Journal of
Corporate
Renewal
Sept
2016
Spotlight
The Next Wave
2016 TMA Western Regional Conference | July 13-15
The morning of the 2016 Western
Regional Golf Tournament started
off cool and foggy. By the time the
last foursome had teed off at the
Aviara Golf Course, the gloom had
dissipated, the sun shone brightly,
and the 8th Annual TMA Western
Regional Conference had officially
begun. Nearly 170 attendees
convened at the Park Hyatt Aviara in
Carlsbad, California, July 13-15 for
the event hosted by the TMA Arizona,
Northern California, Rocky Mountain,
and Southern California Chapters.
The following morning marked
the first full day of professional
development sessions and began
with a discussion about the future
of private equity. Panelists explained
that deal flow has slowed across
the board, but what has increased
is the number of strategic buyers
completing deals as opposed to
financial buyers. Panelists predicted a
continuation of this trend for the near
term, adding that what will become
of all the dry powder in this arena
remains an open question for now.
Attendees then heard from a panel
sharing general insights on retail
bankruptcies, touching on evolving
demographics, online competition,
and wavering consumers, before
switching their focus to specifics
of the recent Sports Authority
bankruptcy. In that case, a multitude
of issues arose related to vendors,
leases, and consignment. One
factor that paved the road toward
bankruptcy was that Sports
Authority “was not a business people
were looking to put a lot of new
money into,” said Robert Klyman
of Gibson, Dunn & Crutcher.
In the “Impact on Banking” session,
panelists explained how the legal
and regulatory burdens on special
asset managers in the U.S. are
“becoming massive.” The extensive
training that is required to ensure
that individuals can meet these
requirements diminishes the time
they can spend working directly
with borrowers. Lenders’ outside
“vendors”—attorneys, accountants,
and consultants—must also comply
with numerous regulations to
provide services to banks, forcing
banks to manage third-party risk
compliance in addition to their own.
The conference’s featured speaker
was Todd Buchholz, an economist,
former White House director of
economic policy, and a frequent
commentator on economics, fiscal
politics, and business strategy.
Buchholz talked about a global
economic revitalization and said that
the next president will have to make it
clear “America is open for business” or
its economy will remain “lackluster.”
Day One concluded with a poolside reception overlooking the
beautiful Batiquitos Lagoon.
“Disruption in Silicon Valley”
commenced Friday’s half-day of
professional development. Businesses
are moving away from traditional
business models and toward the
on-demand industry exemplified by
companies such as Uber, Sprig, and
Airbnb. Speakers explored reasons
for the growth of this industry, the
major players and investors, and the
resulting change in valuations.
BY MAURA SAGE, TMA GLOBAL MARKETING & COMMUNICATIONS ASSOCIATE
Poolside Networking Reception sponsored by
Robins Kaplan LLP and SierraConstellation Partners