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 Outdated?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

Henrico Police arrest 2 Georgia men in connection with January murder


Henrico Police have arrested and charged two Georgia men with first-degree murder in connection with the Jan. 18 murder of 36-year-old Lamont Cornelius Baldwin in the 1200 block of Dominion Townes Terrace.

Antonio Tyrone Johnson (above, left) and Santonio Rodrigus Brown (above, right), both 24 and both of Atlanta, were charged. Johnson also was charged with use of a firearm in commission of a felony and possession of a firearm by a felon. > Read more.

Man struck and killed in western Henrico hit-and-run

A 24-year-old man died after being struck by a hit-and-run driver in western Henrico April 23.

The victim, Emmanuel Isaiah DeJesus, was found lying on the side of the roadway at about 10:25 p.m., April 23 near Patterson Avenue and Palace Way. He was transported to a local hospital, where he was pronounced dead. > Read more.

Henrico woman earns national pharmacy fellowship


Henrico County native Nilofar “Nellie” Jafari recently was named the American College of Clinical Pharmacy-American Society of Health-System Pharmacists-Virginia Commonwealth University Congressional Healthcare Policy Fellow for 2017-18.

Jafari is a 2007 graduate of J.R. Tucker High School.

Pharmacists selected for the fellowship have the opportunity to gain real-world insight into health care policy analysis and development via immersion in the congressional environment. > Read more.

Section of Lauderdale Drive to be closed April 26 for drainage improvements


The westbound lanes of Lauderdale Drive will be closed between John Rolfe Parkway and Cambridge Drive on Wednesday, April 26 for drainage improvements.

The lanes are expected to be closed from approximately 9 a.m. to 4 p.m. Motorists will be detoured from westbound Lauderdale onto John Rolfe, Gayton Road and Cambridge before being directed back onto Lauderdale. > Read more.

Henrico Police to host prescription drug take-back event April 29


The Henrico County Division of Police and the U. S. Drug Enforcement Administration will participate in the nationwide Prescription Drug Take Back Program Saturday, April 29. The event will take place from 10 a.m. to 2 p.m. at the Henrico County Training Center, 7701 East Parham Road, next to the Public Safety Building.

The program is free and anonymous. Unused or expired pills, patches and liquid prescriptions (in their sealed original container) will be accepted. Needles and sharp items will not be accepted. No questions will be asked. > Read more.
Community

YMCA event will focus on teen mental health


The YMCA, in partnership with the Cameron K. Gallagher Foundation and PartnerMD, will host a free event May 2 to help parents learn how to deal with teen mental health issues. “When the Band-Aid Doesn’t Fix It: A Mom’s Perspective on Raising a Child Who Struggles” will be held from 6:30 to 8 p.m. at the Shady Grove Family YMCA,11255 Nuckols Road. The event will focus on education, awareness, and understanding the issues facing teens today. > Read more.

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.
Entertainment

Restaurant Watch


Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.

 

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Metro Diner is opening at Libbie Place Tuesday, Apr. 18. Get a sneak peek during their Friends and Family Event Apr. 15-16. Enjoy classic dishes with a twist like the Chicken and Waffles with a house-made strawberry butter, or Yo Hala on the Square – a stuffed challah bread French toast with house-made strawberry and blueberry compote – for breakfast, lunch or dinner. All proceeds on Apr. 15 will benefit the Cameron K. Gallagher Foundation; all proceeds on Apr. 16 will benefit Junior Achievement of Central Virginia. Reservations are available both days from 9 a.m. to 1:30 p.m. and 4 p.m. to 7:30 p.m. Guests should call (804) 510-0780 to reserve a table for groups of up to four. Full text

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