Selling a business is unlike most other financial transactions. For many owners, it’s the culmination of years—sometimes decades—of personal sacrifice, financial risk, difficult decisions, and hard-earned accomplishments. The business may represent their largest financial asset, but it also represents something considerably more personal. I understand that because I’ve sat in that chair. For 16 years,…
Commercial property management is sometimes associated with enormous office towers, sprawling industrial portfolios, or institutional owners with hundreds of thousands of square feet under management. But some of the properties where professional management can make the greatest difference are considerably smaller. It may be a 7,000-square-foot building occupied by one or two tenants. It could…
Commercial property owners usually know their buildings extremely well. They know the improvements they’ve made, the tenants they’ve worked with, the repairs they’ve completed, the neighborhood, and often the history of the property going back years or even decades. But when it’s time to consider selling, there’s another perspective that becomes equally important: How will…
People sometimes talk about “business buyers” as though they’re all looking for the same thing. They’re not. One buyer may be a retiring corporate executive who has spent 30 years building someone else’s company and is finally ready to own one. Another may already own several businesses and be searching for the next acquisition. A…
Growth is exciting. More employees, more customers, more inventory, new equipment, a second location, or an entirely new market can all eventually lead a successful business to the same conclusion: we need more space. Before beginning the property search, however, I would encourage an entrepreneur to ask a slightly different question: What does our business…
Owning commercial real estate can be a tremendous investment. It can produce income, build equity, provide tax advantages, appreciate over time, and become an important part of an owner’s long-term wealth. But owning commercial property can also create another job. A tenant has a question. An air conditioner stops working. A contractor needs access. Rent…