Create New Property Management Company in Ohio and Puerto Rico

Nine Shopping Centers with $55M in NOI and 40 FTEs

BACKGROUND

  • Real estate developer acquiring Puerto Rico shopping center portfolio in corporate carve-out from strategic seller

  • New company must be established to operate in both Puerto Rico and Ohio on very short deadline

  • Goal is to transition existing workforce in Puerto Rico and establish new headquarters in Ohio

SCOPE

  • Serve as strategic counsel to CEO on all business matters relating to stand-up in both Puerto Rico and Ohio

  • Advise on and oversee execution of business formation to operate in both locations

  • Ensure workforce continuity in Puerto Rico and mitigate potential risks associated with successor employment

  • Build sustainable HR infrastructure in Puerto Rico and Ohio to eventually be managed by finance team

Deliverables

  • Created human capital carve-out plan to meet client’s needs on accelerated closing schedule

  • Educated client on establishing itself as a new employer in Puerto Rico while mitigating risk

  • Established new employer in Puerto Rico with all relevant agencies

  • Facilitated decision making on tax and banking matters

  • Challenged corporate counsel to create legal structure to properly support contemplated business model

  • Sourced and selected third-party vendors to include legal counsel, benefits brokers and payroll vendors

  • Directed efforts of all third-party vendors to create and implement solutions

  • Fostered positive working relationship with seller to achieve a smooth transition pre- and post-closing

  • Directed all day-of-acquisition activities and workforce communication to achieve positive employee relations

  • Addressed workforce concerns and promoted “business as usual” approach to transition in Puerto Rico

  • Onboarded corporate executives

  • Sourced and hired corporate legal and administrative team

  • Served as HR mentor to Senior HR Manager in Puerto Rico

  • Trained corporate Finance team to assume HR and payroll responsibilities on a go-forward basis

  • Remain a trusted adviser to team as HR challenges arise