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Business Recruitment Five Key Steps

Business Recruitment Five Key Steps. Deb Ersland Redevelopment Resources 608-729-1802 dersland@redevelopment-resources.com. Overview. Is your space or building ready for prospective tenants or buyers? What is your space or building really worth?

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Business Recruitment Five Key Steps

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  1. Business RecruitmentFive Key Steps Deb Ersland Redevelopment Resources 608-729-1802 dersland@redevelopment-resources.com

  2. Overview • Is your space or building ready for prospective tenants or buyers? • What is your space or building really worth? • Tenant Improvements – what are they and who pays for them? • Do your due diligence regarding the tenant or buyer • Understand the transaction from both sides of the negotiating table

  3. #1 Is your space or building ready for prospective tenants or buyers? • The space is cleared and cleaned completely. • All lighting works. • White paint if necessary. • Wash all windows. • Remedy any code issues. • The parking lot is debris free. • Well prepared marketing signs with readable contact information.

  4. #2 What is your space or building really worth? • Know what else is available in your market. • Garner information on recent transactions. • What is, or isn’t included in the rental rate. • Talk to bankers regarding their underwriting policies. • What you “need” doesn’t equate to what it is worth!

  5. #3 Tenant Improvements- what are they and who pays for them? • What needs to happen to the space in order to open for business? • Are the improvements infrastructure issues or cosmetic? • Are the improvements code related? • Are the improvements recyclable, or specific to this user? • Get down to the nitty-gritty with itemizing issues. • Can you finance the improvements and amortize the costs?

  6. #4 Do your due diligence regarding the tenant or buyer • Are they experienced? • Do they have a business plan? • Does their financial plan make sense? • Have they adequately anticipated all occupancy costs? • Are they prepared to personally guarantee a lease? • Do they have an established banking relationship? • Are they qualified buyers?

  7. #5 Understand the transaction from both sides of the negotiating table • Which way is the market tipped? • This is a business transaction – keep your emotions in check. • Approach each negotiation with the intent of making a deal. • Market knowledge is power! • Price isn’t the only factor. • Flexibility can offer reasonable solutions. • Utilize a written letter of intent. • Get professional opinions or assistance.

  8. Questions? • Deb Ersland • Redevelopment Resources • 608-729-1802 • dersland@redevelopment-resources.com

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