Join Terry Cook as he speaks with Nick Rosenthal, co-CEO of Griffin Capital, to walk through what changed in the Opportunity Zone program on July 4th, 2025, and why it matters for business owners preparing for a sale. Nick shares how permanence transforms the planning conversation, how the rolling five-year deferral and restored basis step-up work together, and what a disciplined, investor-aligned approach to Opportunity Zone funds actually looks like. Tune in to understand one of the most significant updates to the tax code for business owners in years.

2:42 – Who is Griffin Capital and what do they focus on

6:27 – Co-investment alignment: $300 million of leadership capital alongside investors

8:18 – Plain-English explanation of how Opportunity Zones work

9:46 – The origins of the program and whether it has delivered on its promise

13:12 – Criticism of the program and how Griffin evaluates the spirit versus the letter

17:13 – The five changes that matter most: starting with permanence

21:49 – The rolling five-year deferral clock and why it democratizes timing

25:24 – The restored 10% basis step-up and how it pairs with passive loss strategies

28:38 – What to expect in Part 2