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Reinventing Your Business in a Downturn

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March 24, 2009
By Diana Ransom
(Page 3 of 5)

Builder Picks Up the Competition’s Slack

Boaz Gilad, CEO of ORE International, a luxury condominium developer in New York, saw the number of projects his firm worked on plummet from 15 to zero earlier this year. With the construction industry in shambles, Gilad couldn't help but notice the number of buildings that were left incomplete. Knowing that banks are leery to lend even more money to cash-strapped developers, but are also eager to get the unfinished buildings off their books, Gilad started pitching the banks. He offered to finish the buildings and to do so in a timely manner. To boost their confidence in his company's ability, he pointed to ORE's track record on finishing projects on time. Today, the firm is finishing nine buildings that were started by other developers. “Three months ago, I was bored in the office because I had no new projects,” says Gilad. Now, he’s hiring.

Boaz
Partners Yossi Ariel and Boaz Gilad, atop one of the incomplete condo buildings they’re working on.

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Last 5 Comments
GARY Posted: 6:07 PM On April 19, 2009
NAMING RIGHTS FOR ' 1 LIFE TO LIVE'

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KUBE Posted: 3:38 PM On April 19, 2009
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JK Posted: 3:03 PM On April 19, 2009
So many articles with doom and gloom. Top earners own their own business.
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Cornel Posted: 12:28 PM On April 19, 2009
WHATTT 'RECESSION'????



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Dwight Bain Posted: 12:54 PM On March 26, 2009
There is an old saying that one man's trash is another's treasure, and the same is true of recessions. Some panic and fall apart, while others facing the exact same set of circumstances prosper and find profits. This article is a great reminder that creativity can grow great things under pressure... hope every reader does what I did, forward it to other creative biz leaders so that they grow stronger instead of stressed.
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