Interest rates will remain low, taxes will eventually increase, some large companies may spin-off and banks “look very ugly” in regards to their problem loans and write-downs, said a former Morgan Stanley & Co. managing director.
Banks have written down only a third of their problem commercial loans and weaknesses in the commercial real estate sector are just getting started, said Margaret Black-Scott, former managing director and vice chairman of the global wealth division at Morgan Stanley. “The banking situation looks very ugly.”
Black-Scott spoke before the local chapter of the Association for Corporate Growth at the River Club Tuesday.
She talked about what has happened in the economy from 1980 through 2009 and what businesses can do to survive, as well as her predictions on the future of the economy.
The signs of continued weakness suggest tax increases could be coming.
“There is a risk of higher taxes,” she said. “They will definitely come up at some point.”
Black-Scott said there will be more growth in the independent space and she sees large companies such as JPMorgan Chase & Co. (NYSE: JPM) and UBS spinning off their domestic business.
Despite the weaknesses there are some positive signs in sectors such as residential real estate, and low interest rates are bringing some stability to a chaotic economy, she said.
“The good news is, Jacksonville is in the top 100 metro areas in the nation,” she said. “The problem is Jacksonville is 96th in metro areas”
Black-Scott said she expects interest rates to stay low through the next election cycle.
Other positive signs include improvements in housing starts, real gross domestic product and “almost $4 trillion in cash sitting on the sidelines waiting to go somewhere,” she said. “We’re already in the cycle where I hope the worst is behind us but there is still a disconnect.”
Black-Scott advised business owners to:
• Bullet-proof your business “because the shots are still coming.”
• Know yourself. “What is your temperament in the risks of business.”
• Be alert, flexible, diversified but be careful and measured in the risks that you take.
• Pay attention to taxes and expenses
• Think about the consequences and what could happen.
• Maintain balance and perspective.
• Be patient.
• Be decisive.
On Nov. 3, the ACG will host speaker Pat Blount, President and CEO of Benewolf on the topic “Halloween is not over: The frightening truth inside the banking industry.” More information can be found at http://chapters.acg.org/northflorida/.
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Tuesday, October 27, 2009
Banks look ‘very ugly,’ says Black-Scott - Jacksonville Business Journal:
Apollo strips $1.9 bln costs from companies-letter | Deals | Private Capital | Reuters
* Apollo strips costs out of portfolio companies - letter
* Portfolio companies control over $10 bln of their debt
* Apollo has invested $9 bln since start of Q2 2008
* Latest fund valued at 120 pct of cost
By Megan Davies
NEW YORK, Oct 23 (Reuters) - Private equity firm Apollo Management [APOLO.UL] cut more than $1.9 billion of costs out of its portfolio companies after the financial crisis, according to a letter sent to its investors on Thursday.
It also invested heavily in buying debt of the companies it has stakes in -- to the extent that its portfolio companies now control over $10 billion of their debt.
Apollo's letter, from founder Leon Black, said Apollo acted "swiftly in the dark days of the downturn" to optimize the capital structures of its portfolio companies. The letter said it cut debt at gaming company Harrah's Entertainment and reduced leverage at real estate firm Realogy.
The letter, obtained by Reuters on Friday, said the firm has been a contrarian investor during the crisis, investing some $9 billion across its private equity funds since the start of the second quarter of 2008.
An Apollo spokesman declined to comment on the letter.
Private equity firms have strayed from their traditional business of leveraged buyouts since the credit crisis halted access to easy financing. They have instead focused on investment strategies such as buying distressed debt and minority stakes in firms.
Apollo's letter said it has focused on investing in leveraged senior loans, buying debt in companies such as Intelsat.
It has also bought distressed debt, where some of its largest positions are in companies including cable operator Charter Communications, chemical firm LyondellBasell Industries and transport firm Swift Transportation.
Apollo also gave an update on valuations of the funds' investments at the end of September.
Its most recent fund, with $15 billion raised in 2008, is marked at 120 percent of cost, up from a low of 55 percent of cost, the letter said.
Its two credit opportunities funds -- I and II -- created mainly to invest in large portfolios of levered loans, were valued at 122 percent and 100 percent of cost, respectively. Continued...
Interesting strategy... Purchase the debt of the companies you are invested in. Should reduce overall risk and potentially increase control of the asset.
Friday, October 23, 2009
CoStar Shines a Light on the Best and Worst Retail Markets in Third Quarter - CoStar Group
CoStar Shines a Light on the Best and Worst Retail Markets in Third Quarter
CoStar Ranks the Nation's Retail Markets on Vacancy, Rental Rates, Absorption and Construction Activity -- CoStar Power Brokers CommentOctober 21, 2009CoStar's recently released Third Quarter 2009 National Retail Report (now available to all CoStar Property Professional subscribers and also available soon for non-CoStar subscribers) provides a detailed view of retail rental rates, vacancy, construction and sales activity across the major metropolitan areas CoStar tracks in the nation. In this article, CoStar, drawing from statistics in the report, shines a spotlight on the country's "hottest" and "most challenged" retail real estate markets. Additionally, we called upon CoStar Retail Leasing Power Brokers in some of these markets to discuss the driving factors behind these rankings.
VACANCY RATES
With retailer bankruptcies, store closings and the massive slowdown in retailer expansions, increasing vacancy has plagued nearly every market during the recession, with the third-quarter national retail vacancy rate rising to 7.6%, up 120 basis points (bps) over third-quarter 2008. Note that CoStar's overall retail vacancy rate includes all types of retail buildings, from freestanding single-tenant retail buildings to super-regional shopping malls. A number of metro markets stand out as either showing improvement in retail vacancy or suffering from the most dramatic increases in vacancy over the last year. Of the 63 retail markets that CoStar Group, Inc. tracks across the nation, only six have shown a year-over-year improvement in the average retail vacancy rate (third-quarter 2009 compared to third-quarter 2008). On the flip side, only six markets have shown an increase in the vacancy rate of 250bps or greater over the course of the last 12 months. MARKETS SHOWING IMPROVEMENT IN THE RETAIL VACANCY RATE
Memphis: 3Q 2009 8.9%, improvement of 112bps over the 3Q 2008 vacancy rate of 10%.
Providence, RI: 3Q 2009 6.6%, improvement of 69bps over the 3Q 2008 vacancy rate of 7.3%.
Long Island: 3Q 2009 4.6%, improvement of 56bps over the 3Q 2008 vacancy rate of 5.1%.
New York City: 3Q 2009 2.5%, improvement of 53bps over the 3Q 2008 vacancy rate of 3.0%.
Westchester / SO CT: 3Q 2009 6.7%, improvement of 51bps over the 3Q 2008 vacancy rate of 7.2%.
Tulsa: 3Q 2009 7.6%, improvement of 14bps over the 3Q 2008 vacancy rate of 7.8%.
MARKETS SHOWING THE MOST SIGNIFICANT INCREASE IN THE RETAIL VACANCY RATE
Phoenix: 3Q 2009 11.4%, increase of 297bps over the 3Q 2008 vacancy rate of 8.4%.
Southwest Florida: 3Q 2009 8.5%, increase of 284bps over the 3Q 2008 vacancy rate of 5.7%.
Sacramento: 3Q 2009 10.4%, increase of 274bps over the 3Q 2008 vacancy rate of 7.6%.
Tucson: 3Q 2009 8.2%, increase of 264bps over the 3Q 2008 vacancy rate of 5.5%.
Inland Empire: 3Q 2009 9.0%, increase of 263bps over the 3Q 2008 vacancy rate of 6.3%.
Orlando: 3Q 2009 8.3%, increase of 258bps over the 3Q 2008 vacancy rate of 5.7%.
RENTAL RATES
With many retailers challenged to cover occupancy costs at their stores and most landlords challenged to lease their available retail spaces and/or cover their debt service, defining fair-market rent has been a sore spot for retailers and landlords across the country. However, statistics from CoStar's Third Quarter National Retail Report show that there has been at least a moderate meeting of the minds between retailers and landlords, which is reflected in the national average retail asking rental rate. With the caveat that landlords would like to have refrained from lowering their asking rental rates and perspective tenants would like to have asking rates lowered significantly, the national average asking retail rental rate (triple-net basis) came in at $16.94 per square foot (psf) at the close of the third quarter, down nearly 4% compared to the rate a year earlier. Not every market is following this national trend. CoStar data shows that only 11 of the 63 major retail markets CoStar tracks recorded at least a minor increase in the average asking retail rental rate. On the flip side, nine markets have seen a decline in the asking retail rental rate of 9% or more. MARKETS SHOWING AN INCREASE IN THE AVERAGE ASKING RETAIL RENTAL RATE
Note that with the exception of San Francisco, all of the markets showing an increase in rent have average asking rental rates that fall well below the national average retail rental rate. Six of these 11 markets have vacancy rates at or below the national average. However, an increase in the asking rental rate has certainly not helped vacancy in these markets -- all but Tulsa have recorded an increase in vacancy over the course of the last year.
San Antonio: 3Q 2009 $15.47psf, up 4.4% over 3Q 2008.
Cincinnati: 3Q 2009 $12.53psf, up 2.9% over 3Q 2008.
Tulsa: 3Q 2009 $10.09psf, up 1.8% over 3Q 2008.
San Francisco: 3Q 2009 $31.98psf, up 1.5% over 3Q 2008.
Madison, WI: 3Q 2009 $13.38psf, up 1.2% over 3Q 2008.
Raleigh / Durham: 3Q 2009 $16.39psf, up 1.3% over 3Q 2008.
Dallas / Fort Worth: 3Q 2009 $14.51psf, up 0.9% over 3Q 2008.
Birmingham, AL: 3Q 2009 $10.10psf, up 0.9% over 3Q 2008.
West Michigan: 3Q 2009 $10.68psf, up 0.8% over 3Q 2008.
Columbus, OH: 3Q 2009 $12.15psf, up 0.4% over 3Q 2008.
Philadelphia: 3Q 2009 $15.12psf, up 0.2% over 3Q 2008.
MARKETS SHOWING A SIGNIFICANT DECREASE IN THE AVERAGE ASKING RETAIL RENTAL RATE
Note that following these significant decreases, six of the nine markets still have average asking retail rental rates well above the national average. Six of these nine markets have retail vacancy rates well above the national average and with the exception of Memphis, all have suffered an increase in the vacancy rate over last year ranging from 68bps to 284bps. That said, landlords in these markets have definitely responded to market conditions by lowering asking rents, and their efforts have hopefully helped to at least soften the below of vacancy rate increases that could have been worse.
Memphis: 3Q 2009 $10.98psf, down 18.1% over 3Q 2008.
Toledo, OH: 3Q 2009 $8.04psf, down 17.8% over 3Q 2008.
East Bay/Oakland, CA: 3Q 2009 $24.88psf, down 13.8% over 3Q 2008.
Seattle/Puget Sound: 3Q 2009 $19..96psf, down 11.8% over 3Q 2008.
Southwest Florida: 3Q 2009 $17.31psf, down 10.2% over 3Q 2008.
Las Vegas: 3Q 2009 $22.55psf, down 9.9% over 3Q 2008.
Detroit: 3Q 2009 $12.72psf, down 9.6% over 3Q 2008.
Tucson: 3Q 2009 $18.24psf, down 9.5% over 3Q 2008.
Miami-Dade: 3Q 2009 $25.83psf, down 9.3% over 3Q 2008.
ABSORPTION
With the delivery of well-leased new retail buildings and retail leasing activity at a near standstill across the nation, absorption of the nation's retail space was nearly nil (on a year-to-date net basis) at the close of third-quarter 2009. Surprisingly, more than half of the retail markets CoStar tracks have come through with positive net absorption so far this year, bringing the nation's total net absorption of retail space to a meager 3.66 million square feet, which represents only 0.04% of total retail inventory. Ten markets showed positive net absorption in excess of 500,000 square feet at the close of third quarter. Compare this to third quarter 2007, when 31 markets recorded net absorption at this level or higher. Perhaps a more relevant figure to look at, however, is how much net retail space markets have absorbed as a percentage of their total rental retail square footage in the market. Specifically, 11 U.S. markets have absorbed at least 0.4% of their total retail space so far this year, while six markets have exuded 0.4% of their total retail space. MARKETS SHOWING SIGNIFICANT POSITIVE NET ABSORPTION OF RETAIL SPACE
Note that seven of the following 11 markets maintain retail vacancy rates below the national average and most are among those that have either shown an improvement or very small increase in the retail vacancy rate over the course of the last year.
Westchester / So CT: 3Q09 Net Absorption of 1.92M sq. ft. = 1.08% of total retail inventory
Memphis: 3Q09 Net Absorption of 731,215 sq. ft. = 0.96% of total retail inventory
Raleigh/Durham: 3Q09 Net Absorption of 714,234 sq. ft. = 0.88% of total retail inventory
Oklahoma City: 3Q09 Net Absorption of 680,178 sq. ft. = 0.83% of total retail inventory
Nashville: 3Q09 Net Absorption of 760,506 sq. ft. = 0.78% of total retail inventory
Providence: 3Q09 Net Absorption of 407,639 sq. ft. = 0.77% of total retail inventory
Long Island: 3Q09 Net Absorption of 1.7M sq. ft. = 0.76% of total retail inventory
Kansas City: 3Q09 Net Absorption of 606,487 sq. ft. = 0.63% of total retail inventory
Hartford: 3Q09 Net Absorption of 825,274 sq. ft. = 0.60% of total retail inventory
Indianapolis: 3Q09 Net Absorption of 575,808 sq. ft. = 0.56% of total retail inventory
Austin: 3Q09 Net Absorption of 392,182 sq. ft. = 0.54% of total retail inventory
MARKETS SHOWING SIGNIFICANT NEGATIVE NET ABSORPTION OF RETAIL SPACE
Note that while half of the following six markets have average retail vacancy rates below the national average, all have suffered a marked increase in the average retail vacancy rate over the course of the last year, ranging from a 165bps to 284bps increase.
Southwest Florida: 3Q09 Net Absorption of -873,366 sq. ft. = -1.12% of total retail inventory
Orlando: 3Q09 Net Absorption of -984,246 sq. ft. = -0.67% of total retail inventory
Greensboro/Winston-Salem: 3Q09 Net Absorption of -621,278 sq. ft. = -0.65% of total retail inventory
East Bay/Oakland: 3Q09 Net Absorption of -676,595 sq. ft. =-0.52% of total retail inventory
Sacramento: 3Q09 Net Absorption of -543,118 sq. ft. = -0.48% of total retail inventory
Tampa/St. Petersburg: 3Q09 Net Absorption of -896,125 sq. ft. = -0.43% of total retail inventory
RETAIL PROJECTS UNDER CONSTRUCTION
At the close of third quarter, CoStar tallied 1,166 retail projects totaling 49.87 million square feet of retail space under construction, which, if completed would add only 0.55% more retail inventory to the retail landscape nationally. Whether due to a lack of retail leasing activity, retailers pulling out of commitments, or financing falling through, developers have cut their construction plans by more than 60% compared to this time last year, when there were 3,051 retail projects totaling 104.26 million square feet under construction. According to CoStar data, 14 markets had 1 million square feet or more of retail space under construction at the close of third-quarter 2009, while 16 markets had less than 300,000 square feet under construction. Perhaps a more relevant figure to consider, however, is the amount of retail space under construction as a percentage of total retail inventory. Ten markets have retail space currently under construction that if delivered, have the potential to add at least 1% more inventory to their total retail landscape, while 11 markets have very little retail space under construction, amounting to under .2% of current retail inventory. MARKETS WITH SIGNIFICANT RETAIL SPACE UNDER CONSTRUCTION
Note that only four of the following 10 markets have retail vacancy rates higher than the national average; however, only two of them have seen an improvement in vacancy over the course of the last year, suggesting that this level of retail space under construction could keep those vacancy rates rising as these buildings deliver.
Las Vegas: 2.34M sq. ft. under construction = 2.05% of total existing retail space.
Washington: 3.37M sq. ft. under construction = 1.67% of total existing retail space.
New York City: 1.03M sq. ft. under construction = 1.41% of total existing retail space.
Westchester/So CT: 2.29M sq. ft. under construction = 1.29% of total existing retail space.
Dallas/Ft. Worth: 4.32M sq. ft. under construction = 1.26% of total existing retail space.
Austin: 813,540 sq. ft. under construction = 1.11% of total existing retail space.
Birmingham: 913,661 sq. ft. under construction = 1.07% of total existing retail space.
Raleigh/Durham: 857,542 sq. ft. under construction = 1.06% of total existing retail space.
Northern NJ: 3.09M sq. ft. under construction = 1.04% of total existing retail space.
Charlotte: 657,910 sq. ft. under construction = 1.01% of total existing retail space.
MARKETS WITH VERY LITTLE RETAIL SPACE UNDER CONSTRUCTION
Note that only four of the following 11 markets have retail vacancy rates higher than the national average, but all have experienced an increase in vacancy over the course of the last year. Developers' prudent decisions to hold back on the construction of new retail space will hopefully contribute to the prevention of further erosion in vacancy in these markets.
Dayton: 0 sq. ft. under construction
Greensboro/Winston-Salem: 52,605 sq. ft. under construction = 0.06% of total existing retail space.
Milwaukee: 99,200 sq. ft. under construction = 0.07% of total existing retail space.
Baltimore: 101,585 sq. ft. under construction = 0.08% of total existing retail space.
Madison: 41,072 sq. ft. under construction = 0.11% of total existing retail space.
Toledo: 102,279 sq. ft. under construction = 0.15% of total existing retail space.
Hartford: 211,600 sq. ft. under construction = 0.15% of total existing retail space.
Tampa/St. Pete: 347,660 sq. ft. under construction = 0.17% of total existing retail space.
St. Louis: 218,697 sq. ft. under construction = 0.17% of total existing retail space.
Minneapolis: 341,665 sq. ft. under construction = 0.18% of total existing retail space.
Orlando: 281,808 sq. ft. under construction = 0.19% of total existing retail space.
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Print this articleMemphis and Nashville Tennessee make the top 5 in "Markets Showing Positive NET Absorption of Retail Space".
Thursday, October 22, 2009
Real Estate Insights
Why should we be concerned? Because continuing high budget deficits could easily cause interest
rates to rise much sooner - and possibly quite sharply. Yes, there will be arguments about what federal programs work and which ones just bleed money. But Washington needs to come out with a credible plan to reduce the deficit over time.
Meanwhile, price correction - and over-correction - have wreaked havoc on the broader economy. Wall Street balance sheets were bleeding heavily before the big help from the $700 billion TARP funding. Property owners felt it, too: foreclosures spiked, strategic defaults rose among financially capable but underwater homeowners, and appraisals became messier. Most importantly in terms of economic impact, the bulk of American families have experienced a major hit to their wealth accumulation -- by more than $4 trillion in the past three years. The economy will have a difficult time gaining firm footing without government life support if home values continue to fall.
One area where federal taxpayer dollars have been effectively utilized is that first-time homebuyer tax credit. The key to any future sustainable economic recovery lies in home values stabilizing or, better yet, a return to a historical home price appreciation rate of 3 to 5 percent each year. The bubble prices crash landed, but all the excesses have already been removed. In fact, one could legitimately argue that home values have overshot downward. Price-to-income ratio is now below the historical average. The monthly mortgage payment for a middle income person buying a middle priced home is well below its historical norm.
A review of the latest data strongly suggests that the homebuyer tax credit has had its intended impact of significantly stimulating home sales. From about 4.5 million annualized home sales pace in the few months prior to the stimulus, sales have jumped to 5.1 million in recent months. That is a change of 600,000 additional existing-home sales. New home sales have risen from the mid 300,000 to low 400,000 range over the similar period. The rise in sales has been concentrated in the lower-priced home segment largely because first-time buyers are looking to stay, rightly, well within their budget.
Housing inventories, while still higher than desired levels, have been trimmed. The latest 8-month supply of existing-home inventory is much better than the double-digit figures of last year. Home values have likewise moved in an "improving" direction. Broadly speaking, they are down from one year ago, but the declines have been less steep in recent months compared to the pre-stimulus times. The median existing-home price as of August was down 12.5 percent compared to a nearly 20 percent decline early in the year. In short, sales have risen and home prices are on the verge of stabilizing.
But the housing stimulus package is set to expire. A settlement, and not the contract signing to buy, must occur by the end of November. Some first-time buyers who are signing contracts to buy in October just may make the deadline. It would be pity if the housing market which is just on the cusp of a self-sustaining recovery rolls downhill again. That could happen if potential buyers step back and inventory returns to an upward climb. Falling home values - independent of whether it is over-correcting or not - will bring back all the associated collateral damage.
A much happier scenario would be that the buying momentum continues for few additional quarters so that inventory falls back down to the normal 5 to 7 months, a level consistent with home value stabilization. Once that is accomplished, the consumer "fear factor" of waiting and waiting for a lower price later will no longer be part of the home buying decision. We will have reached a point of housing market self-sustainability. Consumer confidence will be lifted. The wealth impact of consumers opening up wallets for general consumer goods will steadily turn positive. Thus, the broader economy also gets set for a sustainable recovery without needing further stimulus dollars.
For that happy scenario to play out, a time extension on the home buyer tax credit is critically needed. At a cost of about $10 billion (if extended through the middle of next year), the housing market will likely have recovered nicely with the broader economy on track for a solid robust expansion. That $10 billion price tag is rather modest compared to the $700 billion in TARP funding and $800 billion of the broader economic stimulus package that was passed early in the year (with debate still raging over the effectiveness of that broad spending bill). Moreover, the cost of $10 billion is a static measure that does not take into account job creations and increased tax revenue from rising economic activity. Actually, if we take into consideration all of the economic dynamic responses, the homebuyer tax credit can be argued as a net positive revenue generator for the federal government.
There is nothing like economic growth to dent budget deficits. If the economy was already at full capacity, the housing stimulus would simply be moving dollars from one sector of the economy to another. But as is fully visible out in the streets, we are nowhere near full capacity. Factory capacity utilization was 69.6 percent in August, compared to an 80 percent rate that should be the case in normal economic times. On the job market front, the country is facing a double-digit unemployment rate rather than the healthy 5 or 6 percent unemployment rate. Therefore, there is a plenty of room for growth for a win-win situation for the housing market and other sectors of the economy.
Despite these vast potential benefits to the economy from extending the homebuyer tax credit, valid questions should nonetheless be asked. Is there any pent-up demand remaining? Will the tax credit just go to the people who would have bought a home anyway and thereby will simply pocket the $8,000 check? Well, the following table shows a compelling case for tapping the financially healthy renter population.
In 2000, before the housing market boom, there were 11.5 million renter households who had the necessary income to buy a median priced home at prevailing market conditions. Today, the pool of renters who can buy a median priced home is over 16 million. Just nudging even a small share - say 5 percent - of these financially healthy renters into buying via a tax credit check will mean 800,000 additional home sales. That number is sufficiently meaningful to get the inventory down to the level of home value stabilization. The housing market will then be on the path to a self-sustaining recovery.
After what we have been through this decade, it would be quite nice to observe a return of a "boring" housing market with annual price growth of a steady and normal 3 to 5 percent - without any of the fits, frenzy, and panic. A faster and firmer recovery can happen if the tax credit is opened up to more buyers by making it apply to any buyers - just just first-timers - and by raising the income limit for qualification. It would also contribute to healthy economic activity - a sustained recovery - and thus help to put a dent in the deficit. In short - it's a win/win. NAR is working hard to get that homebuyer tax credit extended. You can help - by calling, writing or e-mailing your Congressional representatives. It's good for home buyers, it's good for REALTORS®, and it's good for the U.S. economy"
Lawrence Yun hits a very positive note. If we want to enhance and speed the economic recovery that we all need and want to see, why not take a look at one program that has worked and enhance it! The article is long but worth the read! Please respond to the call to action, write , call, email your Congressional representatives. Let's talk about a program that works!
A Leadership Lesson from..... Geese
A Leadership Lesson from ... GEESE!
If you ever happen to see (or hear about) geese heading south for the winter – flying along in “V” formation – you might consider what science has discovered about why they fly that way. As each bird flaps its wings, it creates uplift for the bird immediately following. By flying in “V” formation, the whole flock adds at least 71% greater flying range than if each bird flew by itself. Any goose that falls out of formation suddenly feels the drag and resistance of trying to go it alone and quickly gets back into position to take advantage of the lifting power of the bird in front.
When the lead goose gets tired, it rotates back in the set and another goose moves up to fly point. And the geese in the back honk to encourage those in front to keep up their speed. Finally, when a goose gets sick or is wounded and falls out of formation, two other geese fall out with that goose and follow it down to lend help and protection. They stay with the fallen teammate until it is able to fly or it dies. Only then do they launch out on their own – or with another formation – to catch back up with their group.
The lesson: Like geese, people who share a common direction and sense of community, who take turns doing demanding jobs, and who watch out for one another, can get where they are going more quickly and easily because they are traveling on the thrust of their teammates. Geese are defined by how they stay connected with one another. Successful teams – and excellent leaders – are defined the same way.
By Lee J. Colan
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