Preview
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023
Preserving Existing Clients
" AG and RDG compare client contacts for potential conflicts
of interest.
" Announcement letter published and sent to clients
existing
announcing:
o New Locations
o Expanded Services and abilities
o Enhanced customer service
o Same management and that are used to.
quality they
" Announcement Venues:
o Press Releases - Real Bisnow DC and
Deal, NY,
National appraisal review, Times, World Property
Journal, Biz Journal
o Social Media -Linked In, Facebook, and Websites
o Mailings/ Announcements - Current clients and would-
be clients
o Email announcements - Current clients and would-be
clients
0 Business cards and - Add "An Archstone
stationery
Affiliate"
publish as needed
o Website linkage to both websites -
primary company
Immediately
o Budget - TBD.
Marketing
" Points:
Key Talking
o new templates
o new locations
o Better turn times
" Create a top 20 target who can generate appraisal work in
New England, Washington DC, and other national
locations.
" Create a transition guide for clients with contacts,
relationship status, type of work, and types and number of
contacts recommended per year.
" Create a training playbook for AG Control Tower and
future manager for
handling
client relationships.
" After hiring RDG replacement:
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
o New announcement published and emailed. (same a¼
NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023
list above)
o Personal calls and visits as per playbook
recommendation
" KPI Reviews with Exec team and local managers:
Quarterly
o Number of jobs
o Average fee per job
o # of jobs per client
Creating New Client Relationships New Business
Development
" Marketing:
o Websites, emails, and published announcements to our
national client list and on linked in.
o Joint participation in the (budget set at time
following
of new company formation):
m MBA
m Bar Association Trust & Estate
m Real Estate Summits
m ULI
m Argus
m NCREIF
" Local Sales & Marketing
o Targeted visits, adds, and events for the following
areas:
m Attorneys --Trust and Estate; Litigation &
Arbitration; Matrimonial; Bankruptcy; Buy/Sell
Models
m Accountants - Real Cost Segregation lan 1
Estate;
allocation; Ownership Valuations and Minority
Interest; Opportunity zone valuations
m Private Firms - Real Estate Centrex
Equity
m Mezzanine and Secondary Bridge Loan
Lenders
m Primary Institutional Lenders - Chase Private
Banking; J.P. Morgan; M&T; Citi Bank; Peoples;
Bank of America and others where ABS may
have leverage - secured M&T
recently
m Portfolio Work - etc...
CMBS, Bank, Ncreif,
m Developers - and mixed use
multifamily condo;
m Tax cert and litigation
o Communications
m Local phones going to RDG
m Back - phones to professional service at
up
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
NYSCEF DOC. NO. 29
control tower answering for RDG RECEIVED NYSCEF: 10/23/2023
m Would like to invite 1-2 of RDG staff to join the
control tower team with primary responsibility
over RDG and later DC and Boston offices.
Answer phones, create engagement letters, lear
tracking systems.
" JV Participations and Functions
o Client Introductions and referrals - define
Clearly
account managers.
o Joint Functions-events-dinners as needed initial
during
launch
o joint meetings with Archstone senior
Monthly
management or as needed
o Separate banking account-RD & AG with portal
access and access to quickbooks
o Marks Paneth JV accountant and year-end tax returns -
RD with AG portal access. Ok for 2021.
o JV job and client base access
- RD with AG port 1
log
access. (Will gradually convert this to Geneva
System)
o Norma Goldat - x222 & Gina Cinque x
Bookkeeping
200 - Director of Operations
" KPI Reviews with Exec team and local manager[:
Quarterly
O Number of new clients
o Average fee per job
o # of jobs per client
Transition client relationships to future heir to RDG
" Management Staff -
o Richard J. DiGeronimo, MAI will play the role of the
NYC market leader and work to become the highest
procuring member of the AG affiliation. In addition t6
feeding his own team, he will be tasked to source
assignments around the nation. It is anticipated that
Richard will keep the same schedule and full focus on
this effort throughout 2021 and 2022. At the end of
2022, together we will evaluate if and how 2023 will
be the transition year. Even with transition, we would
welcome RJD to continue to handle legacy
relationships, if it fits. Our hope is to have a
production machine that will inspire confidence for
him to continue to procure work and pass it to the
Archstone Community.
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
o R. Ashton Rowles, MAI is President and CEO of AG.
NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023
His primary task is to and recruit no affiliates
identify
and purchasing targets around the nation. He is also
focused on achieving a capital stack that will facilita!e
AG's growth into the future. Ashton is also overseei g
the set up and expansion of Control Tower and a
central production solution that will offer similar, if
not superior service, for overflow work situations.
Ashton has institutional experience and is
comfortable attending events, making sales, and
bidding and appraising anything from portfolio to
required testimony work. AG recognizes the need of
having a Manhattan presence in the future of the
company. Ashton is willing to play a supporting role
until the proper hire can get established including
spending 1-2 weeks in NYC if beneficial to the
company.
o Michael Miller, MAI, and Ryan Lin, MAI are partners
in the company and also have the pedigree and
profil
to give support in this role. However, they are
primarily engaged in the business of Enriched Data.
Some support can be arranged if needed.
o Ericka J. Simmons is a partner and our current leader
in Washington DC. Ericka is a graduate of NYU and
Johns Hopkins, MBA. She represents the potential fo
black female and has several skills that
leadership
might make her an ideal manager for New York.
Additionally, she has lived in NY for years and is
familiar with several of these markets. The hurdles to
overcome include finding a strong leader in the
Washington DC market, and some additional corporate
training that is targeted to the national scaling of
Archstone Group.
" Future replacement for RJD:
o The new hire profile will be a seasoned MAI appraiser
familiar with all of the client targets above including
portfolio management, court testimony, and both large
and small asset classes. The hire may have previous
experience with a major firm in a management
position. This would be welcome but is not necessary.
o The appraiser must demonstrate a high degree of
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
commitment to professional excellence, the
NYSCEF DOC. NO. 29 industry RECEIVED NYSCEF: 10/23/2023
of valuation, and to a representative of
being
Archstone Group on a national basis. The hire needs
to comprehend the legacy of RDG as well as the
business plan for Archstone.
o Ideally, the new hire has personal
existing
relationships with loan officers and underwriters at
major institutions and has intimate experience
navigating the cross currents of effective client
relationships and absolute to the business.
integrity
o This person must be well-liked and respected in both
the appraisal community as well as in the client circles
of NYC. They must be able to both maintain high
expectations from the appraisers they pass work to,
while still respecting the process and working to make
the and the system better and more effective.
company
o This person will be one of the most visible people in
the entire company as the lead attendant in most
national events. They must be willing to organize
client events, hold staff accountable, always follow
through on commitments, and be willing to prioritize
company needs. Full transparency with senior staff
for pipeline development is mandatory.
o This person must also work well with other account
managers in the company, both small local appraisers,
and other managers focusing on national contracts.
Care has to be taken to coordinate client contacts and
relationships and to avoid conflicts of interest.
Territory for account managers is to be driven by
relationships rather than geography. If other account
managers have proven relationships with clients in
"pack"
NYC, this person should take a mentality
approach in how to support the company for a win in
the best service to client.
delivering every
o While this person offer guidance over local
may help
assignments, our goal is to make this person 75% or
more devoted specifically to sales and client
development for the company. Travel could be up to
50%.
o The base for this role is expected to be between
$200,000 and $300,000, with additional upside for
performance.
o It is possible that this person could be groomed to take
on the CEO position of the company or the national
head of marketing.
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
o Examples (though not actual of people who
NYSCEF DOC. NO. 29 targets) RECEIVED NYSCEF: 10/23/2023
might be interesting for this position on the
institutional end might include Pat Craig, Jerry
Gisclair, Stan Wolf, Lance Dore, and Mike Miller
(Houston). Examples of younger appraisers (though
not necessarily targets) include Ashton Rowles and
Ericka Simmons. Though it is noted that all of thesq
names of certain impediments that would need to be
resolved.
o If RJD has staff or other associates who might make a
good fit, we would welcome the suggestions.
Rebrand to Archstone Group
We expect that by the end of 2022, and possibly by the end of
2021, thanks to national marketing, scaling and growth,
Archstone will be recognized as a national brand with a unique
business model and an impressive performance track record.
Currently RDG is well recognized. Furthermore, both parties
period"
agree that a "trial needs to take place in 2021 to assure
that the transition will be effective.
Our goal to rebrand would be sometime in 2022 or at the
beginning of 2023 once the full buyout is announced. We would
keep the new business entity in place at minimum until RJD is
fully vested with his stock. From that point, we will either fold
the business operations into the PA account directly or continue
to operate it as an independent entity.
Archstone Group Definitions
Account Manager - appraiser or business professional
(AM) Any
soliciting appraisal service.
CARS - Enriched Data's report system developed
writing by
Mike Miller that uses an online data intake form with a
customized Microsoft Word export.
Control Tower (CT)
- A central admin team to handle the
following responsibilities:
" Engagement Letters
Creating
" in and assignments
Logging tracking
"
Assisting with data request and collection (at AM
invitation)
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
" Monitor job
accounting including expenses, payments, and
NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023
disbursements.
" Create and maintain sales documents such as quals,
licenses, insurance, & client lists
" Assist appraisers with of and
tracking classwork, licenses,
designations
" Assist AMs with targeting and contacting potential clients
and following up with existing clients.
Geneva - The job software designed and operated
tracking by
Archstone Group. It functions primarily as a directory of
appraisers, a job coordinator tool, and a client and bid tracking
system.
Google Sites - AG's intranet with access to Geneva
company
data, company training, data library, and other critical
documents.
Google Workplace Google - The main
(Formerly G-Suite)
service provider for AG's email and storage solutions. It also
powers, Calendars, Drive, Meetings, and Chat windows.
Production Manager - The appraiser assigned to deliver
(PM)
the assignment competently and on-time.
Analytix - The parent name of Archstone
Property company
Group. Some work continues under this brand.
Valcre - AG's report system
legacy writing featuring word,
excel, and Argus integrations.
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023
NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023
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Preview
FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023 Preserving Existing Clients " AG and RDG compare client contacts for potential conflicts of interest. " Announcement letter published and sent to clients existing announcing: o New Locations o Expanded Services and abilities o Enhanced customer service o Same management and that are used to. quality they " Announcement Venues: o Press Releases - Real Bisnow DC and Deal, NY, National appraisal review, Times, World Property Journal, Biz Journal o Social Media -Linked In, Facebook, and Websites o Mailings/ Announcements - Current clients and would- be clients o Email announcements - Current clients and would-be clients 0 Business cards and - Add "An Archstone stationery Affiliate" publish as needed o Website linkage to both websites - primary company Immediately o Budget - TBD. Marketing " Points: Key Talking o new templates o new locations o Better turn times " Create a top 20 target who can generate appraisal work in New England, Washington DC, and other national locations. " Create a transition guide for clients with contacts, relationship status, type of work, and types and number of contacts recommended per year. " Create a training playbook for AG Control Tower and future manager for handling client relationships. " After hiring RDG replacement: FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 o New announcement published and emailed. (same a¼ NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023 list above) o Personal calls and visits as per playbook recommendation " KPI Reviews with Exec team and local managers: Quarterly o Number of jobs o Average fee per job o # of jobs per client Creating New Client Relationships New Business Development " Marketing: o Websites, emails, and published announcements to our national client list and on linked in. o Joint participation in the (budget set at time following of new company formation): m MBA m Bar Association Trust & Estate m Real Estate Summits m ULI m Argus m NCREIF " Local Sales & Marketing o Targeted visits, adds, and events for the following areas: m Attorneys --Trust and Estate; Litigation & Arbitration; Matrimonial; Bankruptcy; Buy/Sell Models m Accountants - Real Cost Segregation lan 1 Estate; allocation; Ownership Valuations and Minority Interest; Opportunity zone valuations m Private Firms - Real Estate Centrex Equity m Mezzanine and Secondary Bridge Loan Lenders m Primary Institutional Lenders - Chase Private Banking; J.P. Morgan; M&T; Citi Bank; Peoples; Bank of America and others where ABS may have leverage - secured M&T recently m Portfolio Work - etc... CMBS, Bank, Ncreif, m Developers - and mixed use multifamily condo; m Tax cert and litigation o Communications m Local phones going to RDG m Back - phones to professional service at up FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 NYSCEF DOC. NO. 29 control tower answering for RDG RECEIVED NYSCEF: 10/23/2023 m Would like to invite 1-2 of RDG staff to join the control tower team with primary responsibility over RDG and later DC and Boston offices. Answer phones, create engagement letters, lear tracking systems. " JV Participations and Functions o Client Introductions and referrals - define Clearly account managers. o Joint Functions-events-dinners as needed initial during launch o joint meetings with Archstone senior Monthly management or as needed o Separate banking account-RD & AG with portal access and access to quickbooks o Marks Paneth JV accountant and year-end tax returns - RD with AG portal access. Ok for 2021. o JV job and client base access - RD with AG port 1 log access. (Will gradually convert this to Geneva System) o Norma Goldat - x222 & Gina Cinque x Bookkeeping 200 - Director of Operations " KPI Reviews with Exec team and local manager[: Quarterly O Number of new clients o Average fee per job o # of jobs per client Transition client relationships to future heir to RDG " Management Staff - o Richard J. DiGeronimo, MAI will play the role of the NYC market leader and work to become the highest procuring member of the AG affiliation. In addition t6 feeding his own team, he will be tasked to source assignments around the nation. It is anticipated that Richard will keep the same schedule and full focus on this effort throughout 2021 and 2022. At the end of 2022, together we will evaluate if and how 2023 will be the transition year. Even with transition, we would welcome RJD to continue to handle legacy relationships, if it fits. Our hope is to have a production machine that will inspire confidence for him to continue to procure work and pass it to the Archstone Community. FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 o R. Ashton Rowles, MAI is President and CEO of AG. NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023 His primary task is to and recruit no affiliates identify and purchasing targets around the nation. He is also focused on achieving a capital stack that will facilita!e AG's growth into the future. Ashton is also overseei g the set up and expansion of Control Tower and a central production solution that will offer similar, if not superior service, for overflow work situations. Ashton has institutional experience and is comfortable attending events, making sales, and bidding and appraising anything from portfolio to required testimony work. AG recognizes the need of having a Manhattan presence in the future of the company. Ashton is willing to play a supporting role until the proper hire can get established including spending 1-2 weeks in NYC if beneficial to the company. o Michael Miller, MAI, and Ryan Lin, MAI are partners in the company and also have the pedigree and profil to give support in this role. However, they are primarily engaged in the business of Enriched Data. Some support can be arranged if needed. o Ericka J. Simmons is a partner and our current leader in Washington DC. Ericka is a graduate of NYU and Johns Hopkins, MBA. She represents the potential fo black female and has several skills that leadership might make her an ideal manager for New York. Additionally, she has lived in NY for years and is familiar with several of these markets. The hurdles to overcome include finding a strong leader in the Washington DC market, and some additional corporate training that is targeted to the national scaling of Archstone Group. " Future replacement for RJD: o The new hire profile will be a seasoned MAI appraiser familiar with all of the client targets above including portfolio management, court testimony, and both large and small asset classes. The hire may have previous experience with a major firm in a management position. This would be welcome but is not necessary. o The appraiser must demonstrate a high degree of FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 commitment to professional excellence, the NYSCEF DOC. NO. 29 industry RECEIVED NYSCEF: 10/23/2023 of valuation, and to a representative of being Archstone Group on a national basis. The hire needs to comprehend the legacy of RDG as well as the business plan for Archstone. o Ideally, the new hire has personal existing relationships with loan officers and underwriters at major institutions and has intimate experience navigating the cross currents of effective client relationships and absolute to the business. integrity o This person must be well-liked and respected in both the appraisal community as well as in the client circles of NYC. They must be able to both maintain high expectations from the appraisers they pass work to, while still respecting the process and working to make the and the system better and more effective. company o This person will be one of the most visible people in the entire company as the lead attendant in most national events. They must be willing to organize client events, hold staff accountable, always follow through on commitments, and be willing to prioritize company needs. Full transparency with senior staff for pipeline development is mandatory. o This person must also work well with other account managers in the company, both small local appraisers, and other managers focusing on national contracts. Care has to be taken to coordinate client contacts and relationships and to avoid conflicts of interest. Territory for account managers is to be driven by relationships rather than geography. If other account managers have proven relationships with clients in "pack" NYC, this person should take a mentality approach in how to support the company for a win in the best service to client. delivering every o While this person offer guidance over local may help assignments, our goal is to make this person 75% or more devoted specifically to sales and client development for the company. Travel could be up to 50%. o The base for this role is expected to be between $200,000 and $300,000, with additional upside for performance. o It is possible that this person could be groomed to take on the CEO position of the company or the national head of marketing. FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 o Examples (though not actual of people who NYSCEF DOC. NO. 29 targets) RECEIVED NYSCEF: 10/23/2023 might be interesting for this position on the institutional end might include Pat Craig, Jerry Gisclair, Stan Wolf, Lance Dore, and Mike Miller (Houston). Examples of younger appraisers (though not necessarily targets) include Ashton Rowles and Ericka Simmons. Though it is noted that all of thesq names of certain impediments that would need to be resolved. o If RJD has staff or other associates who might make a good fit, we would welcome the suggestions. Rebrand to Archstone Group We expect that by the end of 2022, and possibly by the end of 2021, thanks to national marketing, scaling and growth, Archstone will be recognized as a national brand with a unique business model and an impressive performance track record. Currently RDG is well recognized. Furthermore, both parties period" agree that a "trial needs to take place in 2021 to assure that the transition will be effective. Our goal to rebrand would be sometime in 2022 or at the beginning of 2023 once the full buyout is announced. We would keep the new business entity in place at minimum until RJD is fully vested with his stock. From that point, we will either fold the business operations into the PA account directly or continue to operate it as an independent entity. Archstone Group Definitions Account Manager - appraiser or business professional (AM) Any soliciting appraisal service. CARS - Enriched Data's report system developed writing by Mike Miller that uses an online data intake form with a customized Microsoft Word export. Control Tower (CT) - A central admin team to handle the following responsibilities: " Engagement Letters Creating " in and assignments Logging tracking " Assisting with data request and collection (at AM invitation) FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 " Monitor job accounting including expenses, payments, and NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023 disbursements. " Create and maintain sales documents such as quals, licenses, insurance, & client lists " Assist appraisers with of and tracking classwork, licenses, designations " Assist AMs with targeting and contacting potential clients and following up with existing clients. Geneva - The job software designed and operated tracking by Archstone Group. It functions primarily as a directory of appraisers, a job coordinator tool, and a client and bid tracking system. Google Sites - AG's intranet with access to Geneva company data, company training, data library, and other critical documents. Google Workplace Google - The main (Formerly G-Suite) service provider for AG's email and storage solutions. It also powers, Calendars, Drive, Meetings, and Chat windows. Production Manager - The appraiser assigned to deliver (PM) the assignment competently and on-time. Analytix - The parent name of Archstone Property company Group. Some work continues under this brand. Valcre - AG's report system legacy writing featuring word, excel, and Argus integrations. FILED: NASSAU COUNTY CLERK 10/23/2023 04:07 PM INDEX NO. 608383/2023 NYSCEF DOC. NO. 29 RECEIVED NYSCEF: 10/23/2023 L