Joe Ranieri

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Today, March 26th, 2020, Federal Reserve Chairman Jerome Powell made a rare television appearance on the Today Show to address the concerns and fears of the current financial crisis regarding the Coronavirus. We may well be in a recession, he said. But I would point to the difference between this and a normal recession. There is nothing fundamentally wrong with our economy. Quite the contrary. We are starting from a very strong position. Another statement of significanc...e Powell said, The virus is going to dictate the timetable, and, The sooner we get through this period, and get this virus under control, the sooner the recovery can come. We are living in an unprecedented time with the impact of the Coronavirus, not only is it affecting our homes, but also small businesses, in a way that has never happened before. I agree with Powell and other officials that the faster we get the virus under control, the sooner we can return to normal, and so the way that buyers, sellers, and business brokers/agents conduct themselves during this crisis should be geared toward that successful conclusion. Since new announcement are always coming, buyers/sellers/brokers should keep up to date on the latest from their state Governor and city officials, as well as on the federal level, but the state and city, will ultimately have more instruction, because of their unique and specific power. I keep updated on the latest events through Twitter and Facebook. Business buyers, sellers, and broker/agents should all be conducting their business by email to reduce face to face contact. NDAs and contracts can be sent over the computer, with regular phone contact. If there is a liquor license transfer involved, the application will be mailed as opposed to a face to face submission. If a hard copy signature between broker and/or buyer and seller is needed, then use overt caution and just mail it, like the old days.

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