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 Outdated?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

HCPS wins national honor for overhaul of Code of Student Conduct, supports


Henrico County Public Schools recently was recognized by the National School Boards Association for a sweeping overhaul of the school division’s approach to student supports. HCPS was one of five large U.S. school systems recognized with a first-place honor in the 2017 Magna Awards, presented Saturday in Denver at the organization’s annual conference. The awards recognize school divisions and leaders “for taking bold and innovative steps to improve the lives of students and their communities,” according to the group.

The award recognizes Henrico Schools’ efforts of the past several years, from re-examining its policies to implementing more support systems. After a two-year conversation with the community through public hearings and other feedback, HCPS adopted a revised Code of Student Conduct for the 2015-16 school year. > Read more.

Environmentalists say budget hurts efforts to protect bay

Environmental groups are outraged at the Trump administration’s proposed funding cuts for Chesapeake Bay cleanup programs.

President Donald Trump’s budget plan, released last week, reduces the budget for the federal Environmental Protection Agency by 31 percent. That includes a $427 million in funding to address regional pollution, such as the Chesapeake Bay protection efforts. The proposed budget would eliminate funding for the EPA’s Chesapeake Bay Program, which received $73 million from the federal government in 2016. > Read more.

Glen Allen ES principal receives REB Award


Melissa Halquist-Pruden, principal of Henrico County’s Glen Allen Elementary School, earned the 2016-17 REB Award for Distinguished Educational Leadership. The Community Foundation presents the award to four principals annually – one each from the school systems of Henrico, Chesterfield and Hanover counties and one from the city of Richmond schools.

The award recognizes principals who go beyond the day-to-day demands of their jobs to create an exceptional educational environment. The award stresses management and communication skills, and the ability to inspire, encourage and advocate for the school. > Read more.

Grant to help Hermitage H.S. upgrade CTE program equipment


Governor Terry McAuliffe announced recently that Henrico County’s Hermitage H.S. will be among 16 high schools and technical centers statewide to receive a grant to upgrade equipment for career and technical education (CTE) programs.

The program gives priority to challenged schools, Governor's STEM Academies and Governor's Health Science Academies. Each school or center will receive $37,500 to purchase new equipment and make other necessary improvements. At Hermitage, the funds will be used for precision machining equipment. > Read more.

Virginia raises a toast to George Washington’s whiskey


George Washington is recognized as the father of our country, but with a bill signed into law by Gov. Terry McAuliffe, Washington also will be recognized under another title – distiller of Virginia’s official liquor.

SB 1261, sponsored by Sen. Adam Ebbin of Alexandria, adds a “state spirit” to the list of the commonwealth’s official emblems and designations and crowns George Washington’s rye whiskey with the title.

The bill, which McAuliffe signed last week, highlights George Washington’s contributions to the culture of Virginia as “a native son of Virginia born on February 22, 1732, in Pope’s Creek”; “the first American president, commander of the Continental Army, and president of the Constitutional Convention”; and “a model statesman ... universally acknowledged as the father of our nation.” > Read more.
Community

Villa’s Flagler Housing wins national NAEH award


St. Joseph's Villa’s Flagler Housing & Homeless Services was one of three entities to earn the National Alliance to End Homelessness' Champion of Change Award. The awards were presented Nov. 17 during a ceremony at the Newseum in Washington, D.C.

NAEH annually recognizes proven programs and significant achievements in ending child and family homelessness.

Flagler completed its transition from an on-campus shelter to the community-based model of rapid rehousing in 2013, and it was one of the nation's first rapid re-housing service providers to be certified by NAEH. > Read more.

RIR’s Christmas tree lighting rescheduled for Dec. 12


Richmond International Raceway's 13th annual Community Christmas tree lighting has been rescheduled from Dec. 6 to Monday, Dec. 12, at 6:30 p.m., due to inclement weather expected on the original date.

Entertainment Dec. 12 will be provided by the Laburnum Elementary School choir and the Henrico High School Mighty Marching Warriors band. Tree decorations crafted by students from Laburnum Elementary School and L. Douglas Wilder Middle School will be on display. Hot chocolate and cookies will be supplied by the Henrico High School football boosters. > Read more.
Entertainment

Metro Diner to open second Henrico location


Metro Diner, a comfort food concept, will open its second Henrico location next month. The company is accepting job applications for its Libbie Place location at 5626 West Broad Street. The diner concept, known for its fried chicken and waffles, meatloaf, and shrimp and grits, will bring 100 new jobs to the region as it plans to open its doors in April.

The 3,500-square-foot diner located in the Libbie Place Shopping Center will seat more than 100 and serve classic comfort food staples with a twist, such as fried chicken and waffles topped with strawberry butter and a stuffed challah bread French toast with strawberry and blueberry compote. > Read more.

 

March 2017
S M T W T F S
·
·
·
·

Calendar page

Classifieds

Place an Ad | More Classifieds

Calendar

The 10th annual Strike Out Cancer bowling challenge & silent auction, benefiting the American Cancer Society, will take place from 11 a.m. to 2 p.m. at Bowl America Short Pump. A registration fee of $25 per adult or $15 per child includes three games of 9-no tap bowling and shoe rental. Top teams and individual bowlers will receive recognition; participants will also be able to check out the silent auction, spin the wheel, and participate in other special prize drawings. For details, contact Tracie Grady at 305-0322 or .(JavaScript must be enabled to view this email address). Full text

Your weather just got better.

Henricopedia

Henrico's Top Teachers

The Plate