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 Outdated?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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Rock on!


The painted rocks craze is thriving in Henrico, as a walk around the grounds of local libraries and parks will demonstrate. This rock was spotted near Libbie Mill Library, and there's a slideshow of many more uniquely-painted stones on the RVA Rocks Facebook page (https://facebook.com/groups/RVARocks/).

Painting and hiding rocks is a family activity appropriate for all ages, and parents especially like the way it fosters creativity and gets kids outdoors. > Read more.

Goochland man arrested at RIC with gun


A Goochland County man was arrested at Richmond International Airport July 19 after Transportation Security Administration officers found a loaded semi-automatic handgun in the traveler’s carry-on bag.

A TSA officer detected the 9 mm caliber handgun inside the man’s carry-on bag as it entered the security checkpoint X-ray machine. The handgun was loaded with 12 bullets. > Read more.

Kansas man struck, killed while crossing West Broad Street

A 54-year-old Kansas man was struck and killed by a car while attempting to cross West Broad Street near Bethlehem Road in the Near West End at about 10:30 p.m., July 19.

Julius A. McBride of Overland Park, Kansas, was struck by a car traveling east on West Broad Street. > Read more.

Henrico Police warn citizens to ‘Take it, Lock it or Lose it’


Eastern parts of Henrico County have witnessed a recent increase in larceny from automobiles, so Henrico Police officials are spreading the word to encourage citizens to lock their vehicles.

Police are handing out and posting fliers and putting message boards in neighborhoods to educate residents.

There usually is a rise of larceny from automobiles during Christmas, spring and summer break, said Henrico Police Officer James Bupp. > Read more.

Glover to be inducted posthumously into Babe Ruth Hall of Fame


Late Brookland District Supervisor Dick Glover will be inducted into the Babe Ruth Southeast Region Hall of Fame during a ceremony Aug. 14 at RF&P Park at approximately 6:30 p.m., prior to a 14-and-under Babe Ruth World Series game. The Glen Allen Youth Athletic Association, which is hosting the World Series, made the announcement July 18. > Read more.

Henrico Business Bulletin Board

July 2017
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Lewis Ginter Botanical Garden will present Flowers After 5 on Thursday evenings through September. Stroll through the gardens and enjoy live music from Jay Brown’s Grace Street Seven, as well as family activities, wine and beer, dining and shopping. Lawn chairs and blankets are welcome. The Garden partners with the Richmond SPCA on the second and fourth Thursdays of the month for Fidos After 5 where leashed pets are allowed. Admission is $8 to $13 or free for members. For details, visit http://www.lewisginter.org. Full text

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