Henrico County VA

The Entrepreneur’s Corner

Finding the right office space for your business
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 Outdated?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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Community

RAMPS receives $8k grant


RAMPS (Ramp Access Made Possible by Students) recently received an $8,000 grant from the Christopher and Dana Reeve Foundation. The award was one of 75 grants totaling more than $600,137 awarded by the Reeve Foundation to nonprofit organizations nationwide that provide more opportunities, access, and daily quality of life for individuals living with paralysis, their families and caregivers.

RAMPS, an organization founded by then-Henrico County high school students to build ramps for local low-income residents who need them, will use the grant to purchase modular wheelchair ramp supplies. These supplies will be used by local high school RAMPS clubs, who provide volunteers to build the ramps. > Read more.

Henrico man to compete in Liberty Mutual Invitational National Finals

Henrico resident Larry Loving, Jr., will compete with three other locals – Thomas Scribner (Richmond), Roscoe McGhee (Midlothian) and Larry Loving (Richmond) in the Liberty Mutual Insurance Invitational National Finals at TPC Sawgrass, in Ponte Vedra Beach, Fla., Feb. 26-Mar. 1. The foursome qualified for the national golf tournament by winning the Liberty Mutual Insurance Invitational, held at Whiskey Creek Golf Club in Ijamsville, Md. on June 11. That event supported the RiteCare Center for Childhood Language Disorders.

In total, 240 amateur golfers will compete in Florida. > Read more.

Henrico PAL recognizes supporters, HSHS athlete


The Henrico Police Athletic League (PAL) held its Sixth Annual Awards Banquet Feb. 5 at The Cultural Arts Center of Glen Allen, celebrating accomplishments of 2014 and recognizing outstanding contributions to the organization. Henrico County Juvenile Domestic Court Judge Denis Soden served as master of ceremonies and former Harlem Globetrotter Melvin Adams served as keynote speaker. 

Among the 2014 honorees were Richmond International Raceway (Significant Supporter), Richmond Strikers Soccer Club (Significant Supporter), Henrico County Schools-Pupil Transportation (Summer Camp Supporter), Bruce Richardson, Jr. (Youth of the Year), Sandra Williams (Volunteer of the Year), Thomas Williams (Employee of the Year), Mikki Pleasants (Board Member of the Year), and Michelle Sheehan (Police Officer of the Year).   > Read more.

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Entertainment

Travinia brings contemporary elegance to Willow Lawn


It was another win for Willow Lawn when Travinia Italian Kitchen and Wine Bar opened there six months ago, nestled in the heart of the re-made shopping center. The contemporary American Italian restaurant boasts 13 locations up and down the East Coast, with the Henrico location opening in August.

In the same week, I hit up Travinia twice, once for lunch and once for a late dinner. At lunchtime on a weekday, I was overwhelmed by the smell of garlic and by the number of working professionals in nice suits on their lunch breaks. When we first walked in, I was concerned our meal would be a little too pricey based on the décor – it’s a really nice place. Luckily, the menu has a variety of options for every budget. > Read more.

Soak up the fun

‘SpongeBob’ movie energizes with wit, laughter

There’s a ton of sugar in The SpongeBob Movie: Sponge Out of Water. Literal sugar, as SpongeBob Squarepants (Tom Kenny) and Patrick (Bill Fagerbakke) inhale their own weight in cotton candy and eat ice cream, one scoop per mouthful.

At one point we burrow into the brain of our boxy yellow hero and discover the inner workings of his brain: googly-eyed cakes and candies that giggle and sing. All of which is extremely appropriate for a film like Sponge Out of Water. Because not only is the movie sweet (the “awwww” kind of sweet), but it’s the equivalent of a 30-candy bar sugar rush, zipping between ideas like a sponge on rocket skates.

The story under all this is really not that complicated. SpongeBob flips burgers at the Krusty Krab. > Read more.

Weekend Top 10


With this last round of snow still fresh on the ground, the best way to start the weekend may be at Southern Season for their weekly wine-tasting program, Fridays Uncorked. Families with cabin fever will enjoy the Richmond Kids Expo, taking place tomorrow at the Richmond Raceway Complex. Some date night options include the Rock & Roll Jubilee at The Cultural Arts Center at Glen Allen, HATTheatre’s production of “The Whale” and National Theatre Live’s “Treasure Island” at the University of Richmond. For all our top picks this weekend, click here! > Read more.

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HATTheatre, 1124 Westbriar Dr., will present “The Whale” Feb. 27 to March 8. The play tells the story of Charlie, who, driven by grief to a state of morbid obesity,… Full text

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