The Entrepreneur’s Corner

Moving your business stinks. It’s difficult, it’s expensive, and every step of the process takes a lot of time. But sometimes, and more often than not, the right space can make the business in the same way the right handshake can win the job.

There are so many options for business of all sizes. Even though Metro Richmond is a relatively small commercial market, there’s still every type of space imaginable. Making the wrong decision can actually hurt your business, so it makes sense to tackle it head-on. Think Gandhi with a little sprinkle of Bobby Knight – patience and grit pay off. And you should start by asking a lot of questions:

• Find a leader – Who will lead this effort within your organization? It’s a daunting task indeed, and it deserves a dedicated decision-maker willing to work through the pitfalls.

• Determine your space needs – Is your existing space too large? Too small? Inefficient? Too far from your clients? Outdated? Overpriced? Find your motivation and take action.

• Assess your business environment – How would you describe your office environment? Are you a big fan of collaboration, frequent dialogue, and teaming? If so you might prefer an open work environment rather than private offices. Do you rely on walk-in traffic or have frequent visitors throughout the day? If so, focus on high visibility locations, ample parking and a large enough reception area.

• Warm up your calculator – What is your budget? Be realistic and be honest with yourself about the company’s budget. Use the web to research how much commercial space costs in your desired locations, and don’t be afraid to call around to different broker professionals for their input.

Once you’ve completed the first phase, it’s time to get yourself aligned with a broker who can represent you in the process. Alternatively, you can represent yourself through the next steps, which include touring properties, developing a short list of your top two or three spaces, gathering offers (commonly referred to as Letters of Intent), negotiating and signing a lease.

While a few businesses choose to go without broker representation, most prefer the advantages of having an experienced professional to help them through each step.

This is usually when the Bobby Knight-like personality comes out in people. Negotiations have complex layers and it helps to have an expert broker working on your behalf to take the emotional, chair-throwing tendencies out of the process. If you do decide to take on the task yourself, here are a few things to keep in mind:

• Size does matter – Negotiating power is directly proportionate to the size of your office in relation to the size of the building. A small tenant in a large office building won’t have too much leverage over the ownership. That same tenant in a smaller office building, however, could get a better deal.

• Turn “deal-breakers” into negotiable points – For example, the ownership’s lease calls for a 5 percent annual escalation and you know the market escalation is 3 percent (which it is, by the way). That escalation rate seems like a deal breaker to you, but it is likely a negotiable point for the owner. If ownership insists on 5 percent, find another way around it – maybe ask for an increase in the tenant improvement allowance, or a reduction in the first year rental rate.

• Don’t be afraid to walk away.

• Ask questions until you get answers.

• Get everything in writing and make sure you and the ownership sign the same lease document.

Suzanne White is an associate who specializes in corporate real estate services, including office and industrial sales and leasing, with Cushman & Wakefield | Thalhimer. Contact her at (804) 697-3478 or .(JavaScript must be enabled to view this email address).
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Cyclist killed in crash was 52-year-old man

Henrico Police have named the victim killed June 21 when the bicycle he was riding collided with a truck on Mechanicsville Turnpike near I-64 in Eastern Henrico.

Fifty-two year-old Ray J. Freeman, of Richmond, died at a local hospital after being struck. The truck that hit him was traveling south on Mechanicsville Turnpike. > Read more.

Henrico man sentenced to 10 years in prison for dealing heroin

A Henrico man was sentenced June 20 to 10 years in prison for distribution of heroin.

Arlando Harris, 35, pleaded guilty on Dec. 29, 2016. According to the statement of facts filed with the plea agreement, Henrico Police executed a search warrant at Harris' mother's residence in Henrico on March 16, 2016. > Read more.

Glen Allen HS student earns playwriting residency


A play written by a Glen Allen High School junior was selected, along with seven others, to be performed professionally this summer through a nationally acclaimed Virginia high school playwriting program.

47B, a play written by 16-year-old Glen Allen High school student Dominique Dowling, was chosen by New Voices for the Theater, a playwriting competition sponsored by the School of the Performing Arts in the Richmond Community, from a pool of more than 150 plays by high school students in the state. > Read more.

Missing Eastern Henrico man found dead

Henrico Police have found the body of a missing Eastern Henrico man.

The body of 25-year-old Taj Rashad Bullock, who was last seen June 10 in Eastern Henrico, was found June 20 in a wooded area in that part of the county. > Read more.

Henrico Schools to participate in USDA summer food service


Henrico County Public Schools, through its Division of School Nutrition Services, will participate in the 2017 Summer Food Service Program administered by the US Department of Agriculture. The program provides meals to students enrolled in Henrico Schools summer programs or in those run by the Henrico County Department of Recreation and Parks.

Food service will be provided Monday through Thursday each week. (All sites will be closed Tuesday, July 4, in recognition of Independence Day.) Breakfast will be served from 7 a.m. to 9 a.m. Lunch will be served between 10 a.m. and 1 p.m., but specific lunch times will vary depending on the site. > Read more.

Henrico Business Bulletin Board

June 2017
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West Broad Village’s Rock & Roll Summer outdoor concert series continues at “The Pad,” adjacent to Aloft Hotel at 3939 Duckling Dr., from 7 p.m. to 10 p.m. Mashup Band will perform 80s, 90s and 00s mash-ups. The concert is free and open to the public. Several parking decks feature free parking. The series continues every other Friday through August. For details, visit http://www.shopwestbroadvillage.com or www.facebook.com/WestBroadVillageShopping. Full text

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