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 Outdated?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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New GRASP scholarships to aide winners with college debt and costs


Fifteen Henrico County Public Schools students recently received a “2+2” scholarship from the non-profit organization GRASP (GReat Aspirations Scholarship Program, Inc.). In total, the newly created scholarships will help 71 students receive their baccalaureate degrees from a Virginia college or university with lower costs and less student debt.

The scholarship awards each winner $1,000 for his or her first year at a community college to cover the costs not covered by financial aid, such as books and computers. > Read more.

Long & Foster’s Innsbrook, Short Pump offices participate in community service day event


Thousands of real estate agents and employees with Long & Foster Real Estate, including those at the Innsbrook and Short Pump offices in Glen Allen, Virginia, took part in the company’s 20th annual Community Service Day June 7.

The Innsbrook and Short Pump offices chose to volunteer with Housing Families First on June 7. The organization’s mission provides families experiencing homelessness with what they need to move to a stable housing situation. > Read more.

Network of Enterprising Women to award scholarships to local HS grads

Three recent Henrico County high school graduates are among the 10 local students who will receive scholarships from the Network of Enterprising Women during the organization's monthly luncheon July 6. > Read more.

Crime Stoppers’ Crime of the Week – June 26, 2017


Richmond detectives need the public’s help to identify the vehicle and suspects in the shooting incident of a 7-year-old boy and an adult male. Can you help Crime Stoppers solve this latest shooting?

The shooting occurred in the 1500 block of North 22nd Street in the Fairmount neighborhood of the city. Officers arrived and found the two victims near a bus stop. > Read more.

Richmond Montessori School earns VAIS reaccreditation


Richmond Montessori School, an independent Montessori school for children ages 2 to 14, recently earned reaccreditation from the Virginia Association of Independent Schools. The VAIS accreditation program is one of only a few recognized at the national level through the National Association of Independent School's Commission on Accreditation and is also recognized and approved by the Virginia Board of Education through the Virginia Council for Private Education. > Read more.

Henrico Business Bulletin Board

June 2017
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The Sandston Library will present “Soul of a Community,” a Valentine Museum interactive history adult program, from 7 p.m. to 8 p.m. From early settlement to the establishment of businesses and communities, explore how African Americans in Richmond have defined the city and influenced the nation. Refreshments will be served. For details, call 501-1990 or visit http://www.henricolibrary.org. Full text

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