“Let me know if you feel otherwise but I feel first and foremost whenever we’re talking to the CFOs of our businesses making sure you have a very good handle on what you need to survive…is of utmost importance,” Brian Bacal, managing director, head of debt advisory, recapitalization & restructuring at Canaccord Genuity declared, setting the stage for what would be a riveting discussion on corporate sustainability.
At the recent Benzinga Cannabis Capital Conference in Miami, industry stalwarts shared pearls of wisdom on survival strategies for businesses facing turbulent times. Not only were their insights about the immediate financial strategies required, but they also delved deep into the essence of communication and the importance of maintaining both internal and external relationships.
Paul Josephson, cannabis team lead & partner at Duane Morris LLP, added to this discourse by sharing an insightful experience.
“I was talking to another restructuring… consultant type who was kind of a person who’s brought in internally to make those big ugly fixes. And I asked him, what’s your first secret… And he said weekly reporting. That’s the key. You’ve got to stay… on top of your figures, you need to stay on top of your data, you need to be on it weekly, you need to be talking with your staff about it weekly because that’s going to be the key to your survival,” Josephson said.
Bacal further amplified the discussion around the importance of relationships.
“I think making sure that you’ve identified the key employees who keep your business running and putting in the appropriate retention programs is certainly important,” he emphasized.
The critical nature of preserving the relationship with suppliers, and vendors, and essentially maintaining the company’s public image was stressed. Bacal added, “The last thing you want is customers to think you don’t exist or you’re going under and you don’t want your employees to walk out on you.”
Prompted by Bacal’s insights, Josephson inquired, “So retention programs, you find that to be an important component of a rescue plan?”
These potent revelations and dialogues weren’t just restricted to the sun-soaked venues of Miami. For those intrigued by the dynamic between corporate survival and the cannabis industry, there’s more to look forward to. The Benzinga Cannabis Capital Conference is gearing up for its grand return to Chicago on September 27 and 28.
Paul Josephson along with Matt Bottomley, managing director, equity research at Canaccord Genuity, which is the global capital markets division of Canaccord Genuity Group Inc. CCORF, will grace the occasion by sharing their insights as featured speakers. All information is available on bzcannabis.com
This content was originally published here.