When backup options become the only options ✈️🚈

I’m sure I’ve told you before about my favorite podcast Acquired. I won’t bore you with all the reasons I love it, but I will say this – I am a superfan. I listen to old episodes (IKEA, Costco and Rolex are some of my faves), and I listen to new ones as soon as they drop. I own the merch, and I belong to their Slack channel where other nerds fans like me discuss the show and all sorts of related topics. 

So you can bet that when the (second, ever) live event at Radio City Music Hall was announced for July 15th, I blocked off the date in my calendar. And when tickets went on sale in early May, your girl snagged front row seats. I was so excited to go, and when Abby wasn’t available to join me, I decided to go alone. I didn’t know any other superfans, and I wasn't about to be saddled with ensuring someone else’s good time. 

So fast forward to 6am on July 15th. I'm sitting at my desk trying to knock out some work before my 9am flight when the American Airlines notification pops up. Flight cancelled.

 
No flights later that day. Panic.

I was going to that show dammit! I had looked forward to it all summer. I had told everyone in the 757 that I was going. I paid good money for the ticket, and at this point, my NYC ($$$) hotel room was nonrefundable.

I didn’t really want to drive six hours up and then six hours back the next day…but I would if I had to. But, oh look! There’s a train leaving at 9am that gets me in at 5:30pm. Pre-show nerd meetup is at 6pm. I’ll take it. 

Now on the train, in a genius move, I booked an Acela ticket from Washington to Penn Station. So IF my bumpkin Northeast Regional train made it to Union Station on time, I could switch trains and shave an hour off the travel time. 

The stars aligned, and I made it to my hotel and then to Radio City with 45 minutes to spare. The show was fantastic, I made new friends and stayed out way, way past my bedtime. I had a glorious time.

💫 What made me able to pull this off? Backup options. 

I had absolutely expected to fly to New York that day, but when circumstances beyond my control threatened to derail everything, the fact that I could still (a) drive or (b) take the train meant that my plans could stay on track. 

👉 This is exactly why we like for Pedal Retailers to negotiate LOIs on at least two, ideally three potential spaces before committing to one. 

When we buy airline tickets, we do so with the expectation that the flight is definitely happening. And while some airlines seem to have pretty loosey goosey follow through (I’m looking at you, American Airlines), in the real estate world, most LOIs never become signed leases. No matter how seriously a tenant wants a certain space, there are no guarantees.

Around the same time this summer, we had a Pedal Retailer’s deal die at lease…right when it seemed like the deal was done. It felt like being told you have to deplane after queuing for takeoff. 😫

While this was massively frustrating, the fact that we’d already started negotiating LOIs on space options B and C before we went to lease on A, meant that we lost no time in the pivot. Picking back up and reengaging was easy. 

Having other options means that when Plan A doesn't work out, you’re not devastated. Your dream is not crushed, and you can still get to where you’re going on a similar timeline. Furthermore, having backups does not mean you’re cheating on Plan A. Besides the fact that Plan A has no feelings, preparing backups does not diminish your ability to make a deal for Plan A; rather, having other viable options gives you power to make the best deal possible OR to walk away with confidence. 

So if getting open is something you really, really want to do, keep as many options open until you’ve arrived safely at your destination.