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 Outdated?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).
Bail Bonds Chesterfield VA

Crime Stoppers’ Crime of the Week: May 22, 2017

This week, Crime Stoppers needs your help to find the suspects vandalizing Dominion Energy equipment in Varina.

On Feb. 6 and May 3, someone shot at equipment belonging to Dominion Energy. Both incidents occurred near Kingsland Road between the hours of midnight and 3 a.m. The equipment was damaged, causing a major inconvenience to customers who lost power and posing a safety hazard to people nearby. > Read more.

A place to excel

It's no surprise when a business deal begins to take shape during a golf outing.

Perhaps less common is the business deal that percolates during a youth football practice. But such was the case for Varina District Supervisor Tyrone Nelson.

During a visit to former Varina High School football star Michael Robinson's football camp, Nelson was discussing with Robinson his excitement for the new Varina Library, whose opening last June was at that time forthcoming.
> Read more.

Business in brief


Long & Foster Real Estate recently named Amy Enoch as the new manager of its Tuckahoe office. Enoch brings more than 15 years of real estate expertise to her new position, and she most recently led Long & Foster’s Village of Midlothian office. Enoch has served in both sales and management positions during her tenure at Long & Foster. Prior to her real estate career, Enoch worked in information technology and hospitality. She is a graduate of Radford University, where she earned a Bachelor of Science degree in economics, English and history. Enoch has also received the designation of Graduate, Realtor Institute (GRI) from the National Association of Realtors, and this showcases her expertise in the fundamentals of real estate. > Read more.

Henrico recognized as a 2017 ‘Playful City USA’ community


A national nonprofit organization, KaBOOM!, has selected Henrico County as a 2017 Playful City USA community. The organization encourages communities to bring fun and balanced activities to children every day.

Henrico's selection is joined by the city of Richmond, town of Ashland, as well as the counties of Charles City, Chesterfield, Goochland, Hanover, New Kent and Powhatan. All of the localities make up the first region completely recognized through Playful City USA. > Read more.

Gallagher Foundation serves more than 14,000 teens in first year


In its first year, The Cameron K. Gallagher Foundation reached 14,000 teens through its programs from Spring 2016 to date. The foundation is dedicated to spreading positivity and erasing stigmas by educating and creating awareness on depression, anxiety and stress among teens. CKG delivers programs at schools, community events and its West End office.

“Students are in need of the information in the workshops, whether they know it or not, and they aren’t getting it anywhere else,” said Beth Curry, Director of Health and Wellness at The Steward School. > Read more.

Henrico Business Bulletin Board

May 2017
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The 7th annual Heroes Art Ball, to benefit Connor’s Heroes Pediatric Cancer Research Fund, will take place from 7 p.m. to 11 p.m. at the Science Museum of Virginia. There will be food, cocktails, craft beer, a silent auction of items for trips, services and gifts, and a live auction featuring dozens of pieces of art created by Richmond’s top artists with Hero children. Tickets are $125 per person. For details, visit http://501auctions.com/heroesartball. Full text

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