We met with the JV partners of a memorial park project who was being helped jack up its sales. However, the objective of raising sales to 30 a month would not materialize because of certain difficulties and we had to meet to thresh things out.
The challenges were a plenty
As of now, we discovered:
1. Difficulty with the staff; the most recent difficulty had to do with interment and at need price. The staff unilaterally gave discount, waived the at need premium (20%), accepted late payment for interment which could have resulted in unfulfilled interment on a scheduled date that would have resulted in an expensive lawsuit and compensation.
2. Difficulty with procedures: sales policies, commission, no documentation. We found out that they deduct expenses such as commission from the collection. Hence, the remitted collections
3. Incomplete development permit, absence of certificate of registration and license to sell; The dev permit was only for 1/2 of the project
4. There was no proof that there was a closure with the former JV partner - notice of service for the termination of agreement, nor a court order.
5. Documentation of purchase of 1/2 of the property The CTS was with the former JV partner and the terms and conditions such as manner of payment was not fulfilled. The JV agreement though represented that the property was hers (which is not)
The owner, the principal who is a widow and 70 ish reacted negatively as this was discussed and had the impression that she was being ganged upon or pilloried.
We really had to have the meeting. Now that the challenges are revealed, solutions are forthcoming. And so with the progress
