A Look Inside the Development
and Relocation Process:
The prospect of relocating any business
can be intimidating. The process requires
an analysis of your company or
organization’s space and equipment needs
as well as a projection of future growth
requirements. It calls for budget reviews,
revenue forecasting, and tax implication
analyses. Then, come the location
considerations and site research and space
If you’re considering leasing, there are negotiations, leasing structures, real estate brokers,
and property managers to be dealt with. If you are buying, there are funding and financing considerations to be made, financial models, real estate pro forma, and due diligence reports
to be executed. And if yours is a nonprofit organization, there are the additional burdens of budgetary constraints, public perceptions, and board processes to worry about.
Add to that the monumental task of developing your company or organization’s new home into
a space that ensures you get the highest and best use of the property, and the prospect can rapidly become overwhelming.
There is the challenge of financing and managing
a major construction project; the professionals
you will need to hire and supervise: architects,
brokers, contractors, subcontractors, engineers,
lawyers, lenders,accountants, equipment vendors,
space designers; and the coordination, scheduling,
and oversight considerations for all the parties
involved. There are the public and community
processes to deal with, and commission,
zoning, and state licensing boards to meet with.
And there is the stress of coping with the
seemingly endless negotiations, collaborations,
and communications inherent to such projects.
And if yours is a nonprofit organization, there are the additional burdens of board governance, stakeholder engagement, and sourcing for non-traditional funding options to worry about.
Add to all that the challenge of simultaneously tackling your own daily business demands,
and you need help fast...