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 Outdated?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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Red Cross, Sport Clips offer free haircuts to blood donors


The American Red Cross and Sport Clips are partnering to provide free haircuts to anyone who donates blood or platelets to the Red Cross during September.

Blood donors of all blood types, especially type O negative and O positive, are urgently needed to replenish the blood supply following a critical summer blood shortage. > Read more.

Back to work


Above, Mills Godwin football player John Dudley cools down with a splash of water during a break from practice earlier this month. High school football teams throughout the county and region are continuing their summer practices in anticipation of the start of their seasons later this month. > Read more.

McEachin to host Henrico town hall meeting


U.S. Congressman Donald McEachin (VA-4th District) will host a town hall meeting Aug. 29 at the Eastern Government Center, 3820 Nine Mile Road in Henrico. The event will run from 6 p.m. to 7:30 p.m. and is open to the public. McEachin will address issues raised by attendees and provide details about services available through his office. > Read more.

Nonprofit awards $38k in book scholarships


The KLM Scholarship Foundation awarded more than $38,000 in book scholarships to 36 students during its 2017 Book Scholarship Awards Ceremony at Linwood Holton Elementary School in Richmond Aug. 5. The students will attend 14 Virginia colleges in the fall. Each has excelled academically, maintaining a 3.0 GPA or better, while demonstrating strong community leadership qualities.

WWBT/NBC12 Raycom Media Vice President and General Manager Kym Grinnage was the guest speaker. > Read more.

Dave Peppler, pastor


Dave Peppler, pastor of Chamberlayne Baptist Church, remembers the epiphany he had on a cold afternoon in northern Ohio when God gave him a sense of direction, after he had been wondering what life had in store for him. It was then that he knew that he wanted to become a pastor and serve God.

Peppler, a Delaware native who grew up in Ohio, was ordained in Brownsboro, Ky. in 1998, but his education didn't end there. > Read more.

Henrico Business Bulletin Board

August 2017
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The sixth annual Youth Triathlon, presented by Endorphin Fitness, will take place at 8 a.m. at the Virginia Home for Boys and Girls, 8716 West Broad St. The race is open to ages 5-14 and features a short pool swim, loop bike course closed to vehicular traffic, and a run on level playing fields. An optional four-day youth triathlon camp will precede the event, taking place Aug. 14-17 from 5:30 p.m. to 7 p.m. each day. Participants will be taught essential skills of the sport in a safe, fun environment. Cost of the camp is $95. All proceeds from the event will benefit the children at VHBG. For details, fee information and registration for the VHBG Youth Triathlon and camp, visit http://www.endorphinfitness.com/vhbg-youth-triathlon. For details about sponsoring or volunteering at the triathlon, contact Joan Marble at .(JavaScript must be enabled to view this email address). Full text

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