space planners or property advisors are very helpful for this logistic exercise. Again, and similar to renewal, the determination of costs should be based on comparable rental market conditions.

One of the main reasons tenants relocate is because their existing floor plan no longer meets the functional needs of the user. Thus, the requirement of expansion should be addressed prior to conclusion of lease. Running up against deadlines will not expedite or provide leverage for expansionary discussions.

If expansion is required in the midst of tenancy, commonly, the lease term will be extended for additional years. Under this circumstances, the costs will be attached to an amended lease and rate will be blended. Another potential outcome may be the continuation of the existing lease and expansionary space rental separated. The former homogenized term typically will favor the landlord, but is generally accepted in investment real estate.

The Contraction

A healthcare space contraction may become necessary because of several factors. Most commonly, it occurs with reorganization, subsidiary or referral base relocating, financial constraint, or regulatory requirement. While this pressure creates an uneasy position for the tenant, the landlord has the potential to react positively through status review.

If contraction request is made by the tenant during the midst of the lease term, a subletting consideration should be addressed via all parties to the original lease. Alternatively, if the contraction request is made towards the end of tenancy, the tenant’s advisors should be aware of the potential re-use of space, any limitations in plumbing or electrical, and costs associated with construction. An expert opinion for the effective contraction of space should be sought.

The Relocation

Too often a medical tenant will need to expand but the adjoining spaces will be occupied. Within most leases, a relocation clause exists that allows the landlord to, essentially, move a tenant into an alternate space. For expansionary needs, this clause may be utilized effectively by the landlord, while hesitantly by the expansionary tenant. To alleviate tenant concerns, the expansion space may include space planning costs, moving expenses, additional rent, and tenant improvements with above standard features.

Customarily, relocating within the building has challenges, but specialized relocation experts can be of considerable service to a landlord or tenant within medical space. The impact of change, via relocation, within or away from a desirable situation, has unique ramifications to both parties to the lease agreement. Understanding the advantages and disadvantages of relocation within a building will provide confidence when addressing landlord/tenant responsibilities.

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3 Development Strategies for Healthcare Providers

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Hospitals and physician groups are embracing third party ownership, management and development of real estate because it has the ability to preserve capital resources for acute care needs, eliminate the conflicts that arise in the landlord/tenant relationship and minimize the potential legal and regulatory challenges associated with leasing space to referring physicians.

Many partnership synergies and dispositions have been publicized through our organization’s newsletter, but a new trend is occurring in which small providers up to large systems are utilizing third parties to develop and own new medical real estate projects. This trend has the potential to have a significant impact on capital structure decisions for going forward.

The use of outside capital to fund non-core real estate assets has been used with improved adoption in corporate America to facilitate growth and expansion. Retailers such as Wal-Mart, CVS and Walgreens, which are becoming stronger competitors in providing healthcare, have all increased liquidity and implemented cost efficiencies using third party capital and development expertise to fund billions of real estate expansion over the last few decades.

As for the development of medical facilities, healthcare providers may choose a few approaches that have been highly successful.

One. Providers may select to develop a project internally using an owner’s representative in place of the traditional developer. The owner’s rep determines the size and scope of the project and works with architects, engineers and the general contractor to build the facility. The provider is responsible for procuring entitlements and utility easements and covering the costs for the site preparation process. In this scenario, third party consultants may be employed to assist with these individual processes. The hospital is also responsible for the leasing and management of the building, although it may appoint a property management firm.

Two. Another approach is through the use of a third party to develop the medical facility for a fee. The third party will receive a fee for its services. In this case, the provider is contracting the developer’s expertise, which commonly includes feasibility analysis, project guidelines, pre-leasing, management of the entitlement process, value engineering for the project, negotiating the contract with the general contractor, as well as project management.

Three. A third party developer and owner both develops and owns the building through its completion. The developer/owner performs all the same functions as the fee-based developer. The main difference is that the developer assumes all of the risks and benefits of the development process and the ownership. A fee-based developer may have an incentive to reel the project in at a contracted cost and within a specified timeframe. The developer-owner has the same incentive, but is likely to strategize on ways that will lower costs of the long-term ownership, because this will ultimately determine the owner’s total cash flow and return on investment. Furthermore, a developer-owner has an incentive to minimize the size of the building to assure high occupancy rates, which has the ability to create conflict with the providers longing for vacant space to accommodate future needs.

If you should have any questions or require a proposal for a medical development under one of these three proven commercial real estate development strategies, please contact MREA at 713.701.7900.

The Leasing Process: Medical Office Building

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Of utmost importance to a medical building’s ultimate success is the recruitment of physicians. For medical office projects, our group will complement management, administration or business development to embrace and add value to the overall objectives of each project. Because we are acquainted with physicians, to which we have lent our professional lives, MREA maintains a vast working knowledge of how each medical business is positioned within Texas’ commercial real estate landscape.

Along with dedicated research, our leasing unit has developed a proprietary leasing program that connects physician specialties, their locations, potential hospital affiliations to assist in determining the size, location and ideal tenant mix within medical office buildings. Furthermore, our medical real estate leasing specialists are actively engaged in the process. We take note of the objectives for each MOB project and tailor marketing strategies, advertising, and public relations campaigns to champion physician prospects for each available space.

Our healthcare real estate group begins each assignment with purpose and direction which involves:

    • A thorough understanding of the medical office market which includes competing hospitals, physicians, medical services, rents, operating expenses, improvement allowance, concessions and limitations.
    • A firm comprehension of hospital healthcare delivery objectives such as use restrictions and tenant mix to determine how a medical office will meet the needs of the prospect with respect to the competitive landscape.
    • Developing a plan of action based on a set of facts, assumptions and the objectives of stakeholders and comparing those to present market conditions.

This exhaustive analysis is essential to the most successful medical office projects. Our healthcare leasing unit’s preliminary due diligence enables our organization to properly position any property in the market to meet client objectives, as well as physician needs, all while preparing for future negotiations that will exist.

Because there are several parties involved in a successful medical office leasing program, communication is of vital importance. Our communication process involves frequent gatherings with key management, administration or business development executives and a detailed format for briefing on the status of our progress. This proprietary medical office leasing and communications process enables us to track tenant leasing progress, summarize the status of each prospect, provide next steps and assign responsibility. Our reports will provide a snapshot of the available square feet and that which is leased at any given point in time.

MREA is very open and considerate to incoming calls regarding medical office lease projects and would certainly appreciate the opportunity to vie for your existing, future development or acquisition projects.

Ambulatory Surgery Center: From Concept to Reality

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In our continued expansion throughout the State of Texas, we are regularly posed questions pertaining to financial feasibility and cultivation of an ambulatory surgery center. We would like to respond by providing a few feasibility studies, to include financial summaries, in a later post. This post will be dedicated towards setting up the ASC entity, determining consultants, bidding to preparation for construction.

1.  Once you have determined that it is feasible to build an ASC, you must first consider its legal structure. Will you consider owning the ASC with partners outside of your medical practice? Many physicians adopt others when building an ASC. But, prior to making this decision, it is important to determine the legal risks associated with joint ownership of an ASC. Many are familiar that Stark Law has limited scope for operations within a surgery center, yet several other legal issues such as non-compliant physicians, indirect referrals, and billing matters may arise and should be considered and should be explained to avoid contagion within an ASC.

If the ASC is going to be built on existing land investment, it is important to determine how the land should be owned. Should it be in its own legal entity or part of the ASC entity? Will all of the owners of the ASC own the real estate? Owning the real estate in a separate entity may make the cost of the ASC more affordable for others. Separate ownership of the real estate may also provide an income stream for years to come. If your ASC is owned in a separate entity, you should consider the tax implications with receiving income from more than one employer.

Your legal counsel should review with you the issues surrounding the building of an ASC. They include, at a minimum, HIPAA, Anti-Kickback Statute issues, fraud and abuse issues, and antitrust considerations.

Once you have evaluated the legal considerations and determined the structure of the organization, your legal counsel should prepare a number of organizational documents. Within this packet, you should have an Operating Agreement which details how the business of the ASC will be run. The Operating Agreement will clearly define the initial and supplemental capital contributions of each member of the ASC as well as how contributions will be required. The Operating Agreement may also contain a non-compete provision prohibiting investors in the ASC from owning an investment interest in a competing ASC within a specific geographic area. You should consult with your attorney regarding the enforceability of non-competition covenants. The Operating Agreement will also determine how new partners are admitted, and the buy-out of existing partners. A valuation formula for the Member’s ownership interest should be included in the Operating Agreement. The Operating Agreement should also contain a conflicts of interest provision which requires members of the ASC to disclose potential conflicts or business opportunities to the ASC.

2.  Moving forward, now that a viable project exists, it is time to turn the attention towards the next step, which is to contact the state where the facility will be constructed to determine the steps necessary to complete the project and comply with the necessary state and federal requirements. Texas will send you a packet of information detailing this process and advising you of the significant building requirements.

In conjunction with this, it would be advisable to interview architects. In the process of interviewing candidates, be sure to qualify each one based on their experience designing ASCs within Texas. ASCs can be complex structures with significant engineering involved. Do not proceed without a qualified architect and engineer who commit to providing you with a fully engineered plan. As a caveat, if the architect advises you to proceed on a “design build basis” where the contractor and his subcontractors provide the engineering, you may be inviting delays in getting the center built.

The basic decision of what is to be built is largely based on what procedures will be performed at the ASC. If a constructing a single specialty ASC, it is common for physician to assist in direction for the layout of the ASC. Certain spaces are required inside the ASC to support the surgical procedures you intend to provide. The list of all of this space is called the program. Once a program has been developed, the floor plan layout can be done.

For purposes of certification, Texas requires floor plan review prior to proceeding with formal construction planning. Once the floor plan has been approved, your architect can proceed with the construction drawings. A significant period of time for this should be alotted, as most projects sit in idle during this phase.

Most owners want control of bidding for their projects. However, because the industry is seeing a greater number of projects moving forward, some are being performed within a construction management agreement. The advantage to construction management is that if you have advisory through experienced general contractor, or knowledgeable advisory, the process can ultimately save money within in the design process. The contractor can provide a valuable engineering function by recommending less expensive ways to construct the building or less expensive materials for the project.

3.  If you decide to bid out the ASC project, we recommend you get bids from multiple contractors. Your architect and consultants should make a recommendation as to which bidder wins the contract. Ultimately, it should be the owner’s decision, although the architect and consultant’s recommendations will remain of serious consideration.

Once the contract is awarded, be sure to sign a contract for the construction of the project. Also be sure to set out expectations for payment to the contractor at the start of the project so everyone knows what is expected of them. You should expect multiple requests for payment during the project based on a percentage of the project that is completed.

The architect and consultants should provide regular onsite visits. A report should be available on a bi-weekly basis to keep the owner apprised of the progress being made. Construction meetings with the subcontractors, general contractor and the owner’s representative should be held along these same scheduled intervals.

Please look forward to subsequent posts regarding feasibility studies, equipment, or licensing of an ambulatory surgery center.  Contact Robert S. “Bob” Lowery of MREA for any questions during any part of the planning or implementation process of your Texas ASC.

Why We Perform Our Own Market Research

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In light of recent articles regarding the largest commercial real estate brokerage firm in the world NOT providing data to the largest online commercial real estate data provider, we thought we would make our viewers aware of the positive and negative of seeking commercial real estate information online.

Having spent considerable time with a few of the largest commercial real estate platforms in the country, I can attest that commercial real estate dealings are kept sacred, some having bound agreements as to non-disclosure among all parties involved, and rightfully so.  These are business engagements that involve competitive people, seeking a competitive advantage in their respective competitive markets. Mirroring the administrative behaviors of everyday business affairs within other industries, commercial real estate is, and should be treated, no different.

Which brings me back to the first line of this article to which I may provide an analogous, hypothetical point.  In general, should businesses voluntarily engage in providing market data to third parties so that they can republish, or repurpose the data to fit their own needs?  Further, should we provide privileged information from a competitive business landscape to online platforms that are controlled by competitive businesspersons that sell this data to our competitors, and worse yet, may sell this to a purchasing entity to be taken private or sent overseas?  Well, it appears that the largest commercial real estate firm in the world thinks not.

So, given the fact that not all commercial real estate listings, transactional activity or data is secured by online platforms, and, in all actuality, less than 50% is captured, it is certainly questionable as to why users seek such data or trends to influence their financial decisions.  Given the certainty now, that some, or most, commercial real estate transactional activity goes unreported, or underreported, to online platforms, why are individuals, owners, investors, businesses or hospital systems relying on this information for a perceived advantage in real estate negotiations. It just proves wasteful, ill-informed and, dare I say, lazy.  Given the fact that state politicians and regulatory authorities largely determine how much information a business should share to the public, it is in our belief that the commercial real estate industry should rely on such data, as well as their own best efforts to influence decision-making in the sector.  This promotes competition where, eventually, the creme rises to the top.

As for commercial real estate listing or transactional reporting right now, most will say that ‘it is the best we got”, to which I disagree. This suggests that anything is better than nothing and proves why it is imperative to seek qualified professionals that specialize, who become proficient within a certain sector, or area, of their market.  The greater the specialization within a segment, the more efficient the data. The businesses that capture this data then hold the advantage to whom it should be shared, which will lead to a competitive advantage for themselves and their clients.  See, the industry does not need underutilized, poorly informed, general salespeople seeking to sidle up to every potential transaction by distributing data that appears convincing in the hopes that an unjustified reward will find its way in their direction.  Rather, we need, and deserve, active, intelligent leaders who comprehend that a high level of command, or mastery, within any endeavor, is the greatest path to long-term financial reward.

Healthcare Bankruptcy & Receivership – Real Estate Services

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MREA is dedicated to improving the health and wealth of ita clients through several varying healthcare real estate competencies, many of which are located on our website. Our specialization within this narrow, niche sector provides our physicians, investors, owners and medical center customers with direct exposure to healthcare real estate opportunities. Currently, our firm is fielding a greater number of inquiries for the assistance of distressed real estate property offerings.  So, we offer a quick post of our services.

As most are aware, an unfortunate reality exists in today’s real estate marketplace.  The financial system is working on ways to deal with those that relied too heavily on leverage and debt instruments to fund real estate purchases during the middle to latter years of last decade.  This reality haunts the medical real estate industry that, just 5 to 7 years ago, expanded greatly to accommodate forecasting models that placed significant emphasis on serving a growing, health-conscious population, especially that of the baby boomers.

As the commercial and healthcare real estate industries are in the initial stages of coping with an abundance of over-leveraged property, our firm is well positioned to capture a lion’s share of these opportunities.  It is because our firm has developed “across-the-board” relationships within the healthcare real estate sector whereby delivering property offerings (lease, sale, redevelopment) directly to the doorstep of an actively managed database of medical tenants, investors and hospital owners.

MREA Distressed 

The Medical Real Estate Advisors (MREA) have the expertise required to effectively manage a variety of distressed situations involving non-performing loans, as well as the management, leasing, disposition and redevelopment of Real Estate Owned (REO) property.  Our professionals are actively involved in loan workouts, mortgage possessions and foreclosures and we seek avenues to eliminate overexposure by directing any offerings to a secure database of medical professionals and investors.  Along with traditional distressed real estate services, our specialized competencies include judicial and non-judicial foreclosures, court-appointed receiverships, bankruptcies and deed-in-lieus.

Receivership Services

Mr. Robert S. “Bob” Lowery and his team of associates are versed in court proceedings that involve the foreclosure and appointment of a receiver.  Our comprehensive real estate solutions for the medical industry play a vital role in the efficient transition of the asset from its current position to that of significant value to the marketplace. Services include:

Strategic Planning – Stabilization of Property — Tenant Retention — Property Management — Marketing & Advertising — Leasing — Exit Strategies

Bankruptcy Services

To complement an expansive list of healthcare real estate services, MREA is involved in working with bankruptcy trustees to assist with businesses that are financially troubled, either directly or indirectly, from their real estate holdings.  Our services:

Assisting Turnaround Management Companies — Monetizing Assets — Advising Lender Workouts — Creditor Assignments — Representing Buyers & Sellers — Real Estate & Recapitalizations – Equipment, Furniture, Business Item Liquidations

Robert S. “Bob” Lowery is Managing Partner of MREA | Medical Real Estate Advisors

MREA Sets Sights on Houston’s Medical Real Estate Market

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Houston, TX (WiredPRNews.com) — MREA | Medical Real Estate Advisors (www.MREAusa.com) has announced the launch of MREA – a healthcare real estate advisory focused on leasing, management, acquisition, disposition and development. MREA is a strategic initiative within the medical arena and will consist of a team of healthcare facility managers and commercial real estate professionals exclusively dedicated to representing customers and clients for their medical real estate needs.

MREA will offer clients strategic guidance, powerful research and detailed consulting in determining real estate opportunities within the most profitable and populous medical locations in the Greater Houston area. As healthcare real estate service providers, MREA will represent their clients by facilitating the special requirements of each particular medical assignment with creativity, sincerity and professionalism.

MREA will offer the following real estate services:

Site Selection
Acquisition
Leasing
Brokerage
Development
Financing
Asset Management
Property Management
Consulting

MREA is currently the only healthcare real estate boutique firm in the Houston area that offers a full-service model to its clients. Robert S. “Bob” Lowery, Managing Partner, assisted in formation of the firm and currently maintains over 5,000 physician, investor and hospital connections. Also, with Mr. Lowery’s leadership that spans two decades in the Houston community and years of experience assisting a broad range of investment capital seeking both commercial and healthcare real estate properties throughout Texas, MREA is a highly-connected, high-powered member of healthcare investment and owner-occupied real estate.

“After performing a thorough historical analysis of healthcare real estate leases and sales, we determined that the medical community, from physicians to investment, was not represented in a way that promotes the competitive spirit which is evident in other commercial real estate asset classes. Because the majority of the growth in the sector’s balance sheets and real estate occurred during the last decade, we think Greater Houston’s supply is ample to cover its demand. Thus, there is little concern for rental rate growth in the near term,” says Robert Lowery.

“A sure-fire way for owners to protect their healthcare real estate assets is through the services of a specialized firm that can facilitate the needs of both the medical sector and its real estate, not necessarily one of the other. Our grassroots efforts to obtain and secure relationships with physician groups and medical organizations along with our comprehension of the intricacies of the asset will allow MREA to grow rapidly as stability within the overall commercial real estate sector is found,” adds Mr. Lowery.

MREA is a full-service capable, medical focused real estate company that works with healthcare providers to augment existing business plans and strategies for growth, stability or consolidation of their real estate portfolio. The firm will provide comprehensive real estate solutions.

Fundamental Differences Between Commercial Real Estate and Residential

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Our broker brethren on the residential real estate have opened doors to excellent opportunities for our group to capitalize.  Working within our 28-person commercial real estate brokerage office that covers entire Houston area, we are fortunate to have residential offices disbursed throughout the community.  Our continuous feedback with approximately 10 Coldwell Banker residential agents, provides us with invaluable data and significant advantage for our clients who are searching for growth or upside in a commercial property investment. We regard this residential data as absolutely essential for future, telling real estate trends in the Greater Houston area.  It is important to recognize that if not for residential real estate stability, commercial real estate would cease to function properly.

These two cousins (residential and commercial) appear to be similar from the standpoint of a lay person, yet as any seasoned investor or broker will tell you, they could not be more different.  The easiest way I can explain this difference is that a residential investment transaction tends to rely more on investor/buyer emotion and ability to move a tenant in quickly, whereby the commercial real estate transaction is closer in similarity to any large business transaction with several moving parts and people.

We have highlighted 5 advantages and 5 disadvantages when purchasing a commercial property over residential.

The advantages:

  1. Longer Leases and Peace of Mind

Unlike a residential rental agreement, which might be as short as 6 or 12 months, commercial leases can be anywhere from 3 to 20 years in length. And, they are typically secured by bank guarantees when/if default occurs.

  1. Commercial Tenants are Responsible for Minor Repairs

Within the majority of commercial leases signed today, tenants are footing the bill for repairs within leased spaces. As a bonus, they need the property to be in the best possible condition for clients and employees, as the bar is set high. So, not only do commercial tenants save you time and money, in some cases they will improve and add value to your property.

  1. Strong Return on Investment

Commercial property returns on invested capital is typically somewhere between 7% and 10% after expenses.  Deductible items are also attractive because of favorable depreciation rates.

  1. Regular Rent Increases

Commercial rents are reviewed every year and increased in line with inflation, or by 4%, whichever is more.  Many commercial leases that we see are offered at a certain price for the first year, but escalate by 25% within a 5 year period.

  1. Tenant Mix

To reduce the risk of being stuck with excess space in the building, most educated investors maintain a blend of stable long-term leases and short-term, placing less secure tenants on higher rent.

The disadvantages:

  1. Finding Replacement Tenants Can Take Time

For the most part, it’s a much larger decision to move an entire business than it is to move into a new rental home.  So, while commercial tenants can be with you for many years, it can take many months to find a replacement to fill space. Investors will need to allocate resources for this expectation.

  1. Prices are Typically Higher

Generally, commercial real estate is a larger purchase than residential, especially in prime locations.

  1. Larger Down-Payments Required

To protect against the risk of losing a large tenant and not having that replacement, lenders will require the investor to place a larger down-payment.

  1. Risk of Loss

Although most commercial tenants are responsible for repairs in their space, the larger items are the responsibility of the investor. It is also common for the building to have ongoing maintenance and security issues so hiring a management company becomes an absolute must and is factored into most property investments.

  1. Barrier to Entry

Banks and other lenders are more rigorous in their lending process for a commercial property investment than for residential and building owners are more selective when choosing a tenant.

Please contact Robert S. “Bob” Lowery for any commercial real estate related questions.

Leasing Vs. Owning

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Given my history, whereby I have reaped greater financial reward by representing buyers and sellers,  in my honest opinion, leasing is typically a better option for most business owners – rather than owning. Sometimes, local situations may justify owning commercial real estate. We all know stories about the business owner/operator whose real estate was in the path of growth and was bought out by a developer for substantial profit. We also know the purchaser who ran into a very timely deal when competition in the marketplace was thin.  The romance of owning real estate can be compelling and hindsight is 20-20. But, in other circumstances, real estate proves cumbersome and has inhibited the growth of many core business models. A lesson can be learned from large corporations who rarely choose to own their buildings. Often they sell, or sell and leaseback their real estate to get it off their books. Here are a few reasons why leasing is typically better than owning:

  1. Leasing affords more flexibility to expand or contract. It’s a less complicated to renegotiate lease terms than have to dispose of a building in a soft market.
  2. Buying and selling commercial real estate is a matter of market timing that professionals are better than any novices. As we have witnessed, those new to the game often buy at the top of the market or sell at the bottom.
  3. Business owners often make commercial real estate buying or selling decisions based upon the needs of their business rather than the real estate market. One of the two will suffer.
  4. The business may be neglected because of real estate management distractions. Real estate management is best performed by professionals.
  5. Selling a business may be more difficult if the buyer is required to buy the real estate as part of the transaction. The seller is negotiating on two fronts and one will have a diminished outcome.
  6. Precious working capital is tied up in financing the real estate.
  7. You can only write off interest expense (not amortization) on a mortgage while lease payments are 100% deductible.
  8. You can end up with phantom, taxable income when selling a depreciated building.
  9. You should be spending your time shaping your business and not dealing with the day-to-day maintenance and management headaches of owning a building. Let the landlord do it.
  10. Income-to-asset based ratios are improved by not owning real estate, which may help public companies compare better to others in the same industry.

As a reminder, whether leasing, buying or performing a sale-leaseback, our team services office and medical real estate owners and users in the Greater Houston area.  At your convenience, please provide a simple phone call to our office to determine how we may improve your position in the local marketplace.

The ideas and opinions discussed in this article are subject to change, especially given the proposed FASB/IASB rules.