Attorneys as “Deal Makers” in Self-Storage Transactions

For ten years, I had the pleasure of working with the legal team at Husch Blackwell , primarily with Jeff Miller . Jeff and his team exemplified leadership and professionalism, inspiring this article. While many attorneys possess these qualities, my insights are based on personal experience working with Jeff and his exceptional team.

In self-storage acquisitions, attorneys are often seen as "deal killers," complicating transactions with excessive caution and well, egos. However, with the right approach, attorneys can be “deal makers” and find solutions to facilitate successful deals. Here’s how attorneys can constructively contribute:

Understanding Transaction Goals

1. Aligning Objectives:?Attorneys must understand their clients' goals, focusing on legal compliance and the business objectives driving the transaction.
2. Communication:?Clear communication with clients and all parties helps attorneys anticipate issues and address concerns early. Regular updates ensure alignment.

Proactive Problem Solving

1. Identifying Issues Early:?Attorneys identify potential legal and regulatory issues early, addressing them proactively to prevent delays.
2. Offering Solutions:?Instead of highlighting problems, attorneys should provide solutions, creatively structuring deals and negotiating terms that protect clients' interests while finding compromises that satisfy all parties.

Efficient Due Diligence

1. Streamlined Processes:?Attorneys can streamline due diligence with checklists, templates, and technology to efficiently gather and analyze information, reducing time and costs.
2. Focus on Material Issues:?By concentrating on significant issues, attorneys avoid overwhelming clients with minor details, ensuring key aspects receive proper attention.

Building Relationships (A recurring theme in my posts)

1. Collaborative Approach:?Attorneys should work closely with the other party’s legal and business teams. Building rapport facilitates smoother negotiations and conflict resolution.
2. Negotiation Skills:?Effective negotiation balances assertiveness with flexibility. Skilled negotiators advocate for clients’ interests while finding common ground.

Managing Expectations

1. Setting Realistic Goals:?Attorneys help manage clients’ expectations by providing realistic assessments of what can be achieved, setting timelines, and explaining potential risks and rewards.
2. Transparent Communication:?Honest communication about transaction progress and potential hurdles fosters trust in the attorney-client relationship.

Conclusion

Attorneys can be “deal makers” in self-storage transactions. By adopting a proactive, collaborative, and solution-oriented approach, they facilitate successful deals. Through clear communication and strategic negotiation, attorneys protect clients' interests, transforming their role from obstacles into valuable partners in the deal-making process.

About Jeff Miller

Jeff Miller is a Partner with Husch Blackwell LLP and based in Denver, CO.? Jeff has worked in self-storage acquisitions and dispositions for more than ten years and has helped facilitate transactions across the country on be behalf of public REITs, self-storage acquisition and development funds, and individual owners.

About the Author

Before joining Lindsey Self Storage Group , Matt Wess began his self-storage career in 2008 with SecurCare Self Storage , where he oversaw acquisitions. In 2013, SecurCare became one of the three founding Participating Regional Operators (PROs) of NSA Storage (NSA) before transitioning into a Public REIT in 2015. In 2019, Matt transitioned from his role at SecurCare to become the Manager of Acquisitions at NSA, playing a pivotal role in sourcing acquisitions, underwriting, deal structuring, due diligence, closing process and investment committee reviews for the company’s real estate acquisitions.

Throughout his career, Matt has successfully completed transactions for hundreds of facilities valued at several billion dollars. He has participated in numerous conference panels alongside esteemed REIT peers and regularly writes self-storage-related articles on his LinkedIn page.

Matt brings unique experiences to his role as a Broker. He has buy side experience ranging from a small to medium owner-operator, SecurCare Self Storage, to the fourth-largest self-storage REIT, NSA. He holds a Bachelor of Business Administration in Management Information Systems from the The University of Iowa Tippie College of Business

Matt has contributed to the self-storage industry by participating in industry panels and regularly writing self-storage-related articles on LinkedIn .

In his spare time, Matt enjoys attending his two daughters’ volleyball games and tournaments, going to the gym, snowboarding, mountain biking, and traveling.

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