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Success Stories
Turning Fallow Land into Cash
PeaceHealth, Eugene, Oregon
Rod helped a regional hospital chain sell surplus property to help fund construction of a new acute care facility. His efforts generated 60 percent more cash than was originally anticipated, in a fair and objective process that avoided controversy.
PeaceHealth is a non-profit, Catholic hospital operator, and the dominant provider in Eugene, Longview and Bellingham. Rod worked directly with the property subcommittee of the board of directors to carry out the sale. The board wanted a sale that would maximize cash to the organization, that would be carried out in keeping with the values of the organization, and that would be free of any charges from the community of bias or inside influence.
Rod first carried out a detailed analysis of the opportunities and challenges of development, of the likely sales proceeds, and the necessary terms for a timely sale. He then worked closely with the board to identify the board's criteria for a good and fair sale, and the best way to realize this sale.
Rod then worked to market the property, creating a modified auction process that ensured that the basic terms of any incoming offers would be comparable. Using his extensive list of regional contacts, Rod identified 24 prospective buyers with the resources and expertise necessary to own or develop the property. Eighteen of these prospects requested packages and 12 made formal purchase offers.
Rod then made further investigations of each of the prospects and worked with staff and board members to reduce the list of prospects to four. He oversaw a series of detailed interviews, which led to the selection of two final bidders. Rod met with and talked with these final two over a matter of weeks, resulting in higher bids from which the board chose the buyer. The transaction closed about six months later, largely on time and with full payment of options, at a price that was $3 million above that originally anticipated.