Sperity Real Estate Ventures

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What Are Business Buyers Buying?

The Q1 2021 Market Pulse Survey Report indicates that for those purchasing businesses for less than $1MM, Personal Services and Consumer Good Businesses are the top overall in purchased businesses. Notably, Restaurants moved down a notch in the <$500K range. In the $1MM-$50MM, Construction/Engineering and Manufacturing let the types of businesses purchased.

If you own a business in one of these top market sectors, note that Buyers are plentiful and seeking to purchase in these market sectors. Now may be a great time to transition to that next phase.
 
To start planning, determine how much money you will need to receive for your business to be able to live the life you want afterward. Think about these questions: What do I have now, and what do I need? Most people do not have their “number” figured out, but with a little work, you can get there quickly. Get some professional help from a wealth manager or financial planner to fine-tune that number.
 
We are here to help when you need to determine the marketability and approximate value of your business. For more information, please contact us by messaging us here or calling our office at 804-464-3898.
About the Market Pulse Report
The Market Pulse Report compares conditions for businesses being sold on Main Street (values of $0-$2MM) to those being sold on the Lower Middle Market (values of $2MM-$50MM). The Q1 2021 survey was conducted between April 1-23, 2021 and was completed by 301 business brokers and M&A advisors from 44 states. Respondents completed 266 transactions this quarter. This is the 36th edition of this quarterly report.
Download here:
About International Business Brokers Association (IBBA) and the M&A Source

Founded in 1983, IBBA is the largest non-profit association specifically formed to meet the needs of people and firms engaged in various aspects of business brokerage and mergers and acquisitions. For more information visit www.ibba.org or follow the IBBA on Facebook, Twitter and LinkedIn.

Founded in 1991, the M&A Source promotes professional development of merger and acquisition professionals so that they may better serve their clients’ needs and maximize public awareness of professional intermediary services available for middle market merger and acquisition transactions. For more information visit www.masource.org or follow the M&A Source on Facebook, LinkedIn and Twitter.

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Is now the right time to sell your commercial real estate?

As a commercial real estate investor, two of the most important and difficult decisions to make are when to sell and at what price. One of the most common questions we get is when is the best time to sell your commercial property? And in the same breath, we are asked — how much is my commercial property worth?

“Buy low and sell high”, right? If only it were that simple — flip a switch at exactly the right time. Even if you do get the highest price, you also need to consider how the sale fits into your long-term strategy. If you get a great return, but it’s at the wrong time, you may miss another business opportunity or not have liquidity for personal expenses at the time when you really need it.

When is the Best Time to Sell Your Commercial Real Estate

Let’s say that you just received what appears to be a great offer from a buyer out of the blue, or you have seen news about another building like yours selling recently and now you’re thinking that it might be worth exploring the market. Or maybe you recently bought this investment property and you’re thinking ahead. (Bravo for not waiting too long to consider your exit strategy!)

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You can break the decision making process into two silos (TIMING & PRICE), and those will interact together to make a case for whether you should sell or not. What we’re going to look at today is timing. (We will have another post up soon about pricing considerations.)

1. How is the economy and the real estate market surrounding your commercial real estate

There is no getting around it, some of the factors that influence the timing of the sale of your commercial property are out of your control. While you may not be able to control these influences, you want to know how they are affecting your timing. For example, if mortgage rates are the lowest that they have ever been (sound familiar?), then that bit of information lets you know that buyers are more incentivized to buy right now than they would be if rates were the highest that they have ever been.

  • What are the general market/economic conditions?
  • What are the vacancy and absorption rates for your specific market?
  • What is the market demand and current supply for this type of property?
  • What are the local price trends for commercial property sales and commercial leasing?
  • What are the commercial mortgage rates and terms being offered generally?

2. Drill down to specifics about your property, the commercial real estate leases and the tenants you have in place

Now that you have a sense for how the market is doing in general, and what kind of demand there is for your type of commercial property, let’s look at your asset specifically. Here we want to explore things about your building that may affect your decision on the timing of a sale. For example, having replaced the roof a month ago puts you in a very different place for marketability than having replaced it 20 years ago. Or, maybe you replaced it 5 years ago and want to sell before getting too far along and having a buyer question the long-term viability of the roof.

  • What is the financial strength and credit-worthiness of your current tenants?
  • What length of term is left on your leases? (commercial leases and apartment leases, if any)
  • How long have the current tenants been in their leases?
  • Are there any vacancies and how long does it take to fill space when there is a vacancy?
  • Is there any deferred maintenance on the building? (roof leaks, peeling paint, etc)
  • Consider the timing of capital expenditures (i.e., how long ago was the roof replaced?)
  • Is there any new development nearby? (this could hurt or help your marketability)
  • If you are also the tenant, what lease terms are you willing to offer?

3. Evaluate your personal situation and how the sale of your commercial real estate may impact you goals

Then consider your personal situation, goals, and investment strategy:

  • What is your anticipated timing of your retirement?
  • What type/class of property that you want to own?
  • What are the terms of your current commercial mortgage?
  • What is the status of any tax benefits? (i.e., historic tax credits)
  • What are the tax implications of selling vs. holding?
  • How does this real estate asset factor into your personal investment portfolio?
  • How much time/headache is this property costing you?
  • Is there something else you want to do with the capital you have invested here?
  • Are there any other personal circumstances to consider?

What can you do from here

After going through this review, you should have a solid handle on whether the timing is good for a sale — or is there another time that would be better, and how can you plan for positioning your property for sale. If there are a number of red flags that make it a bad time to sell, don’t just shelve this idea and walk away. Now is the time to look at those different pieces of the puzzle and see what you can improve. Think about what changes you could make that would create a more appealing situation for selling. When you renew a lease or sign a new commercial tenant, what should you keep in mind for the lease terms?

Of course, timing isn’t the only variable in making the decision to sell. Pricing is another huge consideration. While some aspects of timing will affect pricing, some aspects of pricing will also affect the timing.

We are here to help you achieve your goals, not convince you to sell. It very well may be that your perfect timing may be years away. Let’s make sure that we work together to take the appropriate steps to maximize the value of your commercial property.

While we are working on the next post, why not give us a call at 804-464-3898 or send us an email to get the conversation started? 

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Expanding Estate Sales with Myk-Beth’s

Michael Outen didn’t go from being a retired marine to estate sale extraordinaire overnight. However, a chance encounter while browsing a sale in his neighborhood changed that. The conversation turned into a job offer, and, as Michael puts it, “that was essentially the beginning of Myk-Beth’s Estate Sales.”

Before starting his own company, Michael learned the ins and outs of the business and also realized what so many estate sale companies weren’t doing. “Myk-Beth’s is a full-service estate sale company that not only does the estate sale and liquidates,” he says. “I’ve taken it a step further and we also prepare houses for the market.” While most companies leave as soon as the sale is over, Myk-Beth’s unique service also handles all of the donations of remaining items, removes all trash, and does whatever necessary to prepare a house for market, like painting, cleaning, and staging.

Since 2015, Myk-Beth’s Estate Sales has gained a reputation throughout their service area of Maryland, Virginia, and North Carolina for their professionalism and treating their clients’ family treasures like their own. Eventually, as business grew, Michael realized the need for a warehouse space to use as storage and for hosting sales. It was time to move out of his personal garage and provide a bigger space for his growing company. 

Michael was introduced by a residential Realtor to Sperity, which was able to understand the estate sales business and Myk-Beth’s specific needs. “Before you can find a space for us,” Michael says, “you have to understand our business. Not every Realtor understood that, but I was happy that Sperity was able to.”

For the new space, Myk-Beth’s required close proximity to the highway, a clean storage space, and security for their vehicles and valuables. Sperity was able to find just that near Richmond International Airport, in the East End of Henrico County. Myk-Beth’s new home serves as not just vehicle parking and office space, but a location to conduct estate sales when needed as well as a place for employees to meet.

With business rapidly expanding from 30 estate sales per year to now about 100 sales per year, Myk-Beth’s will be looking to find an even bigger space soon. “I wouldn’t imagine or think of going to anyone else when I get ready for the next space,” Michael says. Working with Sperity, he says, was an outstanding experience.

Myk-Beth’s is located at 4204-C Eubank Road, Henrico, VA 23231. For more information visit www.mykbeths.com

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Inside Out: How restaurants are restructuring their spaces during the pandemic.

Click to read the full article here.

Restaurateurs with big dreams and tight budgets have long lived by British real estate tycoon Harold Samuel’s adage: location, location, location. More often than not, much like the homes we invest in, the physical structure of an eatery and the address we plug into our phones are part and parcel with the identity of the restaurant itself.

“I have so many fond memories of ice cream as a child and nostalgia with my family – it was important to be somewhere with families and make connections and know all the neighbors and become the neighborhood scoop shop,” says Ruby Scoops owner Rabia Kamara. “I kept finding myself back in Brookland Park.”

Kamara and business partner Emmett Wright were hoping to open their first brick and mortar in the spring in a 2,400-square-foot blank slate, set conveniently on a corner and falling within their budget, ready to be built out to the owners’ liking. 

“This has been a big test and lesson in trust,” Kamara says. “I’ve helped open a lot of restaurants – I was not prepared for what opening my own situation would entail.” 

The pastry chef started Ruby Scoops in October 2014 as an online retailer, popping up at Washington area markets and festivals. In that time, she’s built a devout following of her small-batch ice cream and sorbet. “This is the longest time in five years I’ve not been selling ice cream to people,” Kamara says. 

The contract for Ruby Scoop’s 300 W. Brookland Park Blvd. location started to fall through this spring, and “broke down even further,” this summer, Kamara says. “It was very unclear about what the delivery date would be.” On July 27, Kamara posted photos to the Ruby Scoops’ Instagram page of a building very much in disarray, writing that it was no longer moving forward with 300 W. Brookland. 

With time and money already sunk in the original space, Kamara and Wright launched a Kickstarter to help them pursue the reality of a hard-earned storefront. More than 500 backers raised $32,191 for the team to invest in their new address, 120 W. Brookland Park, which is just 500 feet from the original and is set to open this winter. “Our Realtors knew we wanted to stay in the same area,” Kamara says. 

Nathan Hughes, principal broker at Sperity Real Estate Ventures, assisted Kamara and Wright in the search for their ideal scoop-shop location. Hughes has been a full-time business broker and commercial Realtor for 15 years, specializing in the inner workings of the Richmond restaurant market.

“It’s more art than science,” Hughes says of tracking down a coveted location. “Though there is a science to it for sure. What it really comes down to is your concept, what your offerings are and how it all fits into a neighborhood.”

There are still hot spots like the bustling, beer-centric Scott’s Addition district. Or the recreational and residential friendly Manchester, where Richmond’s first food hall, Hatch Local, is slated to open in the spring. 

But there is no new restaurant algorithm that will guarantee success in any neighborhood. No magic button that draws a constant stream of patrons. 

And even if you’re longing for a trendy locale, sometimes money won’t buy you what you love. For instance, Hughes says Scott’s Addition is difficult to get into, not because existing real estate prices are “insane,” but because there’s no “second- generation space,” and it’s very expensive to remodel.

In spite of the pandemic – and in the midst of more than two dozen area restaurants permanently closing since March – Hughes says he currently has about 15 to 20 businesses looking for storefronts. 

“For the most part they’re all looking for something smaller, around 1,000-2,000 square feet,” Hughes says. “A lot have a market component and most are focused more on takeout and outdoor space.”

 

Click to read the full article here.

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A Location Fit For a Gym

Matt Bahen

Matt Bahen, S3E Performance Fitness founder, was no stranger to the workings of the fitness world prior to starting his business. While in the Navy Reserves, he enjoyed assisting gym enthusiasts in his free time. Although he never envisioned himself being a full-time CrossFit coach, his son’s birth in 2014 changed all of that and he found himself craving the flexibility of running his own business.

Leaving behind the gym he co-owned, Matt started a new adventure. “I left where I was and started S3E Performance Fitness in my garage for about 18 months.”

He steadily built his membership and quickly realized that he would need a bigger space, more than what his garage could offer. However, he knew it would be a challenge to find the perfect space. A CrossFit gym has certain requirements that most retail space could not offer. Matt’s prior experience brought different concerns to the table, most notably the possibility of noise complaints — dropping heavy weights on the ground is different than your average loud music.

When Matt was ready to start looking for commercial space, he knew exactly who to reach out to. He and Veronica had gotten to know each other through networking events, and he was confident that the Sperity team would be able to help him find the perfect location.

After looking at a few spaces, the location that they decided on met the needs Matt was searching for. From sound reverberations due to slamming barbells, to having more space to spread out his equipment, the Staples Mill locations allowed him exactly what he needed to keep his business booming. His old garage could only house 4 clients at a time, but the new location holds double that amount.

S3E Performance now has high ceilings and better lighting, as well as bathrooms that aren’t in his own home. More perks included an actual office space and conference room, where on occasion he hosts networking events.

The pandemic brought on new challenges for Matt, but he was able to pivot his business model to ensure the safety of his employees and clients.

“Our members were able to safely borrow our equipment. When we were able to open back up, we had enough space for people to drop the equipment off and clean it all.”

“Our members were able to safely borrow our equipment. When we were able to open back up, we had enough space for people to drop the equipment off and clean it all.”

All the machines can be spread out which helped the gym and its members adapt to COVID guidelines. Having supportive neighbors also meant that outdoor classes in the parking lot could be hosted.

Matt Bahen

Matt Bahen has learned so much from his time running S3E Fitness at his current location. When the time for expansion comes after the end of his lease, he plans on using the services of Sperity once again to get a larger space.

“I would recommend Sperity to anyone.”

S3E Performance Fitness is located on 8002 Staples Mill Rd, Richmond, VA 23228. For more information visit https://s3e-performance-fitness.com/

 

 

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Setting The Scene With Fuzzy Cactus

Michael Cipollone and Drew Schlegel’s worlds collided in Richmond, giving rise to a new music venue and dive bar, Fuzzy Cactus was born.

What happens when a musician from Ohio and a music enthusiast from Texas bond over the shared experience of artistry, touring and western dive bars? Michael Cipollone and Drew Schlegel’s worlds collided in Richmond, giving rise to a new music venue and dive bar, Fuzzy Cactus was born.

“It started as a conversation, and after a while I was ready to move on from [my previous place of work.] I wasn’t sure what I was going to do, but I wanted to remain independent and work for myself. So, I started kicking around the idea of opening a music venue and bar.”

Location was an obvious concern for the business partners. Drew had built up relationships in the RVA food and beverage community as a bartender, and these friendships spurred a meeting with Sperity Real Estate Ventures.

The Sperity Team came on board as knowledgeable allies and guides which the Fuzzy Cactus partners needed. Michael and Drew were looking in Brookland Park, but at the time there was nothing available that fit their needs. They eventually found a spot in trendy Scott’s Addition.

“We signed the lease, and we thought the place was ours, but the property management company decided last minute to move forward with someone else,” Michael said.

Although it was devastating in the moment, the fall through became a blessing in disguise. Their first choice of location, Brookland Park, had a building available that could work for them. Veronica swiftly arranged a meeting with the landlord’s agent and the rest is history.

Veronica suggested they keep some key elements for nostalgic purposes so the clothing rack behind the bar pays homage to the dry cleaners.

The 3100 square foot space has multiple perks that contributed to a favorable community reception. The memories the location held for denizens of Brookland Park proved to be one of the most noteworthy. The space used to be a dry cleaners and during the buildout, neighbors would come in with fond anecdotes of the old business in its prime. Veronica suggested they keep some key elements for nostalgic purposes so the clothing rack behind the bar pays homage to the dry cleaners.

It also helped that the Fuzzy Cactus team was allowed creative freedom by the landlord. The modern-retro interior transformation was the final touch to give the space an aesthetically unique edge.

Michael and Drew attribute the success of the location to the work of  Veronica and the Sperity team. As first-time business owners, the counsel they received was invaluable.

Michael and Drew attribute the success of the location to the work of  Veronica and the Sperity team. As first-time business owners, the counsel they received was invaluable. Veronica and Robb’s rallying behind the Fuzzy Cactus vision reassured them and left a lasting impression.

“It seemed like everybody that we worked with over there was somebody we could have a conversation with from all walks of life. It was pretty comforting.”

Fuzzy Cactus is located at 221 W Brookland Park Blvd.

Fuzzy Cactus is located at 221 W Brookland Park Blvd.

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The Scoop on Ruby Scoops

The fond memories Rabia Kamara held on to from her childhood have a common, sugary theme: ice cream. Now, she wants a space for others to create memories.

After applying to law school upon graduating from Virginia Commonwealth University, she realized this was not her path to happiness. Instead, she attended L’Académie de Cuisine in Maryland and garnered eight years of restaurant experience.

With the intention of opening her own shop one day, Rabia began exploring her dream while living in DC, making desserts for various restaurants.

With a competitive real estate market in DC, she decided to look at Richmond where she held fond memories of college. A friend connected her to Sperity Real Estate Ventures.

Originally, she wanted to be closer to the VCU campus but it didn’t feel quite right. The joint efforts of Veronica and the Sperity team resulted in finding a perfect location in Richmond’s northside.

After looking at several possibilities, one of which would require extensive renovations, Sperity found a location a few blocks away at 120 W. Brookland Park Blvd, on the same block as other food joints including Ms. Bee’s Juice Bar and Ninja Kombucha. The community reception met and exceeded Rabia’s expectations.

Emmett Wright joins Rabia in opening Ruby Scoops. They met rather serendipitously at a panel on women-owned ice cream businesses, as Emmett was interested in opening their own ice cream shop, too. Emmett also enjoys fond childhood memories that center around ice cream, and had found themselves producing ice cream at Helen’s, perfecting a dairy-free ice cream to serve friends in the community.

When the shop opens, expect prepackaged pints and sandwiches, vegan desserts and  milkshakes to-go. Once restrictions are loosened, handcrafted sundaes and custom cookies will be added to the mix. In the meantime, you can support Ruby Scoops on Kickstarter and find her at local pop-ups around the Richmond area.

“It was nice to have them on our side, doing the work to make sure that our dreams of being here were fulfilled. They’re amazing.” Rabia reminisced. “They were always there when we needed something and it’s rare to get that in any business situation. We were prioritized.”

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A Home for DIY Heaven

If you happen to be a DIY enthusiast, buckle up, this one’s for you! AR Workshop is a privately held franchise with 175 locations in 34 states and is entirely women owned. They produce custom home décor out of raw material and also provide the instructions on how to assemble. Their inventory kits span from cornhole boards to lazy Susans, wood signs, bed frames, photo frames, chunky knit blankets and so on. It’s DIY heaven.

After visiting one herself, Catt Pulli was all in.

“I decided to just go for it and purchase a franchise!”

Catt has a background in photography and was an art major in college so becoming a home décor/DIY business owner was something that she organically gravitated towards. While it was a very spur of the moment decision, it fit nicely with her lifestyle.
Catt’s spontaneous choice was made in the summer of 2019 and had six months to find a location. While she was undertaking the brunt of the work herself, she figured it wouldn’t hurt to reach out to Nathan from Sperity, an acquaintance that was made from shooting restaurant real estate photos. He was her first point of contact.

“His advice was to find someone professional and that is how I got connected with Veronica.”

Veronica Wiles became Catt’s go-to person at Sperity. She had a lot of insider knowledge and was a welcome protection from landlords who might have taken advantage of Catt’s unfamiliarity with the ins and outs of real estate purchasing. Catt and Veronica were able to develop a great working relationship. When asked to describe the relationship she built with Veronica, this is what Catt had to say:
“She focused on everything I wanted, didn’t show me anything to waste my time and would meet me at a moment’s notice. Once we found our space, which only took a month, she helped us nail down the details of it. We moved on to working with a lawyer which she graciously recommended.”

The specifications of Catt’s desired space were 1500 – 2500 square feet to meet the needs of a craft studio. Veronica presented 10 options to choose from, and Catt had her eye on one.

“I wanted to be central to Mechanicsville and found a spot which we initially didn’t get. It was over our price point, but Veronica was able to work a deal out and we eventually got the space!”

Veronica’s help was invaluable during and after the process. She had recommendations for even contractors. Nathan was a welcoming presence as well in the background, ensuring everything was moving smoothly.

Starting a new business has its challenges under normal circumstances and the current pandemic meant Catt had to adjust to the situation. After opening up in her new business in February 2020, she immediately had to turn around and close her business before they could really get going. Faced with the task of providing her services in a safe and convenient manner, Catt pivoted to preparing DIY kits to-go. Her resilience is a testament to the dedication she has to her patrons.

The space, at 7362 Bell Creek Road, worked out perfectly because it is in a well-known area and customers are aware of their presence. She was able to make the best out of a novel situation.

Catt’s journey to the perfect location was achieved because of the devotion and guidance of Sperity Real Estate Ventures.
“Nathan was the first person that I thought of. I know a lot of real estate agents, but he was my first thought. I knew he would answer my questions and I trust him. When Veronica and I were looking at places, she knew everybody. She was warm and friendly. It feels like we are good friends now.”

 

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Ipanema Cafe

Ipanema Cafe. It’s an iconic Richmond restaurant at 917 W. Grace Street, nestled in a basement with a small patio, among Virginia Commonwealth University buildings and frequented by students. It boasts an entirely vegetarian and vegan menu, and has from the beginning — way before the trend picked up in recent years — and is often the go-to spot for students and locals living in The Fan.

Recently out of college, Kendra Feather found herself with the opportunity to take over the lease from her then-boss at The Bidder’s Suite restaurant where she waited tables. So she took a risk and seized the moment and Ipanema Cafe was born. 

“I was pescatarian,” Kendra shared, “but I just felt like [vegan and vegetarian] was something that wasn’t available in the market at the time. It forced me to learn about other ingredients.” 

21 years and several businesses later, Kendra had become one of Richmond region’s leading restaurateurs. But she was beginning to feel like she was no longer the right person for the job at Ipanema.

“I don’t really relate to the 20 somethings that are frequenting Ipanema and I didn’t feel like I was doing a great job anymore.”

Of the restaurants she had, she decided this one made the most sense to sell.

Kendra knew all too well the difficulties that go into opening a restaurant and she wanted to make sure that whoever she sold Ipanema to was going to be the right fit. She talked with a couple of people before deciding on working with Nathan Hughes and the Sperity team. Her and Nathan would often chat at Garnett’s, another Richmond restaurant staple located less than a mile away on Park Avenue, also owned by Kendra.

“I’ve known him forever…Nathan has always been a source of information and help whenever I needed it.” 

Kendra had a few requirements for new ownership, and she wasn’t looking to sell to the highest bidder. She was looking for the right person and the right situation. She was willing to take her time for that to happen. She also wanted to ensure that whoever took over would keep the current staff.

That’s when she met Seth Campbell. A recent University of Virginia grad, Kendra felt Seth was the perfect candidate. He was interested, he appreciated the financial support, and Kendra felt he was an all-around sweetheart who she felt good about leaving her staff with. She was sold, that is, Ipanema was. In early 2020 the deal became official.

Under Seth, Ipanema has remained a vegan and vegetarian restaurant. While he hopes to bring more events like trivia and live music to the space when it’s safe to do so, he wants to make sure that the restaurant remains an iconic Richmond staple.

“Nathan didn’t just sell it the way he wanted to, he sold it the way we asked him to. He really listened and that’s important.”

 

 

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Instrumental Growth for Spacebomb

When Spacebomb, a Richmond based record label and recording studio, began to outgrow their Shockoe Bottom studio, they knew it would be a challenge to find a space that fit their needs and would allow them to grow in the direction they needed. Through a mutual friend, they had met and gotten to know Nathan over the years and knew if anyone would be up for the challenge, it was the Sperity team. Nathan and Veronica worked together to ensure the Spacebomb team wouldn’t miss a beat.

Spacebomb started looking for a new space in 2017. As a record label and recording studio, they had unique needs that they knew would take time to find. They were looking for a space that would have room to house both the creative team and the folks running the label and production company all under the same roof. Keeping these two teams together allows for communication in an efficient and fast paced way. “It’s a necessity in our industry,” says Jesse Medaries. “The ability to make decisions on the fly is super useful.” This space would need to have both an office area, and a full recording studio.

What does a recording studio require? A simplified breakdown includes the “live room” and the “control room.” The live room houses microphones where instrumentalists and vocalists perform and the control room houses equipment where the engineers and producers record the “tracks.” These are very specific needs, and not every space is able to be accommodating.

Nathan and Veronica didn’t waste Spacebomb’s time by showing them just anything that was available. They knew what their needs were, and showed spaces that they believed would truly work for them. Jesse remembered, “We looked at a few spaces that could have worked but didn’t quite meet what we needed. Eventually she showed us the space that we’re currently in.” Plans changed and a few months went by before the team decided to go back and look at the 106 S Robinson Street space.

The new space has been instrumental in their growth. “We’ve had a ton of really positive feedback on the space alone,” chimed Jesse. A lot of time, thought, and energy went into creating Spacebomb’s new headquarters. Not just the recording studio, designed by partner Trey Pollard in consultation with Adrian Olsen (of Montrose Recording), but the overall vibe and aesthetic — two things important in the music and art industries.

On top of finding a new space, Nathan and Veronica were tasked with finding a sublet for their Shockoe Bottom location. Handling both parts allowed for Spacebomb to focus on what really mattered: taking care of the artists they managed, and producing music.

 

 

 

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My TOP 5 Favorite Projects [VIDEO]

My TOP 5 Favorite Projects:

Hey RICHMOND!!!Do you love supporting LOCAL businesses and organizations?That's what I love MOST about my job. I’ve been in the commercial real estate and brokerage world for over 15 years. I get to help local businesses and organizations find a place to call home right here in Richmond. In fact, here are my TOP 5 Favorite Projects:#1) Flooring RVA.We helped find them a new showroom with more space AND we were able to help find a tenant to replace their previous lease so they could make a clean break.#2) The Summit (Scott’s Addition area).Such a great, action packed area of town where we were able to help long time friends sell two different properties at the same time.#3) Nomad Deli & Catering Company.Anthony and his family are proof that the American Dream is alive. They started this family owned business as tenants, but eventually bought their building and have continued a successful (and delicious) restaurant!#4) LUX ChurchThis is a great community minded organization that brought life back into a building that was over 130 years old and an area landmark.#5) Liberty Public HouseWhen Alexa told us about her dream concept of a restaurant inside a renovated, historical building, we knew we had just the right property for her! In fact, she moved all the way back to Richmond from the west coast to fulfill her dream of being a restaurant owner.

Posted by Sperity Real Estate Ventures on Tuesday, June 30, 2020

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A New Lease By The Slice

When Elaine Odell realized Tricycle Gardens would not be renewing their lease at her 2314 Jefferson Avenue property, she knew exactly who to call. Nathan Hughes helped her with their original lease in 2012 when he was a partner at Bandazian & Hughes, and he had to be the one to help her again.

“He has the ability to structure a lease that works for everybody — he has wonderful patience. It’s one of the most wonderful things about working with him. He’s patient, he listens to everybody, he’s a really good facilitator in terms of helping people to come to an agreement, to get each party what they need.”

Pizza Bones, more widely understood as the crust you leave behind after devouring a slice of pizza, is Elaine’s newest tenant. Founder Ashley Patino was hanging out with friends in college when she heard this phrase, and she had kept it in her back pocket ever since.

Starting her culinary career at Lamplighter Coffee Roasters, she made her way into the kitchen and then to an internship and eventual position at Sub Rosa Bakery in Church Hill before spending some time in California. Upon her return, she had her plan.

As a property owner, bringing a restaurant into the space felt much more complicated and intimidating to Elaine. “I’m glad Nathan has the experience with restaurants that he does, because I don’t. There are different things you have to be aware of and expenses to pay for and it was great to have someone with his experience help me through that process. He has that devil in the detail stuff only an industry insider knows.”

Ashley has big plans for Pizza Bones. “I want it to be more than just a pizza place, I want it to be a community space.” She hopes to utilize the space for community gatherings, especially the outdoor area.

Ashley’s plan fell in line with the other Jefferson Avenue businesses. “We are working hard to create a place for the community to be, to spend their leisure time, time to gather with friends and family and enjoy a meal,” says Elaine. “That’s why this business makes a lot of sense.”

Union Hill and Church Hill are home to many young families, with toddlers and school aged children. Parents need places where they can have a meal and bring their kids, and feel comfortable doing so. At Pizza Bones, they will see a menu that appeals to a spectrum of family members in an environment that feels good.

Jefferson Avenue is grassroots and organic. You won’t find any chains or franchises here, home to several iconic Richmond spots, such as Union Market, Sub Rosa Bakery, and The Roosevelt to name a few. North End Juice Co. is slated to open a spot in the following months, as well as Elaine’s newest tenant, Pizza Bones.

 

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Muslim Beauty Salon Lands Permanent Mark on Main Street

Permanent makeup? You may be raising an eyebrow, but that is exactly where this story starts. 4 years ago, Ashley Meggie decided to get permanent makeup eyebrows — that is, a tattoo that mimics eyebrows. With alopecia, she had been drawing on her eyebrows for several years but had only considered permanent makeup when a Youtube beauty guru recorded herself getting them done.

Tattoos are viewed negatively in the Muslim community, so prior to her appointment, Ashley visited the Islamic Center of Virginia to get permission. They officially ruled it was permissible for her (and others) to receive permanent eyebrows as a tattoo, as one is allowed to do what is necessary to achieve a level of “normalcy.”

It took Ashley a three hour drive to Maryland, a three hour procedure, and a three hour drive back to Richmond to accomplish, and that left her thinking that there had to be a way to bring this to Richmond. So she went to work researching and then studying to become a permanent makeup artist.

With a business plan developed, Ashley had been looking for a downtown location for Boastful Beauty for a few months with no success. On a visit to see a vacant building on East Grace Street she met Nathan Hughes by chance. After peering into a building curiously, Nathan stepped out to ask if she needed assistance, and their working relationship began right then, when after hearing about her vision, Nathan took her immediately to see a unit off of 5th and East Main Street.

After meeting Nathan, Ashley did some more research. “As a Muslim business, I really liked that he had a lot of ties in the religious community. He’s very involved with helping churches and community based programs find buildings.”

“East Main is definitely a major road. It’s just as synonymous as Broad Street to me. I couldn’t ask for a better location, and it’s a corner lot. You can see my business from two angles.”

Boastful Beauty is Virginia’s first and only Muslim beauty salon. There are only a few in the country, including California, New Jersey, and Washington, D.C. People travel far and wide to visit, from Fredericksburg and Stafford to as far as Philadelphia.

“I didn’t realize I was doing a big thing, I went viral when I shared on Facebook. I had over 6,000 friends request in less than 24 hours. The Muslim community went crazy!”

Boastful Beauty also offers services for Muslim women like henna, hair wax/dying, press on nails instead of acrylics. But she stresses that all are welcome. Of the five on staff, two are Muslim, and the other 3 are from different backgrounds and races. “I want everyone to feel welcome here.” Everyone is represented. “When you look at our logo, you see diversity. All women are welcome to come to our salon.”

At only 25, Ashley took her vision and made it a reality. In the future she hopes to branch to Short Pump and offer more medi-spa procedures such as chemical peels, botox, and lymphatic drainage. While managing her new business, she’s also back in school and writing up a curriculum to found Boastful Academy, where she can train others to become professional permanent makeup artists.

“Anytime I called and asked for help, they had so many resources to share with me. I know they’ll represent me in the future when I’m ready to grow,” she says.

 

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From Stitches to Riches

TSI Promotionals may have a history that starts with printing services, but when owner Doug Mays took over, the company expanded into new product lines and grew its profits five-fold.
What’s the secret sauce? According to Doug, it’s diversifying products and services for changing times. As a byproduct of that success, Sperity recently helped him secure a new space.
Doug took over Superior Printing after his father-in-law passed in 2011. With an original focus on print materials and stationary, he saw the need for change and potential for growth. In 2015, he purchased Timeless Stitches, Inc. (that’s TSI for short) and expanded services to include embroidery and screen printing.
Today, TSI Promotionals is a one-stop shop for branded products with all design, printing, and embroidering or screen printing completed in house — nothing is outsourced. They help businesses better market their services though decorated apparel and design and also partner with schools to produce spirit wear and athletic gear. From large corporations that already have a logo, to small startups, who come in with just an idea, TSI Promotionals provides a crucial resource for marketing businesses.
With Sperity’s help, the company recently purchased a building to expand its production capabilities. Originally leasing retail space, TSI Promotionals had to cram bulky equipment into its showroom. Now, with a proper production facility dedicated to equipment, the showroom feels like a retail space where clients can check out products in person. The new space also brings the ability to fulfill larger orders and provide faster turnaround.
Doug is also pleased with the warehouse’s new location. Before, he had occasional walk-in customers, but they tended to be much smaller orders. Now in an industrial park, many of his clients are nearby. “We are much more accessible,” Doug said. The move brings them closer to current clients including Hanover County Schools which uses TSI for its athletic and spiritwear.
We brought several buildings to TSI’s attention, but didn’t rest until we turned over every stone and found the perfect spot. With our methods in finding commercial space, Doug felt confident that Sperity had his best interests at heart.
We tackled another challenge and secured a new tenant to take over the long-term lease on Doug’s previous space. Sperity also secured an extension for his new building’s current tenant to give Doug peace of mind and income to apply towards his mortgage.
“Instead of finding a big ticket location, Sperity listened to my needs and found what I was looking for. I was never waiting on them for anything. They handled both parts of the transaction, which was incredible,” Doug said. “I was able to sit back and let them run with it.”
Doug sees the future of screen printing and embroidery as fast growing, with more companies moving to casual wear and logo apparel and away from suits and ties.
With the new workspace and an increase in production, TSI has a bright future ahead.
Learn more about TSI Promotionals on their website

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Why work with a CBI?

From the IBBA’s website: “A Certified Business Intermediary (CBI) is an experienced business broker who is committed to the highest level of professional development the industry has to offer and has ethical values aligned with the IBBA standards of professionalism. A CBI has the ability to objectively guide clients through the intricacies of the entire marketing and negotiation process of a business sale, resulting in successful transactions and satisfied clients.

A CBI offers the most experienced professional representation available during the process of selling or buying a business. Along with having undergone a specialized initial program of detailed training, a CBI is required to earn continuing education credits to maintain the credential.

When you want to work with the best intermediary to buy or sell a business, look for the CBI designation.”

 

cbi certified business intermediary

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Avalon Restaurant & Bar — SOLD!

sign for Avalon

2619 West Main Street, Richmond, VA

There are very few restaurants that have the distinction of having been successfully run for 16+ years 20 years [editor’s note: confirmed after posting that the start year was 1993!], and even more rare is the restaurant that has done so with only one set of owners. Avalon Restaurant & Bar at 2619 West Main Street, in the Fan District, has done so under the care of owner Peter Harahan since he first renovated and opened it so many years ago.

Even as a well-established restaurant, Avalon has recently gained recognition by bringing in Chef Jen Mindell to add her well-known flair to the kitchen. Chef Mindell was recently recognized by the Richmond restaurant community as a 2013 Elby Nominee for “Rising Culinary Star”.

Walied Sanie and James Baldwin just completed the purchase of Avalon Restaurant & Bar

Walied Sanie and James Baldwin just completed the purchase of Avalon Restaurant & Bar

Congratulations to the new owners, Walied Sanie and James Baldwin (pictured), who took the reins from Peter Harahan effective late yesterday afternoon. The new owners are keeping the staff in place and will do some remodeling after getting settled into ownership. I look forward to seeing how their vision of the restaurant develops and the changes you will make happen over the years to come.

This particular restaurant holds a special place in my heart because not only have I been close friends with a number of the staff here over the years, but also it is the place where I met my wife several years ago. It means a lot to me to have been involved in this deal, and I appreciate that it will remain to be Avalon under the new ownership.

**Richard Holden and Nathan Hughes, both with Bandazian & Holden, Inc., brokered the sale of the business and coordinated the new lease with the owner of the building.

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2013 Elby Award nominees have been announced!

Here at Bandazian & Holden, we are proud to be a Silver Sponsor of the 2nd Annual Richmond Magazine Elby Awards! This awards program is THE restaurant awards program for Richmond, Virginia and was a hit from the start, last year. This is a time when the stars of the Richmond restaurant scene (some of the ongoing conversation can be found under #rvadine in the Twitterverse) take time out to honor the best and brightest among them.

I have not been involved in the selection or judging processes, but I don’t envy such a difficult decision. We have a lot of great talent and passionate operators and chefs here in town, and I hope that these awards will continue to honor and encourage more talent to develop.

If you are in any way involved in the restaurant scene, I encourage you to buy tickets and attend. Come support your favorite spots!

The event is on Sunday, February 10, 2013 at the Virginia Museum of Fine Arts and the doors open at 6pm. The awards are held at 6:30pm with a reception afterwards.

2013 NOMINEES 

Fine Dining Restaurant

  • Acacia Mid-town
  • Arcadia
  • Julep’s
  • Lemaire
 New Restaurant (Opened between Nov. 1 2011 and Oct. 31, 2012)

  • Deco Ristorante
  • Heritage
  • Peter Chang China Café
  • Tio Pablo
 Excellence in Service

  • Tiffany Gellner of The Magpie
  • Paul Heitz at Amour
  • Wendy Kalif at Bistro Bobette
  • John Van Peppen at Arcadia
Upscale Casual

  • Pasture
  • The Roosevelt
  • Sapori
  • Stella’s
 Cocktail Program

  • Heritage
  • Lemaire
  • Pasture
  • The Roosevelt
 Rising Culinary Star

  • Kyle Cox of Patina
  • Carly Herring of the Dining Room at the Berkeley
  • Jen Mindell of Avalon
  • Mike Yavorsky of Belmont Food Shop
Neighborhood Restaurant

  • Africanne on Main
  • The Black Sheep
  • Kuba Kuba
  • Tastebuds American Bistro
 Restaurateur of the Year

  • Jason Alley of Comfort & Pasture
  • Kendra Feather of Garnett’s, Ipanema & The Roosevelt
  • Ren Mefford and Chris Tsui of EAT Restaurant Partners
  • Paul Keevil of Millie’s, LuLu’s and Tio Pablo
 Chef of the Year

  • Tim Bereika of Secco Wine Bar
  • Peter Chang of Peter Chang China Café
  • Lee Gregory of The Roosevelt
  • Dale Reitzer of Acacia Mid-town
Culinary Student of the Year

  • Dana Goodchild at Culinard
  • Stephanie Louise Boehles at J. Sargeant Reynolds Community College
  • Jean Marie Kennedy at University of Richmond’s Center for Culinary Arts 

 

Who are you hoping will win? Who isn’t mentioned on this list that you think deserved to be on there? I would love to hear what you think!

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What’s going on with all of the restaurant closings lately?!

There has been a lot of attention given to the recent closings of restaurants in the Richmond area. There have been a lot lately, no doubt — here is a list of closings this year from Richmond.com that they are keeping up-to-date as things change. Some of these have been big surprises to the community at large, but it is important to keep in mind a  few things.

Not all businesses close (or are for sale) because of poor sales. There are a variety of reasons:

  • personal issues (divorce, wanting to spend more time with children, need to take care of an elderly parent, the owner has an illness)
  • the business strategy has changed (the owners no longer want to be in a particular area of town, the owners only want to operate where they own the building)
  • the owners are absentee and have other full-time jobs that are suffering because of the demands of owning a restaurant
  • the business is on track to make a profit but the owners have run out of operating capital
  • the owner is burned out, having spent the last XX number of years in the same location
  • the owners realize that the best time to sell is when business is booming — cash out while things are good and maximize the sales price
  • poor money management — sales might be great, but if you don’t manage your money well then you won’t stay open for long
  • the landlord isn’t willing to renew the lease — maybe they have a better offer from another prospective tenant
  • the owner isn’t changing, but they are changing the concept
I have seen all of these over the 8 years that I have been brokering restaurant deals and I am absolutely certain that I haven’t seen everything. There is always something new in this business, for good and bad.

There is also the counterbalancing effect of new restaurants opening up. Karri Peifer, Editor and Food Writer at Richmond.com, has been keeping track:

Almost one year ago, we posted a story about the transitioning of ownership of one Richmond restaurant legacy, Mulligan’s Sports Grille. The past month (Tuesday, October 9, 2012, to be exact) has unfortunately brought us the end to this story — covered here by CBS6 and here by Richmond.com. The restaurant’s official statement from their website is posted here (click the photo to enlarge) –>

Another restaurant that has gotten a lot of press coverage for its closing is Cafe Diem, at the corner of Patterson Ave and N Sheppard St in the Museum District — and right beside our office at 604 N Sheppard St. Since our company is involved in the ownership and management of their building, and most of the commercial property in the area, the media turned to us for some insight.

NBC12 coverage of Cafe Diem closing (with video and a guest appearance from yours truly)

Richmond.com coverage of Cafe Diem closing

Richmond Bizsense coverage of Cafe Diem closing

I think the press has done an excellent job with the coverage on this closing. It is often a touchy subject, not only for the restaurant owner(s) but the landlord, the restaurant employees, the loyal patrons, the restaurant vendors, and even the surrounding businesses.

In short, there are lots of reasons why restaurants close. Sure, times are tough all around and lots of people are cutting back on spending, but that doesn’t tell the whole story. If anything, if you enjoy a particular restaurant, be sure to visit it plenty and enjoy it while it’s here. It is fun to always look for the next big thing, but don’t forget about the old favorites either.  — By the way, there are LOTS of new restaurants coming soon. Keep an eye out here for announcements!

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Blackfinn to sell downtown location to a local restaurant group

From a press release received this morning:

RICHMOND, VA (May 24, 2012) – BlackFinn American Saloon, located at 1001 Haxall Point, today announced its plans to sell the restaurant to a local ownership group. The restaurant will remain closed until a sale is completed and the new ownership group has finalized its rebranding of the current space.

BlackFinn has been the sole restaurant tenant of the mixed-use Riverside on the James development since it first opened its doors in 2006. The new tenant will benefit from the revitalization plans that are in place for the surrounding Canal Walk area.

“With the efforts to update and expand the current offerings in the area, we feel that this is a good time and opportunity for both seller and buyer,” said BlackFinn operating partner Ryan Golbitz. “It’s been six terrific years and we are grateful for the support and the business that our community has provided.”

Details of the new restaurant’s name and theme are expected to be announced closer to the reopening date, estimated around fall of 2012.

Anyone else know details? I’ll update if I hear anything.

Be sure to watch the local news outlets for more updates/information.

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“New” development north of Broad on Staples Mill

About once a month I get a question about the large, vacant property that borders Staples Mill Road that is just north of West Broad Street, right over the Henrico Count line. My answer is always that it was an old, rundown neighborhood that was purchased and cleared with the intention of rebuilding, and that the developer is the same group that is doing the project at Monument Avenue and Willow Lawn Drive — Gumenick Properties. As to why it hasn’t been started, well just look around at new building all around the country. The developer was obviously waiting until the economy turns around.

But, I always have to give that answer with the caveat that the last official word I had heard about it was a few years ago. I couldn’t even be sure that the same plans were in place. Thankfully I can point to this article on Richmond.com that gives us the lowdown on the current situation — which is pretty much as described as above. It sounds as though things are just on hold, but the same big plans are still on the books. In fact, this project is expected to take 10 years even once they finally get underway.

You need to go read the article to see all of the reported details, but I thought I would share a couple of details of the plans here:

What: Staples Mill Centre, proposed to include 1,096 apartments, 571 condominiums, 391 townhouses, 32 single-family homes, 60,000 square feet of offices, and 100,000 square feet of stores.

Where: About 80 acres between Staples Mill Road, Libbie Avenue and Bethlehem Road, near Interstate 64.

[cetsEmbedGmap src=http://maps.google.com/maps?q=Staples+Mill+Rd+%26+Suburban+Ave,+Richmond,+VA&hl=en&ll=37.591213,-77.49316&spn=0.011885,0.026157&sll=37.588289,-77.492216&sspn=0.011953,0.026157&vpsrc=0&hnear=Staples+Mill+Rd+%26+Suburban+Ave,+Brookland,+Henrico,+Virginia+23230&t=m&z=16 width=350 height=425 marginwidth=0 marginheight=0 frameborder=0 scrolling=yes]

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Starting a business in Richmond? You don’t want to miss this!

Being involved in helping start-ups in Richmond, we often get invitations to attend sessions put on by the Economic Development departments of the local governments. When we get them, I’ll make sure to post them here for your reference. The ones I’ve attended in the past have been extremely helpful and great brush ups on the resources that the localities provide for small business.

Here is the email from the City of Richmond that we received regarding the upcoming event:

As part of our  ongoing efforts to provide you with valuable information & resources, the City of Richmond Department of Economic and Community Development-Business First Richmond Program is pleased to announce another in our series of free educational seminars.

The City of Richmond Department of Economic & Community Development and the Virginia Department of Business Assistance will host the first in a two part series on establishing and  growing your business.   Part I in the series the” Entrepreneur Express Seminar” will address the basic concerns of establishing a business in Richmond.  The seminar will be held Wednesday, October 12, 2011 from 8:30 am to noon at the Police Training Academy, 1202 W. Graham Road, Richmond, Virginia 23220.  (See Entrepreneur Express Seminar Flyer for details)   Please share this information with your clients and colleagues.

To sign up (free!), you can either register online by clicking here, or call 804-371-0058.

Oh, and make sure to let me know if you’re going to be there! Leave a comment here or at least be sure to come up and say hello when  you see me there.

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Virginia ABC laws changing soon

Bar at Deanna's

*image courtesy of Alan Turkus (http://www.flickr.com/people/aturkus/)

A common complaint in the restaurant industry here in Richmond is about how outdated and difficult (and sometimes just plain nonsensical) the ABC regulations are, especially for start-ups. Well it might finally be time for that to change:

…the state’s Alcohol Beverage Control Board is for the first time in 20 years reviewing and updating all of its regulations in an effort to rewrite or eliminate any antiquated and burdensome restrictions. And they’ve asked the state’s merchants to help, giving them until Oct. 17 to propose changes.

Read more at the Washington Examiner

You heard them, folks. If you have an ABC license, then they want to hear from you! Be a part of the updates in the ABC laws. If you’ve seen what can be done better, now is your chance to speak up.

Where to speak up? I’m not exactly sure. I checked the Virginia ABC website and didn’t see anything specific about the initiative, but calling them directly would be a good place to start. If you do know the reporting process, please leave a comment with the information.

(Thank you to Richmond BizSense for pointing out this article in their morning email. If you’re not receiving it already, then you might want to rectify that.)

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It’s true, RVA, Mint is coming to the Fan!

There was a rumor floating around for the past few weeks that Amy Cabaniss, the owner of Julep’s in Shockoe Bottom, was purchasing the building where Davis & Main operated a long-standing restaurant for decades. There was good reason for the rumor, because it was true!

Amy closed on the deal to purchase the real estate and the equipment at 2501 West Main Street this past Friday afternoon. Richard Holden, Principal Broker at Bandazian & Holden, represented Amy in the purchase.

It has been on the market for some time. Fan of the Fan reported back in June that the restaurant had closed, and I know that it had been for sale for some time before that. We are proud that Bandazian & Holden was part of making this sale happen, and even more proud that such a fine restaurateur will be the one taking over.

The new restaurant will be Mint New Casual Cuisine. From all of the great ideas that I’ve heard from Amy and from the reactions I’ve heard so far from the neighbors, the Fan District will be very happy to have her there!

Congratulations on the purchase, Amy! I can’t wait to try out the new place!

[blackbirdpie id=”117321754979999745″]

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What to do if your landlord doesn’t respond to repair requests?

So you’ve had a roof leak for a while, making the drywall from the ceiling cave in..and who knows, maybe there is mold in there?! You called the landlord or property manager about the problem when you first noticed it, which was 2 months ago, and maybe they sounded like they were going to take care of it (and maybe they didn’t) — but you haven’t heard from them since. What do you do?

This is important. Do not stop paying rent. There is no advantage to be gained legally by withholding rent, even if the place becomes untenable. The courts do not look kindly on a tenant taking that kind of decision into their own hands.

Instead, listen to the advice given in this recent article by Richmond.com, “Don’t Let The Walls (Or Ceiling) Cave In On You“:

  • Be current in your rent
  • Give your landlord written notice of the problem
  • Wait a reasonable amount of time

After a reasonable amount of time has passes, take a copy of the written notice, along with the next months rent, down to the John Marshall general district court at 400 N. Ninth Street. A clerk will help you file a legal assertion.

…

There is a small filing fee of $56 to file assertion. We’ve even tracked down the onlinie form, DC-429, available through Virginia courts here. 

If you stop paying rent, you may still be liable for late fees and other repercussions for being late (i.e., bad marks on your credit or even eviction). You are not alone or powerless against a landlord, but you have to play by the rules that have been set up to protect everyone involved.

Have you been through this process with the courts? I would be grateful if you share your experience below in the comments, so that everyone can learn from it!

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Guide to Social Advertising

There is a lot of information out there about social media and how to use it to promote your business. I read a lot of write-ups on that and enjoy learning about social media — as you can tell with my involvement as a Founding Board Member of Social Media Club of Richmond/SMCRVA (website Twitter Facebook page).

Since the focus of this blog is not primarily social media, I try to keep that talk to a minimum. Once in a while I come across something that I just can’t help but share. This guide* from Eloqua struck me as particularly useful and to-the-point:

[slideshare id=8838937&doc=eloquagrandeguidetosocialadvertising-110812150816-phpapp02&type=d]

Speaking of social media and SMCRVA, be sure to check out this month’s SMCRVA event where you can meet and greet Richmond’s best connected social media folks and hear our esteemed speaker, Amber Naslund:

On Thursday, August 18, SMCRVA is giving Richmonders a unique opportunity to listen and learn from Amber Naslund (@ambercadabra), world class social media pro, blogger, VP of Social Strategy for Radian6 and co-author of “The NOW Revolution”.

Be one of the first 180 to buy a ticket and receive a free copy of Amber’s new book, thanks to The Hodges Partnership and Hodges Digital Strategies.

Buy tickets here (and quickly, so that you can be sure to have a copy of Amber’s book waiting for you at check-in!)

*Funny coincidence, I first saw this guide because of a tweet from Amber’s co-author, Jay Baer. See? Everything comes full circle.

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Look good by selling your business (even for $1)

I see far too many businesses close rather than accept a price lower than the owner believes it is worth (more than ZERO is way too many).

Pride is usually the culprit in these situations. Often the argument is, “we put $x into the build-out and equipment and we need to make that back”. On the surface this sounds like it makes sense, but those are sunk costs — in other words, money that was spent in the past. That works great as a psychological barrier to selling, but it is healthier to keep the costs in mind without getting too hung up on those numbers. There are many reasons why the dollar amount you put into the operation of the business would carry less value (or no value at all, or even a negative value) to a prospective buyer — wear and tear, style, operational differences, etc.

Sometimes a little perspective is needed, and there is a recent post from Penelope Trunk that provides an argument that I hadn’t thought of before — being able to say you sold your business is a great resume builder! She goes even further to say that it doesn’t really matter how much you received as a price for the business because the terms of a transaction are expected to be confidential, or at least that it is not considered strange to not disclose the terms of the sale.

This quote from her post says it best:

To be honest, you still look pretty good, compared to the rest of the world, if you say you started a company and it failed. Because the gumption and intelligence to start a company is flattering to anyone.

But you will look really good if you say you sold the company. Even if you get someone you know to buy it for a very small amount of money.

Of course it is better to sell for more, for a lot of reasons. But there is a point where you are ready to get out of your business. Maybe you’ve gotten what you consider to be a “low ball” offer (someone giving an offer much lower than they think you will accept, just on the off chance that you will go for it). Well, maybe it’s time to consider that offer more seriously. What’s more important — “winning” the negotiation OR getting out of the business without having to say that you shut it down?

All I ask is that you consider this advice when you’re making that fateful decision whether to shut the doors or to take that offer that you feel insulted all of your hard work.

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Richmond restaurant pioneer dies at age 85

While we have many talented restaurateurs and chefs in Richmond, but only a handful can claim such a long-lasting impression on Richmond’s restaurant landscape as Stavros “Steve” Dikos can.

The Richmond Times-Dispatch has a wonderful article that commemorates his restaurant legacy. Read it — you will recognize the restaurant names! Dikos was the father of Katrina Dikos Giavos, whose husband Johnny Giavos is mentioned so much in the local restaurant scene because of their string of highly successful restaurant ventures (3 Monkeys, Kitchen 64, Sidewalk Cafe, etc).

Mr. Dikos passed away over the weekend of heart problems at the age of 85. My thoughts go to his family, and all of the people whose lives he touched, as they work through this loss.

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New insights on the sale of Cafe Gutenberg

As you may have noticed, we have Cafe Gutenberg for sale (see the big “Cafe Gutenberg – FOR SALE” in the menu above, or just click here). It’s a little bit of a different situation than normal, since usually these matters are highly confidential and even to find out the name and address of one of our business listings you would have to go through a screening process and commit to a Non-Disclosure Agreement.

In this case, the owners had decided to be upfront with their staff and even agreed to do an interview with Style Weekly about their decision to sell. Unfortunately, the article published didn’t accurately portray how the owners of Cafe Gutenberg feel about Shockoe Bottom or what they said about their reasons for selling the business.

Jason Guard, aka @rvafoodie, has given Chef Jen Mindell a chance to tell her side of the story as to why she and her partner are selling the business and to provide some background on how the past few years have been in Shockoe Bottom. Check out her guest post on Jason’s blog, Caramelized Opinions.

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7 key items to keep your corporation or LLC legitimate

No one likes to do paperwork. (well, almost no one — if you find that rare individual, hire them and keep them!)

In order to keep your corporation or LLC compliant, there are things that must be done consistently. These requirements are not onerous, but they are easy to overlook in the hustle of your day-to-day business.

I have seen a number of closing on business deals that are delayed because the corporate books weren’t kept up, or the annual fees weren’t paid and the corporation has to be re-instated. Be sure to set an appointment in your calendar once every 6 months to review all of these items and be sure that there is nothing that you need to catch up on.

Small Business Trends has a great post from this past week about this exact thing (here), so I won’t rehash it all over again. Here are the key points they make:

1. File your initial/annual reports (also known as a “Statement of Information”)

2. Keep up to date with your corporate minutes and resolutions

3. Record any changes for your corporation/LLC by Filing “Articles of Amendment”

4. Make sure you’re legal when conducting business out of state

5. Don’t commingle your personal and business finances

6. File DBAs for any name variations

7. Don’t forget to close an inactive business by dissolving your corporation/LLC

Read the full post for the details behind each of these pointers and consult with your accountant or your attorney, or whoever helps you with your corporate records.

If you are thinking of selling your business, this review should be on your checklist to take care of at the beginning of the selling process.

Take the little bit of time now to stay in compliance and avoid any red tape nightmares later when you find out that you didn’t!

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Don’t try to fool the insurance company

Understanding Landlord Insurance

By: Dona DeZube

Published: September 1, 2010

Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property.

 

Rental properties require their own type of coverage–landlord insurance, which is different than the homeowners policy you buy when you live in a house yourself. Landlord insurance protects you against losses from fire, lighting, falling trees, wind and hail, water damage, and injury to your tenants and their guests.

But it doesn’t cover the renters’ household goods. So encourage tenants to buy a renters policy to cover their stuff. You can even include a clause in your lease saying they have to buy renters insurance, so everyone is clear about what’s insured and what’s not.

Landlord insurance is expensive

You’ll pay 15% to 20% more for a landlord insurance policy than you will for a homeowners policy on the same house–and even more if you offer short-term rentals. Start your policy shopping by calling the company that sold you your homeowners insurance, then check with an independent insurance agent selling commercial and business policies.

Ask how you can get discounts if you have fire prevention devices, burglar alarms, or multiple properties.

What a landlord insurance policy probably will cover:

  • Lightning, windstorm, hail, explosion, riot and civil commotion, smoke, falling objects, snow, ice, sleet, vandalism, sonic boom, sprinkler leakage, frozen pipes, water damage, burglary, volcanoes, and sinkholes.
  • Things that belong to you that stay at the property, like appliances, furniture, or lawn care equipment. Keep an inventory of what’s on site.
  • Outbuildings, like sheds or garages, although this coverage will have its own limit (probably 10% of the overall insurance policy amount).
  • Costs to defend yourself against lawsuits filed by tenants or guests, as well as the costs awarded if you lose the case. Some policies cover medical bills for injuries; some don’t.
  • Lost rental income if the property is damaged and you can’t rent it.

What a landlord insurance policy probably won’t cover:

  • The tenants’ belongings.
  • Your rental property if it’s vacant for more than 30 days. Seek an exemption in advance from your landlord insurance company as soon as you know the property is going to be vacant.
  • War and nuclear, biological, chemical, or radiological attacks.

Optional coverage you might want to buy:

  • Flood
  • Earthquake
  • Vandalism (if the policy you buy excludes it)
  • Pool and tennis court insurance
  • Liability for personal injury, wrongful eviction, wrongful entry, libel, and slander

Don’t forget liability coverage

To cover yourself in case you lose a big court case filed by an injured tenant, buy anumbrella insurance policy that gives you liability protection for $1 million to $5 million or more if you have a lot of assets to protect.

Don’t file a claim unless you absolutely have to

There’s a limit to how many claims you can file before insurance companies start charging you more or canceling your policies. Claims can quickly add up as you buy more rental properties.

One time you always want to file a claim is when someone says they’ve been injured on your property. One claim you’ll want to avoid filing: water damage for less than $10,000 because worries about mold growing in water-damaged properties will lead some insurers to immediately cancel your insurance policy.

More from HouseLogic

How to Correct Your Clue Insurance Report

Improve Your Insurance Score

Other web resources

Renters Insurance Brochure to Share with Your Tenants

Dona DeZube, HouseLogic’s News Editor, has been writing about real estate for over two decades. She lives in a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.

 

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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Small rental property owners breathe a sigh of relief

There is always a lot of new legislation passed every year that sounds like a good idea at the time and generally goes unnoticed, and every once in a while the consequences of that legislation become horrifyingly apparent afterwards.

This past year, the legislation that was causing so much heartburn for small property owners was a new IRS requirement that anyone with rental property file a 1099 for any repairs that add up to $600+ over the course of the year. (see my post about it here, from December 2010)

Good news — the provision was repealed before it could take effect!! (here is the actual legislation that was passed to repeal the IRS provision, in case you would like to read it)

Hats off to the Realtor community for standing against this for the good of the mom-and-pop investors, who are the ones would be most affected by those proposed requirements — and for Realtor Magazine’s blog for bringing the repeal to my attention. From their description of how everything unfolded, it seems as though everyone understood that this was good to do:

When the provision was included in the small business bill, REALTORS® were among the first and firmest opponents of it, helping to ensure that Congress understood the provision was an example of over-reach that was never intended to burden mom and pop property owners. Members of Congress and President Obama got the message and, in a rare example of agreement between not only Republicans, Democrats, and independents, but also between House and Senate chambers and between the legislative and executive branches, lawmakers agreed the provision needed to come out.

Nice to know that we don’t have this provision coming up to haunt us over the next few years, isn’t it?

 

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When should I sell my business?

Is now a good time to sell my small business?

What about all of the talk about changing the capital gains tax?

Should I sell now, or wait a couple of years?

What about the upcoming flood of retirees? Won’t all of that money coming into the market help increase prices?

Lucky for us, there is a recent article about exactly these questions in the New York Times from last Tuesday. Check out the article and the great comments by clicking here.

 

**I will delve into this topic more over the next year (and probably much longer than that, since this *is* what I do)

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How much of an impact do VCU & UR have on Richmond?

Richmond isn’t a college town by any stretch of the imagination. During the breaks when all of the students go home, the campus gets quiet (mostly) — but the city is still buzzing with activity. In fact, a lot of the students live here full-time, even when class is out.

If you haven’t heard yet, VCU & UR’s basketball teams have both made it into the Sweet 16 and Richmond is getting a lot of national attention for this feat. (check out this article in the NY Times and this article on ESPN.com)

All of this attention and excitement is wonderful, and has been a long time coming with the athletic programs at both schools gaining more and more traction. BUT the schools’ contributions to our fair city are quite a bit more involved than just succeeding at athletic competitions. Both schools have made quite a large economic and cultural impact over the years, and they continue to do so.

Mark Holmberg from CBS6 did a very interesting piece on how much Virginia Commonwealth University has done to improve the city and gives us a snapshot of VCU’s footprint here in Richmond:

VCU and its hospital and health system now have nearly 19 thousand employees.  It has become the largest employer in the metro Richmond with an annual payroll of $1.2 billion, and look at all the construction jobs and other support businesses for the 32,ooo students and all those employees- which equal a fourth of Richmond’s population.

VCU now owns 142 acres of Richmond, and has 203 buildings.

As for University of Richmond, it doesn’t have the massive scale that VCU does, but it has a great deal of influence and presence in the city as well. From the facts and figures portion of UR’s website:

  • 350-acre suburban campus located six miles from downtown Richmond
  • 379 full-time faculty [couldn’t locate a total for the entire staff]
  • 4,405 total university enrollment

And let’s not forget some of the other fine schools here in town that are also educating and providing economic development (and jobs!) — Virginia Union University, Randolph Macon College, and two Virginia Community Colleges (J. Sargeant Reynolds &  John Tyler) serving this area.

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getting things situated

bear with me for the moment…just exploring making a new, self-hosted version of the blog — so things may look kind of funny for a little bit as I make adjustments and tweaks here and there

I’d love to hear what WordPress plug-ins you like or don’t like as I make this adjustments.  What have you found works well on your blog?

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Pet deposits on residential leases

The issue of a residential tenant deciding to get a pet in the middle of a current lease term doesn’t come up nearly as much as you would expect, but every so often it does. In most cases we do require a pet deposit to cover any damages that the pet may do to the property.

Legal technicalities aside, the landlord has a good practical argument for retaining the whole deposit [until the end of the lease]. The increased deposit was intended to provide coverage for any damage the dog might do. The landlord may not know about any such damage until you move out, even though the dog is long gone.

The above quote is from a post on Inman News in a Q&A column that I thought was worth sharing here (click the link to see the rest of the article).

Not only is the post a good primer on the ins-and-outs of security deposits, but also on the general nature of leases and how changes to an existing lease should be handled. This is important information to understand for both landlords and tenants. Basically, lease terms can’t just be changed at the whim of one party (duh!) — while that seems like it should be taken for granted, you would be surprised how often we have to explain that in the normal  course of business.

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How to make zoning easier to understand

Government regulations are typically so complicated that not only can the lay-person not understand what they mean, but they are written in such a way that even people that think they know what is meant are left arguing completely different interpretations.  Zoning regulations are no exception.

In fact, in NYC the zoning regulations are so convoluted that “In a recent case, a judge said the word “development,” which appears at least 2,500 times in the [zoning] resolution, did not mean what the city said.” (source: New York Times article — we’ll see more about that article in just a minute)

The Planning Commissioner for NYC, Amanda Burden, is attempting to make the zoning regulations a little more accessible to the general public by issuing a new city handbook with plain explanations and cartoon drawings that illustrate what particular zoning designations look like and what they mean.  Check out the coverage in the New York Times about what she has been doing to bridge that gap.

While this may not be the right approach for every locality, the idea is one that every local government should take to heart:  Start building tools that puts control of the government back into the hands of the people.  Sure, we elect officials to represent us and we should not be ruled by mob mentality (see: California), but the people also need to be able to understand what is being done — especially when we are expected to interpret these rules and abide by them.

I have seen far too many business and property owners try to follow the rules that have been laid out, only to find a health inspector or building inspector come in with a totally different understanding and cost the owner thousands of dollars in hard cost and lost business because the rules were not clear enough.

What do you think, Richmond? Have you had any issues with the local zoning regulations (city or county)? What would you suggest could be done to make the rules more clear?

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Redevelopment plans for Carytown get nod from Museum District

The redevelopment of the old Verizon building at 10 N. Nansemond Street has been hotly debated and contested. (see: the official site for the Carytown Place; Don’t Big Box Carytown‘s website; & this post and the accompanying comment thread on Caramelized Opinions for a good summary & feel of the debate)

The Museum District Association had originally ruled to oppose the redevelopment based on the original plans, but Friday they sent out a press release announcing the reversal of that position.  The gist of the situation can be summed up from this one paragraph in the press release:

The Board voted 13-1 in November to oppose the original SUP and subsequently provided the applicant with detailed requests for further changes to make it more amenable to the neighborhood. The applicant responded by altering the SUP to remove vehicular ingress/egress on Nansemond Street as well as reduce the number of available uses of the property to 10 uses. The applicant also agreed to limit the usable floor space of any one tenant to no more than 25,000 square feet, ensuring there would be multiple tenants in the building and ruling out a single, larger “big box” tenant.

The whole press release can be read here on the MDA’s website (right now it’s at the top, but it will shift down the page as new releases are issued).

What do you think? Are you satisfied with the MDA’s ruling, or are the changes in the plan not enough for you? In that case, what changes would be enough to get your support for the development?

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Exciting times for a local revitalization organization

The Alliance to Conserve Old Richmond Neighborhoods (A.C.O.R.N.) has worked diligently for more than a decade to “promote the purchase and renovation of vacant and abandoned buildings in Richmond’s oldest neighborhoods.” This past Friday, ACORN announced some big news that will help them in that mission, and that’s exciting for all of Richmond. I’ll let their press release speak for itself:

The Alliance
to Conserve
Old Richmond Neighborhoods

Press Release
January 21, 2011
The Alliance to Conserve Old Richmond Neighborhood Joins Better Housing Coalition

The Alliance is pleased and excited to announce a new step in its evolution and a greater opportunity to improve lives in Richmond. As of January 31, 2011 The Alliance will be moving to become part of the Better Housing Coalition (BHC) family as its Center for Neighborhood Revitalization. The Center will expand BHC services for the Richmond community and continue to provide educational programs and urban revitalization tools for communities and residents.

The Alliance brings to BHC both experience and programs that benefit prospective homeowners in their desire to renovate and preserve older and historic properties; and this opportunity allows The Alliance to increase its capacity of programs and services, thereby continuing its mission of conserving and rebuilding Richmond’s neighborhoods.

The Alliance executive director, David Herring, will become the vice president of BHC’s Center for Neighborhood Revitalization.

The Alliance property director, Lane Pearson, will support BHC’s Center programs as revitalization strategy manager.

“Moving Richmond’s affordable housing climate forward often requires preserving its past,” said T.K. Somanath, president of BHC. “With the skills and knowledge The Alliance staff brings to the table, we can bolster our work to revitalize Richmond’s urban core featuring well designed, walkable developments that mix residential and commercial uses, integrating the places we live, work and shop.”

John McCann, chairman of BHC’s Board of Directors, said, “We also look forward to tapping the talents of Board members from The Alliance, who have provided unwavering support for The Alliance’s mission and outreach.”

The two organizations are delighted to be integrating programs of The Alliance into Better Housing Coalition in order to continue to strengthen Richmond communities now and for the future.
ALLIANCE TO CONSERVE OLD RICHMOND NEIGHBORHOODS
104 SHOCKOE SLIP, LOWER LEVEL ~  RICHMOND, VA 23219 

DAVID HERRING

DIRECTOR

LANE PEARSON
PROPERTY DIRECTOR

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Retail Real Estate Market: 2010 vs. 2011

Retail real estate has gone through a lot over the past year and will continue to evolve over the upcoming year.  I can say from anecdotal experience in our office and from what I’ve heard from other colleagues in the business that the last half of 2010 was very busy, with the level of activity only set to increase going forward.

Retail Traffic is a great resource for information on the retail real estate market and I always enjoy seeing a new issue come out.  If you don’t want to miss anything, I would suggest you watch it closely too.  Of course, if I see anything particularly interesting, I will be sure to pass it along here.  For example…..

Their “Retail Real Estate’s 2010 in Review” is a comprehensive review of the biggest stories in retail real estate over the course of the past year.

And even more important, “What Will 2011 Bring?” (which links to a few other very informative pieces)

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What’s a business broker, and what do they do?

Business owners often wear many hats: Manager, Worker, Bookkeeper, Janitor, etc. Many owners can do well at all these tasks because they all pertain to their business. In many small businesses, the owner has a lot of proprietary equity; the business is truly the owner’s “baby” and they understand it from every angle. So often, when the decision to sell their business has been made, they are not sure how to proceed or have unrealistic expectations; they may talk to their CPA or other advisors and some may elect to attempt to sell it themselves. Sometimes this is because they are not aware there are any other options. Sometimes it is because they feel that they can do a better job than anyone else since they know their business so intimately.

However, the decision by an owner to sell their own business may be one of the largest missteps of their career. Why? Selling a business is much more complicated, involved and typically much more important than selling a house. Yet, imagine that you wanted to sell your home yourself without using a Realtor. You may know your house better than anyone, so it may seem a logical decision. But do you know what it’s really worth in today’s market? Do you know how to market it to as many qualified potential buyers as possible? Should you get an offer, do you have the experience to negotiate on your own behalf to get the most amount of money possible? Once agreed on a price, can you assist the buyer to assure proper financing is attained and keep the deal moving forward? Finally, even if you answered yes to any of these questions, can you afford the time it would take to complete this process? How much would this time really cost in terms of your productivity? Well, just like a house, you can ask each of these questions about your business and whether taking the sale into your own hands would really be to your benefit.

Fortunately for you, there is a better and easier way to sell a business that will typically result in a higher sale price, a faster close and require much less stress and time on your part. Chances are, there is a qualified business intermediary or ‘business broker’ in your town who, like a real estate agent, can properly price, list, market and sell your business. Selling a company confidentially is a complex and intricate process. A professional business intermediary will be able to handle every aspect of the sale cycle and keep the transaction moving forward through each step.

Services that a business intermediary will perform on your behalf will start with an evaluation of the business and an appropriate, professionally determined sale price for the company. A business intermediary will base the price on several pieces of information including the financial health of the business, demand in the marketplace for businesses like yours, condition of the assets, depth & strength of management, customer diversity, growth potential, and current industry sales trends. You may have heard that it’s as simple as a multiple of profits/EBITDA, but it’s really far more complex than a simple multiple to get the most appropriate (and often most lucrative) price and best terms (contrary to what you may hear in Wall Street, very few businesses sell for all cash).

Once an acceptable sale price or range is determined, the business intermediary will create a Confidential Business Summary about your business. Depending on your industry, this may include an Executive Summary of the business, management organization chart/personnel descriptions, facility specifications, sample marketing pieces and a summarized financial statement along with tax returns and/or other financial documents to verify the numbers. When completed, this will be the primary document to introduce the business to prospective buyers after they have signed a Non-Disclosure or Confidentiality Agreement.

This brings us to another great aspect of a business intermediary: Confidentiality. This is extremely important. Every time your business intermediary locates a potential qualified buyer, before disclosing any specifics about your business (including its name), they will have the prospective buyer sign a Non-Disclosure or Confidentiality Agreement. The document will cover many points including restricting the buyer from discussing with anyone that your business is for sale, and not allowing them to speak to or solicit your employees. This document protects you and your business.

Now that the business has been evaluated, a sale price determined and a Confidential Business Review Package created, your business intermediary will begin marketing the business. Finding prospective buyers, especially qualified ones, is one of the largest challenges to selling any company. Business Intermediaries will use a variety of methods to find qualified buyers. Methods that they will use depend largely on the industry your company is in, the size of the business and the geographic area that the business is located in. Some marketing channels may include working with buyers that the intermediary already has a relationship with who are looking for a business like yours; utilizing online resources made specifically for intermediaries to advertise the company to buyers looking for a business in your industry and price range; and using direct marketing methods to target synergistic or strategic buyers or other existing businesses that your company may fit in with. These are just a few broad avenues for marketing and successful intermediaries have their own proprietary ways of successfully finding qualified buyers, all of which are conducted discreetly and confidentially.

Once a serious, qualified buyer is found, your business intermediary will be there to work with you on negotiating the final purchase price and terms. These are often put into a Letter of Intent that will serve as an outline to the final Purchase Agreement. Ideally, the intermediary can generate multiple potential buyers and create real or perceived competition for the business. This tactic can often result in improved price and terms. Business intermediaries will often assist the buyer in finding financing sources and may have your business pre-qualified with an SBA lender if appropriate. An entire article could be written on financing alone, but suffice to say that an intermediary’s relationships and ability to work with various financing sources (banks, equity firms, private lenders/investors, etc.) is among their greatest assets to you and will open many doors to buyers in need of funding to complete the transaction. Finally, the intermediary will be with you through closing and will have helped to put together a plan between you and the buyer to ensure a smooth, successful transition and continuation of the business.

So for all the expertise, time saved and top sale price and terms attained, what does it cost to sell your business through an intermediary? Typically, business intermediaries are paid a fee which is typically a percentage of the sale price. Many intermediaries will also ask for a small fee upfront. This helps partially offset their costs in business valuation, marketing and advertising while also showing your seriousness and commitment to move forward with a transaction. The upfront fee may or may not be credited to the final fee upon the sale. In most cases, the sale price that a business intermediary can negotiate for your business will be higher than what a sale-by-owner transaction would bring, even after taking their fee into account; this is due to their knowledge, expertise and by maximizing leverage in the negotiation process. [By the way, as of 12/14/10 (and the foreseeable future), we have never charged an upfront fee here at Bandazian & Holden! – NVH]

For many small business owners, the sale of their business is one of their most critical life events; that may only happen once in their lifetime. Having the assistance of a focused professional to manage and lead you through the process all the way to the closing table can make a huge difference in insuring the outcome is consistent with your goals. We hope that you will consider meeting with a business intermediary to discuss your specific company and goals. A good and reputable intermediary will never charge you to discuss your options. We hope that you have found this article helpful and informative. The Carolinas-Virginia Business Brokers Association and its members are dedicated to serving our industry with the utmost integrity, loyalty and customer service.

___________________________________________________________________________

This article was prepared by the CVBBA for the purpose of assisting clients and their advisors in understanding the appropriate role and benefits of utilizing a business intermediary to facilitate the successful ownership transition of a small business. The reader has permission to copy and distribute as desired. For further information please go to www.cvbba.com.

___________________________________________________________________________

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Important! New IRS requirements for all landlords

PaperworkAnyone receiving rental payments from either residential or commercial properties will need to review the newly-enacted small business legislation called HR5297 with their accountant and how it expands 1099 reporting requirements.

Currently, only real estate professionals that engage in property management services have to use 1099 forms to report any service provider that they pay more than $600 in a given tax year.

The changes will be enacted over the next two years as follows (details from the NAR Issue Brief released recently — can be found online here or hosted on my site here):

2011 Rule: ALL persons who receive rental payments must provide Form 1099. This affects ALL owners (both individuals and businesses) of rental properties, both residential and commercial. Thus, “mom and pop” investors and those who invest in real estate for their personal portfolios are subject to the new reporting requirement. Only aggregate annual payments of $600 or more for services (but not goods) must be reported.
2012 Rule: All businesses, including real estate businesses, self-employed individuals and independent contractors will be required to make a 1099 report of any aggregate annual payment of $600 or more to any person from whom they acquired goods and services.

Please keep in mind that I am not an accountant, so before you act on any of this information (or panic. or dismiss.) please consult with your accounting/tax professional.  But when I saw this come across my desk, I thought it was important that you are aware of these new rules!

(*Warning! Sales pitch!*) And, by the way, here at Bandazian & Holden, we have dealt with these reporting requirements from when they were first enacted for real estate professionals in the property management field, and we are accustomed to handling the necessary paperwork for our clients.  If you don’t feel like dealing with it on your own, let me know and come on board with us. (*End of warning. Enjoy your day!*)

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Nominate your favorite Richmond charity for cash

Looking for a really easy way to get some money for a charity that’s near and dear to your heart? Look no further!  (not really…do this and then keep looking, because good causes can use all of the publicity and monetary support that they can get)

Richmondmom.com is one of Richmond’s premier family resources online, and in the spirit of Thanksgiving and the holiday season, they are giving away gift cards through GiveRichmond.org to support charitable organizations.  Click here to go to see the full details on the contest.

There is a nomination process running through November 30, 2010 (this Tuesday!) where anyone can weigh in and submit their favorite Richmond charity. Give a great reason and your pet project may just win! Tell your friends and tell the organization to rally support and get votes.  The voting will run through most of December.

And the best thing about this is that everyone wins, no matter which organization actually gets the money. All of the nominees will be great non-profits that are helping make Richmond a better place to live and work.

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Sexual orientation discrimination in housing? We won’t stand for it.

Residential Realtor logoWe have come a long way in the fight for civil rights in this country, and we have a lot to be proud of.  Unfortunately, in many states it is still absolutely legal to discriminate against someone for their sexual orientation when it comes to housing.  This needs to be addressed legally, but the Realtors aren’t going to allow any of our members to get away with such practices anymore.

Read through this article at Agent Genius to see what’s changed:  “Is sexual orientation discrimination in housing legal? Maybe.”  It’s great news!

According to the NAR, the Code of Ethics Article 10 has been amended:
Article 10: Equal Rights Amendment Passes:
The NAR Delegate Body approved an amendment to Article 10 of the Code of Ethics to prohibit discrimination on the basis of sexual orientation. In a roll-call vote, more than 93 percent of the Delegate Body voted in favor of the amendment. The Delegate Body decision confirms a vote by the Board of Directors in May.

As a personal note, AG strongly supports and applauds the measure taken that Realtors’ ethics supersede federal law so that no matter if it is legal or not locally, discrimination based on sexual orientation will not be tolerated from Realtors, a measure taken by Realtors.

Huzzah for the Realtor community for standing up for what’s right and making an amendment to the Code of Ethics to declare sexual orientation discrimination officially unacceptable!

Today is a day when I’m even more proud than usual to call myself a Realtor.

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Restaurant trends for 2011

Everyone wants to know what the future holds, and the good folks at Nation’s Restaurant News have given us a peek at the future of restaurant trends.  It is interesting to see what’s brewing on the front lines of the restaurant industry, although I bet a lot of those “hot trends” will burn out before they get anywhere — and even more won’t make their way here to Richmond at all.

(from Pushing Daisies)

Maybe Richmond will get one of these?

The one that they are most confident in is — pies.  Not only sweet pies, but savory ones, too.  From what the article says, the pie shop is the new cupcake shop.  I guess it makes for a good headline (and no denying that pies are tasty!), but there are other predictions they make that I’ve already seen happening locally:

• The new mom and pop. Self-financed restaurants built on limited budgets are growing in number. “This is an economic decision,” he said. “There are a lot of people out there who still want to open up restaurants, and it’s a good opportunity to look at real estate in a down economy.” The restaurants are typically small and the owners are extremely involved. Some examples are eVe in Berkeley, Calif., and Sons & Daughters in San Francisco.
As for this being a “new” trend, I wonder where they’ve been?  I pretty much exclusively deal with this type of operator, and from everything I’ve ever heard that’s been the same for our company for the past 36 years.  If it’s becoming more prominent lately, then that could explain why things have been so busy lately (see this post I put up from just last week for more on that).

•  One-ingredient restaurants. “Restaurateurs are taking one ingredient and building full restaurants around them,” Freeman said. Following on the several-year trend of gourmet burgers, the trend is extending to grilled cheese sandwiches, hot dogs and sliders. “We’re predicting perhaps a peanut butter restaurant next or a big biscuit restaurant,” he said.

Looks like City Dogs has been onto something — they’ve certainly done well, with two very busy locations now (Shockoe Slip & the Fan.  I wonder what other concepts we’ll see that will play with this one-ingredient format.

What do you think the biggest trends for restaurants in Richmond will be for 2011?  What are you hoping will be the new trends?

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Play-by-play on the Richmond restaurant discussion

Last Tuesday was “An Evening at Morton’s”, where a select group of individuals involved in Richmond’s restaurant community were brought together to discuss Richmond’s food culture.  You can see my write-up and some useful links here.

I wanted to be sure you were aware of a few more resources that are especially useful if you weren’t able to follow along that night:

  • All of the participants answered some introductory questions before the panel, and the answers can be found here.
  • The live blog and questions from participants online were recorded and can be read in their entirety here.
  • Here is the NBC12 coverage of the event, and there is a video on that same page of the coverage.  The part of the report focused on the Steak Chat starts about halfway through the video.

I would love to hear what you thought of the discussion, and any insights you may have to share that didn’t get covered that night.  There was a lot to cover, and we could have gone on for hours — so there are definitely topics that didn’t get fully discussed.

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Richmond’s Food Culture — join in on the discussion tonight!

I’ve followed the ongoing series “An Evening at Morton’s” since it started off the year with a discussion on the Young Professional Business Climate, so I know that this is an exciting group and they have spun off some great discussions already.

Rather than rehash what has been said previously, I encourage you to read what Richmond.com has to say about the format of the evening and how you can participate. (nudge: go here)

[Okay, I lied. I am going to rehash just a little bit.] The masterminds behind the evening pick a topic, get experts together around a table at Morton’s Steakhouse down in Shockoe Slip, have a moderator facilitate the discussion, live blog & live tweet it, take questions and interactions with folks following along at home, record it, and release follow up posts wrapping up what was learned from the evening.

Thus is born #steakchatrva, or the long version, An Evening at Morton’s.

The topic on the table this month is Richmond’s Food Culture, which is a topic that is very near to my heart (and wallet, considering that most of what I do as a Commercial Realtor and Business Broker has to do with restaurants).  I had heard of the topic and suggested some folks and angles on the topic to make things interesting.  It hadn’t occurred to me that I might be asked to be at the table, so I was honored and excited to get the call.

We have a great panel for tonight’s discussion (taken straight from Richmond.com’s article on the evening):

While there are lots of people that could be included in the discussion, as evidenced by the larger than normal panel this month, there is only but so much space at the table.  It is always important to note that while we are representatives of the community, we are not the end-all to the topic and need the rest of the community to step up and participate.  We don’t want to lose the other voices that are equally important in the discussion.

So here is how you can participate:

What do you think we should be talking about? Have anything you would like to share?  Feel free to leave a comment or two here, if the urge should strike you.  Just keep in mind that I won’t be checking the blog once the discussion is underway, so chime in on the other channels listed above to have your voice heard after 6:30pm tonight!

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Business is getting better, Richmond

Business is booming!  Relatively speaking, at least, the economy is buzzing along.  Things certainly aren’t where they used to be, but they are getting better.  Running a small business is tough, no doubt about it — but it’s always tough.

One of the first questions I hear is “how is business” — and the answer lately has been that business is great!  The business I’m in (commercial real estate and business brokering) is busier than it has been in the past couple of years.  I can’t speak for the entire industry, but our small piece has been rolling along quite briskly.  The period between the 4th of July and Labor Day weekend is usually dead for us, except for the residential leasing, but this year defied past trends and was the busiest we’ve had in a long time.

As I’ve said in the past, I’m a small business.  I’m not Coca-Cola or Dow Chemical.  I don’t need the whole economy to be in a bubble to be doing well.  I just need to do well with and by my clients and customers to be rewarded.  Conversely, I don’t need the whole economy to be in recession for my business to be spiraling downward, either.

It’s not just our business at Bandazian & Holden that has been on the upswing lately.  I’ve been hearing from more and more friends that their businesses are doing the same thing, and that brings me great hope for everyone.

Don’t take my word for it, though.  The news outlets are tapping into the data and things are starting to spring back (or at least stop going down) all over:

From Nation’s Restaurant News: Atlanta’s restaurants seeing better days

Operators in the city pointed to an increase in private parties and convention business, which they expect to continue as the holiday season nears. And while diners remain value-conscious, some restaurateurs reported that increased drink and appetizer orders are giving check averages a boost.
From the Wall Street Journal:  Consumers Show Signs of Stirring
U.S. retail sales rose for a third consecutive month in September, posting a stronger-than-expected increase that should fend off fears of a double-dip recession but doesn’t signal a strong recovery.
And from right here in Richmond, in Richmond BizSense: Retail Slowdown Slowing Down?
For the second quarter, area sales totaled $2.59 billion compared to $2.64 billion in the second quarter of 2009.  The decrease of 1.89 percent is the smallest quarter to quarter change since BizSense began analyzing taxable sales data at the end of 2008—a sign that the slowdown may be flattening out.
…

Restaurants and bars are also doing a little bit better, growing sales by more than 6 percent in the second quarter. That is a big change from the 1 percent to 2 percent decrease reported for previous quarters.

What has changed?  I don’t know. Maybe people are tired of being scared and sitting on the sidelines, waiting for more bad news.  What I do know is that we got ourselves into this mess, and it’s up to us to dig our way out — everyone working on their small piece of the hole.  There is plenty of money to be made in good times and bad times, trick is that the people have to earn their money in the “bad times”.  Let’s keep making this work!

What do you think?  Have you seen business improving in your corner of the world?

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Great dining + a great cause = Restaurant Week 2010

I love it when the restaurant community comes together for good times and to support a local non-profit.  Arguably, one of the biggest restaurant events of the year in Richmond is Restaurant Week.

Richmond Restaurant Week 2010 runs the last week in October, Monday the 25th through Sunday the 31st.

Here is a description of the event straight from the official Richmond Restaurant Week website:

Richmond Restaurant week is in its 9th year. Each year, 25+ local, independently-owned restaurants gather together to get behind a cause aligned with their interest: food. The restaurants each offer a 3-course menu for a set price, this year $25.10, and donate a portion, this year $2.10, of each meal purchased to benefit Meals on Wheels in conjunction with the Central Virginia Food Bank. We’ve seen great success in years past and have donated tens of thousands of dollars to feed the hungry in the Richmond area. Come out and try a new place or visit your favorite restaurant and support this great cause!

RVANews.com and Richmond.com are both posting menus as they come in, and it doesn’t look like you’ll go wrong with any of the participating restaurants.  In fact, I haven’t been able to choose yet because everything looks so good.  At least I still have a couple of weeks to decide — but reservations should be made as early as possible because the schedules fill up fast!

Where are you going for Restaurant Week this year?  Returning to an old favorite?  Or trying out somewhere new? Please leave a comment to help guide folks that are experiencing Richmond Restaurant Week for the first time!

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Richmond’s next frontier?

Style Weekly has an interesting article this week about a part of Richmond that has been largely ignored, Northside’s Brookland Park Boulevard.  There is a lot of great information in the article, so be sure to go here and read the whole thing, but I felt like this part in particular was a great summary of the past and present of this area:

Brookland Park Boulevard was a bustling commercial corridor in the 1950s and ’60s, with popular bakeries, restaurants, a theater and a nightclub. And today, despite the many vacant buildings, several businesses still do a thriving trade.

On Saturdays, the area’s many beauty and barber shops are packed. Soul food restaurant Sam’s Kitchen is doing well, Epps says, as is his brother’s newly opened restaurant, River City Seafood. The cheerful yellow Michaela’s Bakery, which opened in 2005, sells six-layer cakes and strawberry shortcakes wholesale. Owner Michael Hatcher wishes the city would think of some way to bring more customers in — something historic, he says, or a tourist attraction. Another longtime business owner, florist Sylvia Richardson, says loiterers are the biggest deterrent to business. She says she doesn’t feel comfortable even walking to the convenience store across the street.

The one thing on which the merchants agree is that Brookland Park Boulevard has potential. Car traffic is plentiful, because the boulevard connects the city’s North Side and East End, and the area is served by two bus lines. The street has some architectural gems, such as an old theater and an ornate bank building. Richmond Community High School, a school for the gifted, moved onto the boulevard in 2009. Young people are buying up houses in nearby neighborhoods.

Brookland Park Boulevard reminds me a lot of other Richmond gems like East Grace Street near the Carpenter Center and Manchester’s Hull Street.  A rich history, a questionable present, and a lot of enthusiasm and support to make the area a thriving community.

For another great write-up on the area, take a look at this very thorough post on This Decrepit Victorian from March 2010:  The Brookland Park Historic District.

What’s next for Brookland Park, I wonder?

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Richmond wins!

Winner at the Delta County Fair, Colorado (LOC)

We're number one!

As I mentioned earlier this year in “Richmond loves its working moms“, I appreciate when the rest of the world acknowledges Richmond’s superiority in all ways. It seems there are lists for everything, and while I find it to be overkill most of the time — any list can justify itself as being relevant and highly insightful by the obvious addition of Richmond (or Virginia as a whole) to the top of its rankings.

Imagine my delight when I found a helpfully compiled list of Richmond’s awards on the Greater Richmond Partnership’s website (here) and a similar but not completely identical list on the City of Richmond’s website (here).

Browse the awards and bookmark the links for future reference.  Find a few that mean  the most to you and let everyone know how great Richmond is! (and feel free to rub it in to friends that live in cities that ranked below us…)

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How important is biking and walking to you?

If you think biking and walking should be more prominent in Richmond City’s transportation planning, then I encourage you to get out to this and participate!

Received in my email this afternoon:

Department of Planning & Development Review

CITY OF RICHMOND
News Release

Wednesday, September 15, 2010
For Immediate Release

City to Hold Public Forum on Pedestrian Biking and Trails

Richmond, VA – The city of Richmond will hold a public forum on Monday, September 20, from 6:30 p.m. to 9 p.m. at the Carillon in Byrd Park. The forum is being held to encourage input from residents on ways to make biking and walking an integral part of the city’s transportation system.

In May 2010, Mayor Dwight C. Jones established a Pedestrian Bicycling and Trails Planning Commission to provide his administration with advice on ways to make the city more pedestrian friendly. The commission divided into work groups: Economic Development; Public Policy/Legislation; Infrastructure and Physical Design; Grants and Funding; Outreach, Education and Safety; and Metrics and Evaluation. The workgroups have studied the plans and strategies of the city of Richmond, other jurisdictions as well as those of other countries.

On Monday, four of the Commission’s work groups will present some of their recommendations for public consideration. They are: Public Policy/Legislation; Economic Development; Infrastructure and Physical Design; Outreach, Education and Safety.

Residents who are unable to attend the forum can provide input through a survey that will be posted after the public forum on the city’s website at www.Richmondgov.com.

Contact: Tammy Hawley (804) 646-3110
Tammy.Hawley@RichmondGov.com

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Official recommendations on the privatization of ABC stores

Virginia Governor, Bob McDonnell, has been getting a lot of news coverage lately over his push to privatize ABC stores statewide:  RTD from 9/3/10, NBC12 from 8/19/10, Hburgnews.com from 8/26/10, Style Weekly from 6/29/10.

This proposal still has a ways to go and many levels of bureaucracy to push through before it becomes reality, but McDonnell ‘s senior staff members have been studying the issue to make recommendations.  Here are their official findings (the full version), which were released today.  You can find the presentations that were made through this link. (although it doesn’t look like it will stay the top story but for so long)

I pulled out a number of points from the press release that I found to be the most intriguing:

  • 1,000 retail licenses will be auctioned off to the highest bidders
  • The licenses will be broken into three categories: 600 licenses for large establishments such as grocery stores; 150 for smaller establishments such as package stores and wine and beer shops; 250 for convenience stores/retail pharmacies
  • No one company will be allowed more than 25% of licenses within each level
  • 1,000 licenses will still give Virginia 1.8 outlets per 10,000 adults, far below the private state average of 3.8 per 10,000 adults
  • Majority of new license holders will be existing stores; Virginians will primarily see new shelves in retail establishments, not new establishments.
  • 332 licenses will be guaranteed for areas currently served by an existing ABC outlet
  • The additional 668 licenses will be granted based on population density
  • The wholesale side will also be privatized, allowing the Commonwealth to completely focus on law enforcement and regulation of distilled spirits
  • There is no tax increase in the privatization proposal
  • The Commonwealth will also make an additional $33 million on the sale of the ABC warehouse in Richmond and 19 state owned outlets
  • The number of ABC enforcement agents will be increased by 25%
  • The Commonwealth, through the ABC board, will maintain health, safety, law enforcement and marketing regulatory authority over private distilled spirit sales and distribution

Also, the point that has been making the most buzz lately is the idea of a 4% tax on the gross liquor receipts for restaurant operators.  That seems to have been taken out of the recommendations (given the 9th bullet point listed above), unless it’s a matter of semantics and they’ve buried it by not calling it a tax.  I didn’t have time to go through, but I’m sure there will be lots of other people combing through the details of this proposal word for word.

Another point that is of particular interest to me is the sale of the ABC main warehouse.  I wonder who will be listing that? *ahem* Mr. Governor, I’d be happy to take a look at it for you!

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Richmond loses a great restaurant talent

There aren’t many restaurateurs that are so widely acclaimed and well-liked as Alain Lecomte.  Richmond has lost a true talent and he will be missed.  Over the years I have heard lots of high praise for both Alain and his restaurant, Chez Max.  Having never met the man personally, I can’t add much that isn’t already covered in the article in this morning’s Richmond Times-Dispatch — “Restaurateur Alain Lecomte dies at 46” (so go read it, *nudge*)

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Cleveland looks towards Richmond

It’s always interesting to hear what kind of impression Richmond leaves on someone visiting, and of course I especially enjoy it when that perspective reaffirms what I already love about the city.

Take a look at how a correspondent from Cleveland.com views the River City: “Richmond: Southern charm with an edge” (thanks to @verystickyrice & @sharischaefer for tweeting about the article, or I would have totally missed it)

I think he captured the feel of Richmond very well, and the piece was well thought through.  Granted, it’s a certain piece of Richmond and there are plenty more aspects that weren’t covered, but hey…he was only visiting for short time!  It’s hard to get the full view even while you’re living here.

Feel free to leave comments here on RVA Business, but it might be better to leave comments on their site to keep the discussion going.

Come on back anytime, Stephen!

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Should I wait to sign a lease, or is this as good as it gets?

Fear is a strong motivator, but so is hope.  They’re especially strong when they come together.  It’s a special moment when we’ve made it through an especially bad economic downturn and your business starts to tick upwards for the first time.

Commercial landlords have been through that hard time right along with every other business owner, and they are ready to see that uptick themselves.  They are ready to deal to get in good steady tenants.  At the same time, businesses are seeing new contracts come in (I know we have!) and they are ready to start taking advantage of the deals on leases — are you?

empty salon space

2217-2219 W Main Street

I’m certainly not the first to point this out, and I’m taking my cue from a recent online article on National Real Estate Investor — “Office Tenants and Landlords Battle for Upper Hand”

Landlord concession packages are not likely to get any bigger… “They’re as good as they’re going to get.” The same may be true with rents, he adds. “Rents may fall in some markets a bit further, but the ship starts to turn before a lot of people know they’re on it.”

Robert Bach, senior vice president and chief economist at Grubb & Ellis, agrees. “More tenants are active now and willing to sign a long-term lease because they are more confident in their own outlook and realize now is a good time because of the concessions available.”

They’re talking about office leases in the article, but it makes just as much sense with retail and restaurant spaces, too.

Of course you never know when the economy has hit bottom until it’s too late to take advantage of the best deals.  The great part is that as long as you’re not making decisions out of fear, you can keep your eye on your own business and use cues from your business activity help you decide when is the best time to move.

So if you’re seeing cues that things are getting better in your business, perhaps it’s time we talk about finding a good deal now…?

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Don’t let them catch you dancing!

Everyone can now rest easy, dancing will no longer be tolerated in the City of Richmond! (Well, when I say “everyone can now rest easy”, I really mean everyone except for those pesky dancers.)  From what I hear, dancing brings about all sorts of immorality so I am relieved that we won’t have dirty dancers parading around making light of the city’s laws. (My research really is confined to movies from the first half of certain movies from the 80’s)

I’m actually a little confused because visitors or transplants to the city are always complaining about how there aren’t many dance clubs here anyways.

Style Weekly has plenty of information in this week’s edition here, including a Q&A follow up session with a representative from the Mayor’s office.

As a tribute to the new City ordinance, here’s a video of some scenes from the movie Footloose:
[youtube=http://www.youtube.com/watch?v=wROSYW25vhc]

Actually, this ordinance is nothing new here in the Richmond metro area.  Chesterfield and Henrico have been issuing permits (or NOT issuing permits, depending on who you talk to) for a couple of years now.

Here are a few links about the stink from last year about Chesterfield and dance permits:

(thanks to Richmond Good Life’s time-capsule archives for those links!)

Henrico has the same type of ordinance and dance club permits, but I recently had a tenant that had to apply for one and it wasn’t a huge ordeal.

If you’ve run against any of these dance ordinances or know of how it’s handled in other areas, I’d love to hear about your experiences.  Leave a comment!

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More details about the Cities of Service Leadership Grant

As a follow up to my post from a few days ago regarding the Cities of Service Leadership Grant (which you can find here), I wanted to share some more information about it.

This time, the info comes straight from the City of Richmond, via this press release:  “Richmond Awarded Grant to Aid Neighbor-to-Neighbor Initiative” (thanks to @RichmondSprite for bringing this to my attention)

And on an unrelated note: Happy Fourth of July,  everyone!

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Congratulations, Richmond, you’ve just won $200k!

Congrats, Richmond, on being chosen to participate in the second round of cities to be funded $200,000 over two years as part of the Cities of Service! (link to original story — thanks to David Necessary for the tip on Twitter)

What does that mean, exactly?  I’m glad you asked because I just happened to look it up!

Here is the “About Us” page on Cities of Service — and here is the information on the Cities of Service Leadership Grants

To sum it up,

Cities of Service is a bi-partisan coalition of the mayors of large and small cities from across our country who will work together to engage citizens to address the great challenges of our time. Founded in New York City on September 10, the coalition and its member cities will respond to the Edward M. Kennedy Serve America Act’s historic call to action by finding new and innovative ways to harness the power of volunteers to help solve pressing local challenges.

And the grant program is:

The Cities of Service Leadership Grants provide recipient cities with $200,000 over a two-year period to hire a Chief Service Officer, a senior city official dedicated to developing and implementing a citywide plan to increase volunteerism and target volunteers to address their city’s greatest needs.

So I guess the next questions are: 1) When will this CSO be getting started?, and 2) Who will it be?

Does anyone have any observations from seeing this CSO working in any of the cities involved in the first round of funding?  I’d love to hear what has worked and what could be done better.  If we’re going to do this here in Richmond, let’s do it right!

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Breakin’ the law! Or not… (new real estate laws)

July 1st each year is when most of the new legislation that was passed by the State of Virginia takes effect. This year (as every year), there are a number of changes that will directly impact the real estate business.  — Side note: Thank you to the Virginia Association of Realtors, RPAC, and the local associations for all of their hard work in getting these laws proposed and lobbying to get them passed!

VARbuzz has a great summary, so be sure to go there for the full list.

Here, I want to highlight a few of the new laws/updates that I found particularly interesting and/or encouraging:

* Brokers who do the right thing won’t be punished (amnesty for honesty). A real estate broker who discovers, either through a self-audit or through a third party retained by the broker, that the firm or a member of the firm has violated a law or regulation will no longer be penalized if the broker satisfies certain requirements:The broker must notify VREB within 30 days of the discovery of any noncompliance, and he must submit a written plan explaining how the issue will be fixed. This may include entry into a voluntary compliance program. Any voluntary compliance or other remediation must be completed not more than 90 days after the date the plan is submitted to the VREB, and must be certified by the broker or a third party in order to create immunity from enforcement. *Note that bill does not protect the broker if the noncompliance was intentional or the result of gross negligence.*

* Landlord and tenant laws changed. A number of changes were made to landlord and tenant laws this year. Some key revisions:For leases governed by the Virginia Residential Landlord Tenant Act:

* Landlords are now allowed to provide information about tenants to a commissioner of the revenue and, in the case of a military tenant, to his commanding officer.
* A landlord may withhold a reasonable portion of the security deposit to satisfy unpaid water and sewer bills.
* Interest rates on security deposits are updated for 2010.
* Utility charges are treated as rent.
* The definitions of “commencement date” and “effective date” of leases are added to the Act.
* Several other things were clarified as to landlord-tenant law generally:
o the bifurcated rent and possession practice in some courts
o what property managers and Realtors® can do in court without a lawyer
o that interest runs on all judgment amounts

* Vested rights are better protected. If a local government issues a permit (other than a building permit) for a property improvement, it can’t change its mind and later declare those improvements to be illegal (although it can find them to be nonconforming).The law also clarifies that a property owner may replace an on-site sewage system for an existing building in the same general location, even if a new sewage system would no longer be permitted in that location. However, if access to a sanitary sewer system is available the property owner must connect to it.

*If a rental property occupied by a tenant is foreclosed upon, the landlord must transfer any security deposit to the new owner of the property, and the new owner, on termination of the lease, must return any security deposit and any interest owed to the tenant in accordance with the provisions of the lease. Interpleader actions limited to disposition of an earnest money deposit may be brought in district court even in cases where the amount of the deposit exceeds the ordinary jurisdictional limits of district court cases.

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Does downtown Richmond have a parking problem?

Given the info in this post at The Urbanophile, I sure hope we do!
desolation
The author is specifically talking about Buffalo, New York, but this is an issue that most cities of any substantial size have to wrestle with all of the time.  I can’t count all of the times I’ve heard people complain about parking in downtown Richmond — and I know that I have at certain times/events.

Here’s an excerpt that I felt summed up the key point of the post to me:

Downtown can never compete with suburban office parks on the basis of convenient and affordable parking. To compete successfully on that basis would mean the destruction of all of downtown’s remaining (and emerging) value.

By definition, downtown can never out-compete the suburbs on suburban, automobile-based terms. By necessity, parking takes up a tremendous amount of land, creating lots of dead, open space, which the suburbs have plenty of. In fact, that’s the suburbs’ main asset: lots of open space. A city’s main amenity is not open land, but density, walkability, a diverse mix of uses, and the quality of the streets and other public spaces. These are the areas in which the suburbs cannot out-compete downtown.

That doesn’t mean that we should ignore parking entirely.  Complaints about parking are a symptom, not the actual problem.

Parking will always be an issue if everyone is coming from out of town to visit the downtown.  More importantly, we should focus on bringing more businesses and residents downtown — increasing the walkability and decreasing reliance on cars will make parking less of a problem.

But more to the point of the post, downtown isn’t supposed to be a wonderland of surface parking lots.  It’s supposed to be a dense area with lots of people and businesses, and events that bring more people from all over.  If the downtown is a vibrant place, then people will deal with the parking issues (they will still complain, but they will still come).  If you want lots of open parking, go to the suburbs — that’s what they’re good at.

There a good discussion in their comment section, so be sure to check that out while you’re reading through the original post.

Photo credit greeneyedhedgehog

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Man v. Food — Richmond-style

Richmond restaurants have been getting lots of love from the national cable TV shows lately — Bobby Flay has been through a couple of times (or he’s been through once and he’s coming back through again soon) and Eric Ripert was spotted scouting the Richmond restaurant scene just last week.

Recently, Man v. Food stopped into three great local restaurants for their legendary food challenges — Caliente, Black Sheep, and Buz & Ned’s.  Rather than rehashing all of the details here, read this great recap of MvF’s visit to Richmond here on RVANews.com: “Man v. Food v. Richmond“

There was even a Nightline news crew covering MVF while they were here: click here for the video, which I can’t seem to embed.  It’s a Hulu video, so there are about 30 seconds of commercials, then skip ahead to 7:51 in the video by sliding the bar at the bottom.  Watch through about 15:52 and you’ll get to see the entire MVF report.

The reason I’m posting this now is because the Richmond episode will be airing soon, on Saturday, July 3rd at 10:30 E/P !  Set it up on your calendar, set your DVR because you won’t want to miss this!

[edit (6/26/10, 4:31pm): regardless of what the Travel Channel says, I’ve gotten multiple reports from people that their DVRs and other things have shown them that the actual premiere date is Wednesday, June 30th at 9:00pm E/P — given the incorrect info that I was relying on earlier, I feel that I should warn you that while the date has been confirmed by multiple people, I found the time through  some further research on the Travel Channel site]

In the meantime, check out the Travel Channel‘s photo slideshow of the visit.

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What if the last owner lost their ABC license?

Every once in a while a potential restaurant buyer will ask me about how any past ABC violations may affect the ABC licensing of a new establishment.  Here’s a fairly extreme case, but an important lesson to learn (from a RTD article last week, “Former Velvet strip club site can’t sell alcohol“):

Under state law, the ABC Board may refuse to allow a hearing on a license request if a license for that location has been refused or revoked within 12 months.

….

“It is enforcement’s position that without a significant period of time separating the Velvet reputation and clientele from that location, the reopening of a similar establishment will contribute to the reoccurrence of the same issues dealt with in the Velvet hearing,” said Francis J. Monahan, director of the law-enforcement bureau.

Oh…what’s the lesson you say?  Don’t mess with the Virginia ABC board! You may not agree with them and it may suck sometimes, but you have no choice but to play by their rules if you want to remain in business.

(I wrote about Sam Moore’s ongoing ABC issues a couple of years ago, too:  “Poor, poor, strip club owner…“)

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How walkable is your neighborhood?

As a follow-up to yesterday’s post about the distance that Americans will walk, and how to make areas more walkable, I am calling back to an older post from just over 2 years ago: “Who would want to live in the city?”

There is a website, Walk Score, that I came across some time ago that jumped to mind when I was thinking about how people are trending towards more walkable lifestyles. I ran a few addresses through their system to get the Walk Score. The first one is our office in the Museum District, the others are houses or apartments that we manage (and that are currently available for rent).

* Bandazian & Holden office, 604 North Sheppard Street — Walk Score 86 out of 100
* 1809 Lakeview Avenue (near Byrd Park/Hollywood Cemetary/VCU) — Walk Score 49
* 16 N 18th Street #3 (Shockoe Bottom) — Walk Score 89
* 2002 Cedar Street (Church Hill) — Walk Score 75

So what’s the walk score for your address (home or work)? Do you agree with the score, or do you think they’re overlooking something that makes your neighborhood more walkable than the score would imply?

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How far will you walk?

(or, my backup title — “They think we’re lazy”)

The commonly accepted distance that Americans are believed to be willing to walk is one-quarter-mile, which takes about 5-6 minutes to cover on foot. Many people, including Roger K. Lewis, of the Washington Post, believe we’re made of stronger stuff than that.

As Lewis pointed out in his column last week, people will walk for longer if the urban design lends itself to walking. There are a number of suggestions that Lewis details in his column, so there is no reason for me to belabor the point here. Go and read! (h/t to Gradon Tripp for tweeting about this article last week!)

We need to keep this in mind as we move forward here in Richmond.

And speaking of Richmond, what are some of the best examples of where Lewis’s suggestions have been applied here in RVA?

How far do you normally walk to go to dinner, get coffee, visit friends?

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Help the Byrd Theatre win $250,000 from Pepsi

There is an exciting contest going on over the next few months where “Pepsi is giving away millions to fund great ideas”. (wording straight from the Pepsi Refresh Project website)

What’s even more exciting is that Richmond’s own landmark movie palace, the Byrd Theatre, is throwing their hat in the ring for one of the top prizes for $250,000 to put towards renovations throughout the building — new seats, improved bathrooms, and increased accessibility.

To kick off the project, the folks at the Byrd Theatre Foundation are reaching out to the community, asking anyone that has ever enjoyed their time at the Byrd to share their fondest memories:

The Foundation will be hosting its own competition seeking two stories to include in the Pepsi video submission. Other notable submissions will be released via YouTube throughout the month of July to encourage voting and participation. A Flickr stream will be created to allow for public participation and documentation of memories and events.

Contest submissions are due May 26th, 2010 and winners will be announced May 28, 2010. The winners will be contacted via email and filmed shortly after so the video can be ready by the submission deadline. Submissions should be sent to stories@thebtf.org. Those that wish to submit a story via YouTube should send an email that includes contact information and the YouTube URL.

[from a press release sent out yesterday morning, which can be found here]

So email your memories/story ideas to Brandon Laroussini at brandonl@thebtf.org [edit: updated email address, send to: stories@thebtf.org] and relive those memories — and at the same time, help secure the future of the Byrd Theatre!

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Restaurants in Richmond: New names & expansions

Every time you turn around in Richmond, there is a new restaurant popping up…well, pretty much everywhere! This week is no exception.

I’m not going to pretend that I’ll keep you up with ALL of the openings and closing through this blog, but I’ll keep up my tradition of sharing news when I’ve come across it and when there is a particularly active week or two I’ll compile the info and point you to where I’ve seen the news.

Speaking of which:

1) The old Fuddruckers at the intersection of West Broad Street and North Parham Road has been sold to Buz Grossberg to expand his Buz & Ned’s Barbeque concept to a second location from its original home on Boulevard. That was announced a few weeks ago or so. The reason why I think it’s noteworthy today is because of Buz’s interview with Al Harris of RichmondBizSense that was posted this morning. Lots of great info on his plans for the building, and how the deal worked when his last attempt at a new store didn’t.

2) Secco Wine Bar opened this week in Carytown (Style Weekly article from last week), after at least a couple of months of public preparation (and who knows how long this was in the works before it was made public).

3) Dos Amigos Burrito opened a couple of weeks ago on MacArthur Avenue in Northside, to replace a short-lived ice cream shop (posting from North Richmond News). From what I’ve heard, it’s related to Northside Grille around the corner on Bellevue.

4) Empress is opening with a “Grand Soiree” this Wednesday, 4/28, at 2403 West Broad Street (former location of Enoteca Sogno, and Ma Musu’s West African Cuisine before that). Check out this article on RVANews for more details on the restaurant and the Grand Soiree.

AND, there are plenty more on the immediate horizon! I can think of at least 5 others new restaurants that are coming soon, but they are all at a stage that I can’t spill the beans. Believe me, that you’ll be excited when you hear (and I’ll let you know as soon as they let me!).

If there are any others that I’ve missed, please share. We have a great restaurant scene here in Richmond, and it’s only getting better as we celebrate it!

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Tips on leasing commercial space

If you’re looking for commercial space for your business, or think that you might ever be looking — read this article from Entrepreneur Magazine, “How to Negotiate a Lease“. It has lots of great information on what to expect and how the process works for finding a commercial space to lease. [please ignore all of the obnoxious advertising that Entrepreneur Magazine is so horrible about, the article is worth suffering through the ads]

Be educated about the process and do your homework, but don’t let your ego get in the way and think that you can do this on your own. As the article mentions, be sure to use a commercial broker to find and negotiate the space with you, and use an attorney to review the lease documents.

There are things that you won’t know that you’re missing, no matter how savvy of a tenant you are — and those things that you missed will become painfully obvious the moment you reference your lease regarding a contentious issue 2 years from now, or the moment you hear about the space that wasn’t officially “on the market” but was half the price and better positioned than the space you chose.

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More info about The Devil’s Triangle!

This is an article that you don’t want to miss about The Devil’s Triangle by Alix Bryan

I said my bit in a post yesterday, after seeing Alix’s videos — but there is SO much more that can be said, and she has a quite a few of the stories I have heard over the years about the rough days here in the Triangle. Be sure to read all about it!

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Insight into The Devil’s Triangle

There is a little-discussed part of Richmond’s Upper Fan/Museum District that was once a pretty rough area — “The Devil’s Triangle”, or as it is sometimes called, “The Bermuda Triangle”.  Now it is an economic corridor with independent shops and restaurants that serve the residents of the Museum District, the Fan District, and anyone else that wants to wander through.

I lived in the area for several years back in the mid to late nineties, and I missed most of the rougher times but heard plenty about Felix’s, Cafe 21, and the Ritz — now Caliente, Cafe Diem, and Arianna’s.

We moved our offices over to 604 North Sheppard Street several years ago to be in the heart of the revitalization going on, and to show our commitment to the area.  Our founder and CEO, Bedros Bandazian owns all of the commercial along this part of Sheppard Street except for the 7-Eleven, as well as some nearby commercial buildings — so there was already a strong commitment within the company to revitalizing the area.  Our move made a further commitment, and  of course we all patronize the surrounding businesses faithfully.

The transformation has taken another step with the most recent additions of:

  • Sylvia’s Stitch & Suds (renovated coin laundrymat, now a seamstress and laundry),
  • Arianna’s Grill (Italian restaurant from the extended family who also own Mary Angela’s and several others around town — built out from almost from scratch shell)
  • The parking lot in the rear of the buildings at Park & Sheppard (repaved, landscaped, lighted, and available for any customers of the shops along Sheppard)

The Devil Doesn’t Live Here Anymore from Alix Bryan on Vimeo.
[vimeo vimeo.com/10851674]

The Devil’s Triangle is located in the Museum District, which is nestled within the Upper Fan, of Richmond, VA.

This area received its name from three rough local bars, which formed a triangle. The bars have changed ownership, and the area has undergone a major transformation.

However, the nickname has stuck, and has a quirky appeal to locals–locals who never went when it was actually the Devil’s Triangle.

It wasn’t unlikely for police to find wanted suspects in the bars, or for gun and fistfights to happen almost nightly.

Origin of a nickname from Alix Bryan on Vimeo.[vimeo vimeo.com/14935680]

Rich Holden, former owner of Felix, talks about how a two block area came to be known as The Devil’s Triangle. Located in Richmond, VA, this area was home to drug trafficking, prostitution, bar brawls and gunfights. The triangle consisted of three bars, The Felix, The Ritz, and Cafe 21.

Although Holden called it “The Bermuda Triangle,” that moniker is also commonly synonymous with “The Devil’s Triangle.”

[editor’s note: Richard Holden is now the Principal Broker and President here at Bandazian & Holden, Inc.]

I’m eagerly awaiting Alix’s article to go along with the videos, and if she’ll allow me I’ll share it with you in a later post — or at least I’ll link over to it! I greatly appreciate her allowing me to use the videos here, and encourage you to go to her Vimeo site to take a look at her other work!

If you haven’t visited the Devil’s Triangle in a while, you should!  Visit the Black Hand for some coffee that was roasted right there on site. Come sit on Caliente’s patio and enjoy the spring breeze while you have dinner. Come listen to some amazing music down at Cafe Diem. Or explore one of the other shops or restaurants.

[edit (4/13/10, 2:27pm): After a couple of off-blog responses, I’m curious to ask — If you are familiar with the Devil’s Triangle, please share some memories of your time there with us in the comment section below!]

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Google LOVES Richmond!

Or they will, if we do things right…

There is a contest underway from Google where the stakes are high: one or more communities somewhere in the USA will be the test market for Google’s high-speed fiber network.  Here is the teaser from http://gigarva.com (who, in turn, took it from Google’s site, where it no longer seems to appear):

Google is planning to launch an experiment that we hope will make Internet access better and faster for everyone. We plan to test ultra-high speed broadband networks in one or more trial locations across the country. Our networks will deliver Internet speeds more than 100 times faster than what most Americans have access to today, over 1 gigabit per second, fiber-to-the-home connections. We’ll offer service at a competitive price to at least 50,000 and potentially up to 500,000 people.

The nomination phase is over, and now we need to get everyone in Richmond (and anyone outside of Richmond that wants to support our efforts here) talking online about why Google should pick us!  The next step of the process is going on now, and Google has been releasing updates on where each of the top nominated communities stand.  The winners of this phase are being determined based on the online buzz that each community generates around their nomination (see Google’s recent analysis of the data so far in this .pdf file).

Here is Richmond’s official video for the promotion of the program.  I think they did a great job with it! [youtube=http://www.youtube.com/watch?v=DkZ78Y_TiyA]

Do I have your attention now?  Good, because here is how you can help:

  1. Become a fan of 1GBforRVA on Facebook & write posts on their wall
  2. Find blogs that mention it and leave supportive comments (*ahem*…this one you’re reading is a good start!)
  3. Write a post on your own blog/Facebook/Myspace about why Google should pick Richmond
  4. Follow @1GBforRVA on Twitter and interact with them there
  5. Tweet about why you think Google should pick Richmond and reference @1GBforRVA at the end
  6. Find a local online forum and talk about the 1GBforRVA initiative. Start discussions
  7. Make videos about why Google should pick Richmond and post them online
  8. Talk to your friends and family about the 1GBforRVA initiative and encourage them to participate

It doesn’t have to be anything complicated, and maybe you just have time to leave a single comment here or on 1GBforRVA’s Facebook page, but even that will help.  Google is looking for an active online community that wants them to come here. (if you’re short on ideas for why Richmond is a great choice, check this out)

Let’s show them that Richmond can rally behind a common cause and that when we want something, we make it happen.

Ready? GO!

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Richmond loves its working moms

I think there are WAY too many lists out there, and they don’t mean much of anything to me anymore….well, unless Richmond ranks near the top, of course! Then I’m a sucker for the flattery and want to spread the news far and wide of how this prestigious award has been thoughtfully awarded to a well-deserved list of recipients.

Forbes has recently released a whole series of lists of the best cities in the USA for working mothers, each list covers the top ten cities in that particular category.  Mint.com then compiled some fancy graphics for each of the list, and I didn’t see a peep on any of it until a friend of mine at AgentGenius.com posted it in one of her posts. (so she gets the link and you can see all of the source info through her post)

Here is where Richmond ranked on the lists where we ranked. The others don’t really count, right?

  • #9 on Lowest Property Crimes
  • #10 on Lowest Violent Crimes

And Virginia Beach received a couple of rankings, too!

  • #10 on Best Quality of Schools
  • #8 on Lowest Unemployment for Working Mothers

Congrats, Richmond!!  (and all the rest of the cities, too….)

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New chapter for a Church Hill institution

St Johns Realty AND Bandazian & HoldenSt. John’s Realty has been in the property management business almost as long as we have here at Bandazian & Holden.  While I haven’t seen a record of what year they started, I’ve been told that they have been doing residential property management for somewhere between 20-30 years. (FYI – B&H was founded in 1974.)

With the passing last year of the founder and principal broker owner, Danny Athans [edited 3/23/10, per information from Church Hill People’s News — link to announcement here], the future of St. John’s Realty was unsure.  I am proud to announce that we at Bandazian & Holden have stepped up to take over the accounts, and all of the years of hard work by St. John’s Realty will not go to waste.

There are a lot of other details that will be forthcoming, but there is a lot of work that we are doing right now to get in touch with the property owners and tenants to alert them to the change, and to get all of the files in order.

We are very excited for the opportunity to serve this new group of property owners and tenants, and to expand our presence in Church Hill!

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How do you keep a restaurant going?

The short answer is:  “hard work”!

Long hours and a passion for the business are all key to the success of a restaurant.  I always tell prospective buyers that are new to the business that it is not just a career, it’s a lifestyle. If you can’t throw yourself entirely into the job, you might want to consider another job.

Take a look at this recent article in the Richmond Times-Dispatch about a day in the life of a restaurant owner, “Hard work keeps fledgling pizzeria going in Henrico“.

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New use for the Ukrop’s building at VCU

The Ukrop’s location on West Grace Street closed almost a year ago, and since then has sat vacant in the midst of the bustling VCU community.

Plans are finally underway for making use of the space since the acquisition by VCU just a few months ago.  Not a grand retail redevelopment, but it’s certainly a logical progression for VCU to acquire and use the space for additional classrooms and storage.

See the full story at Richmond BizSense here (which, by the way, does an EXCELLENT job with the business news for Richmond and the surrounding areas — if you aren’t subscribed then you are missing out!).

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Need answers about commercial real estate issues?

There are always questions that come up when dealing with commercial real estate, whether it is about leasing a space (from the tenant's or landlord's perspective), how NNN expenses work, what an LOI should look like, etc…

For so many people, it is not something that they do every day — so why not tap into resources that do deal with it every day?  Of course, I'll be happy to answer any questions that you have.  Feel free to email me at nathan [at] bandazian.com  (broken down a bit to keep the spammers guessing).

BUT, the reason for this post is to bring another resource to your attention.  It is in beta/testing mode right now, but the folks at Loopnet.com have made a push into a Q&A forum that I like quite a bit.  I have already answered a few questions, and would love to find more that are waiting for answers!  Not only will it be a great resource for the general public, but also a good resource for agents talking with agents.  (click here for a Q&A about the Q&A forum)

(And I suspect that particularly good topics that arise in the LoopNet Answer section may spawn blog posts here, as well.)

A few features I would like to see Loopnet add:
-a way to mark certain threads to watch,
-search feature to see if a question has been covered before
-a way to bring up questions that a user has asked/answered
-notification when someone comments on a thread that I started or answered

I do have a word of caution for you when consulting these Q&A's, though:  keep in mind that not only do laws differ from state to state, but also customary practices differ.  It is always best to consult with a broker/agent that is familiar with your particular market.  (search here, if you need recommendations)

That being said, it is also helpful to find out what is customary in other markets and to see if perhaps it is time to change local customs for the better.

Happy questioning/answering

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How is the market?

It's a question that I hear all of the time, and there are all sorts of answers and variations of answers that I give.  A lot of it depends on how the last phone call went, or how the week has been.  Overall, the economy sucks, we all know that…on the other hand, we are very fortunate here in Richmond, Virginia, to be in a rather muted version of the poor economy that is hitting everyone.

The real answer is: sure, it's tough, but when is it ever easy in the land of commercial real estate — and especially in business brokerage?  All that we can do is make things happen in our sphere of influence, and keep both eyes open for great matches to be made between buyers/sellers and lessees/lessors.

There is a lot of talk in the commercial real estate community of either the owners not being reasonable about the current market conditions, or the prospective tenants/buyers looking for "too good" of a deal.  A more accurate depiction of current market situation was outlined out very well in an article in this morning's Richmond Times-Dispatch's Metro Business section by Andrew Little (with John B. Levy & Co. here in RVA):

Buyers, like lenders, are nervous and
skittish and not able to get a feel for what the long run looks like.
Sales brokers across the country report large institutional sellers
making strategic decisions to prune their portfolios or exit a market
at fire-sale prices, only to find their lowered price expectations are
not met.

In Richmond, long-term owners are wading into the market in hopes of
shedding a piece of their portfolio at a price that only a year ago
would have seemed unimaginably low. While it will be up to the buyers
to determine if the sale prices are reasonable, getting buyers off the
fence is difficult today. It seems as if all buyers are waiting for
some longer-term sign to emerge that could help them make an investment
decision.

It's not exactly a solution to our ills, but at least it might help anyone that wants to know "How is the market doing?"

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Waitstaff in DC accused of stealing credit card numbers

This is a sad story about people taking advantage of trust given to them by the general public.  No, it's not about the government or big-business (this time), but about the trust that we put in the waitstaff at our favorite restaurants.

Six servers at high-end restaurants in Washington, DC, were accused of stealing credit card numbers from customers and selling them to criminals who used the numbers to create counterfeit cards and charge $750K worth of items at local stores. (See the full article from the Washington Examiner here.)

Secret Service investigators cracked the Washington-area scheme
after customers began complaining to their banks of unauthorized
charges on their cards, Secret Service Special Agent Philip Soto wrote
in a sworn statement filed in Alexandria’s federal court. Soto
discovered patterns in the charges that led him to the restaurants,
where managers helped him trace the stolen information back to specific
servers.

“Every employee has a unique
number they put into the register before ringing up a charge,” Clyde’s
of Gallery Place manager Paul Walker told The Examiner. “With that
system in place, we can point back to an employee very quickly. …
It’s very traceable.”

A few lessons to be learned and points to be made in light of this story:

  1. Watch your credit & bank accounts for odd activity. You can't catch what you don't see.
  2. Regardless of the poor example these servers have give, most servers are wonderful and extremely trustworthy.  Don't let a few bad apples make you disrespectful.
  3. As an industry, retailers and restaurateurs need to use systems to make the detective work easier (at least) and stealing private data harder (even better).

It's a shame that these stories happen at all, and with a bad economy people become even more desperate.  The best that we can do is show that this type of behavior will be recognized and punished, without over-reacting and only seeing the negative.

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New CSA in Richmond (that means fresh local produce, folks!)

For any of you that have been interested in getting involved with a CSA (Community Supported Agriculture), you may have had a similar experience as I have had — I got put on a waiting list.  Now this is not a complaint, but a testament to the rising popularity of local food and fresh produce.  These groups fill up fast, so I'm proud to bring to your attention a brand new CSA that was just announced yesterday!

Russell Bell is a local farmer that you may have seen at any of the farmer's markets around town: 17th Street Market, Lakeside Market, Byrd House Market, or South of the James.  I know that I see his name in the paper whenever the local farmer's markets are covered so you may have seen him there, as well. (The farmer's markets are still very popular and becoming more so all the time, by the way — echoes of a post from 2007.)

For the description of what a CSA is, and how his will operate, I will turn the floor over to him:

>>>
Howdy all!

I am offering shares in a micro-CSA this year. A few of you helped last
year with my CSA experiments. Thank you to all who did. There will be a
total of 20 full shares, 40 half shares, or some balance of the two
available this year. You will be able to pick up your shares from the
Lakeside Market (Wed.), Byrd House Market (Tues.), or maybe South of
the James (Sat). If none of these locations are convenient for the
majority of shareholders, another location may become available.

Community Supported Agriculture works a lot like buying bonds in a
company. You buy in at the beginning of the season and receive
dividends, or produce shares, throughout the season. The first shares
this year will be available starting in mid-April and continue weekly
through mid-November. Each week your shares will consist of the CURRENT
IN SEASON PRODUCE for market, as well as some limited or specialty
items that were not produced / picked in large enough quantity for
market sales. "In season" means there will not be tomatoes in April,
arugula in July, or blackberries in November. Some produce has a very
long season. You may be tired of a vegetable before the season ends. I
will be offering tips on preservation, and if there is enough interest
a canning party is always a ball.

Examples of this year's produce:

Early Spring—-
arugula mix
spinach mix
broccoli rabe
radishes
herbs

Early Summer—
squash (3 kinds of zucchini)
tomatoes (possibly by June 1)
peppers
eggplant
corn possibly (CSA only)
herbs

Mid Summer—
cucumbers
melons
squash (3 kinds of zucchini)
tomatoes
peppers
eggplant
herbs
beans

Late Summer—
tomatoes
peppers
eggplant
okra
herbs
beans

Fall—
winter squash
tomatoes
peppers
eggplant
okra
herbs
collards
kale
beans

THE TOMATO QUESTION
We largely will be having a black and white tomato garden this year with hints of yellow, pink, and red.

Great White is a low-acid white beefsteak that is soft, delicate, meaty, and juicy.Tomatoes

Black Triffle is an earthy black ox heart with amazing flavor and succulent thick hunks of meat. Zapotec pleated is a pretty pink slicer. Great stuffed with beans and rice, orzo and squash.  Black Plum is my all time favorite sauce tomato. Perfect in my Eggplant Parm recipe.  Yellow pear is a low-acid crowd pleaser. Perfect in a salad, on a kabob, or by the handful as you drive.  Sub-arctic plenty is an early producer that we are hoping to have for early June pleasure.

COSTS AND DEADLINES
Whole shares = 500.00
Half shares = 250.00
50% due February 20th
50% due March 20th
No refunds after April 1st

The majority of produce will be grown in Louisa county.
Feel free to tell friends.
Please post any questions.
This is micro in comparison to the more standard 200+ share CSA

>>>

In order to contact Russell directly (and to sign up!), email him at farmerrussell@gmail.com.  I've already signed up so that I don't miss out on this opportunity!

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DC: New bars slated for 2009

This is a little outside of the Richmond-metro area, but once I saw this post by the Washington Post's GOGBlog (Going Out Gurus), I felt the need to share.  Fritz Hahn has put together a great list of the new bars that are already slated for opening in 2009 in the District.

There is a lot of action here in Richmond, too.  I'll be sure to share the news once the owners of each establishment give me the green light to make it public.

There may be hard times overall, but there are still entrepreneurs willing to take a chance to see their dreams come to life!  If you have the money and the drive to succeed, there are a lot of opportunities and great deals for the savvy owner.

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New life for closed Ukrop’s VCU location

Per breaking news on the RTD website today, the former Ukrop's location on Grace Street adjacent to the Virginia Commonwealth University campus will now be part of that same campus.  VCU's real estate foundation purchased the property for future development.

"The foundation bought the property last month
for $9 million from BET Investments Inc., a Pennsylvania-based
development company."


Watch for more information in upcoming press.  I'm sure there will be articles soon.

For more on the closing of the Ukrop's at VCU, see here, here, and here.

(Thanks to burt from UP Richmond for the heads up on the article!)

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Update on Bogart’s new location

I posted last January about the pending closing of Bogart's at 203 North Lombardy Street.  Since then, a new location was chosen and the construction on the new space began.

Check out this update on the status of the build-out at Cary & Granby Streets for the relocation of Bogart's in the Fan — via RVAjazz:  "A drive by Bogart's"  (a thorough update, too!)

Per the blog posting, the new Bogart's is on track to open "no later than" January 20th.  If anyone has information, please share!

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FREE Quickbooks 2009 Pro — Today only!

For anyone that uses Intuit Quickbooks accounting software but has been reluctant to upgrade, this may be your lucky day!

A blog post from yesterday on Small Business Trends announced that Staples (the office supply store) is having a promotion today (Tuesday, 12/22/08) where each customer can receive a FREE copy of Quickbooks 2009 Pro!

You can either go into the store or order it online, and there are a couple of rules to keep in mind:

  1. one per customer
  2. you still have to pay sales tax
  3. there is a $159.99 upfront cost before the rebate
  4. if you order online, the shipping is free

A moment ago, I went through the process myself and everything was as easy as promised.  The rebates always make me a little uneasy, but if I keep on top of it I expect that everything should work out fine.

Happy Holidays!

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What’s new for Richmond Magazine?

A new website, that's what!  There is a great new feel to it, and now they will be posting archives of the past five years of articles.

I know that I'm excited about the archives.  I love Richmond Magazine, and it will be nice to have access to past articles for research.  (I'm especially looking forward to wading through years of restaurant news!)

Take a look and let me know what you think in the comment section below.

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Richmond business gets recognition from Chris Brogan

Yes, THAT Chris Brogan. (And if you don't know Chris Brogan, then you should take a little bit to get to know him through his blog or his twitter account — you will thank me.)

Logo-sec
Personal Chef To Go is local Richmond business that provides prepared gourmet meals by delivery.  PCTG offers a variety of fresh, healthy meal options (see a sample of their current menu here).  From their own site: 

"Freshly prepared weekly menus from the Mediterranean to the
Pacific Rim. Made from all natural ingredients with no
preservatives or additives. 100% trans fat free.

Always fresh, never frozen, entrees are rush shipped via
Fed-Ex to your doorstep in oven and microwave safe containers
that lock in flavor and guarantee freshness for an entire week!"

But don't take it from them, and don't take it from me — take it from Chris Brogan!  See his blog post here.

(Out of full disclosure, PCTG is a client of mine, in that I helped them find their current commercial kitchen space.)

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Richmond.com purchased by Media General

Combine
Per the Richmond Times Dispatch website, the local newspaper's parent company announced today the purchase of Richmond.com (see the article here).

And the backlash on the internet has been fierce so far.  For a sample of the general opinion, take a look at the comments on the very same article also released on Richmond.com.

It's a big move both for Media General expanding their influence online, and for Richmond.com being taken under the wing of a media giant.  Let's hope that the worst fears of the public don't become reality, and maybe the combination of the two businesses will see good results for everyone. 

It is unfortunate to see an independent news source get gobbled up by the majority player in the area, though.

(for more updates, here is what people are saying about the merger on Twitter)

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Today’s Grand Opening at White Oak Village (pictures, too!)

Today was the big day for the Shops at White Oak Village!  The
eagerly anticipated shopping center was formally introduced to the
community this morning, and while the line of speakers patting each
other on the back for a job well done was the agenda for the event (and
well deserved!), the important news is that this is not your typical
shopping center.

Every developer says that their shopping center
is unique, but this time it was proven.  Not only was the environment
taken highly into consideration in the construction and build-out, but
the way the traffic is controlled and the landscaping is done lends to
a very pedestrian-friendly environment.

Then again, this is the
same developer that did Short Pump Town Center and that was a new style
for the area, too.  I have to say that it is refreshing to see that
there are developers doing such high quality work and not just churning
out the same strip mall over and over again.

GrandOpening_WhiteOak
Entrance_WhiteOak PededstrianFriendly_WhiteOak
OneSide_WhiteOak
Main_WhiteOak

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Big event this weekend

The event started today and lasts all weekend and has one of the largest draws of any event throughout the year in Richmond.  It is free to attend, and with the weather being so amazing, you can't lose this weekend if you take some time down in the Browns Island/American Civil War Center/Tredegar Iron Works area.

More than 175,000 people attended the National Folk Festival last year, breaking the record of the festival's 69 year history.  This year the National Folk Festival has moved on to the next city, but Venture Richmond is carrying on the tradition here in the River City.

The hours of the festival are:

Friday, October 10 6PM-10:30PM 
Saturday, October 11 Noon-10:30PM 
Sunday, October 12 Noon-7PM

For the full information, including schedule of performers, visit the festival's website here.

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UPDATE #4: White Oak Village

Lately I have seen a flood of inquiries for information on the newest addition of shops in the East End of Richmond — The Shops at White Oak Village.  From all of the internet traffic, it is easy to believe that this shopping center will be a huge hit.

With the GRAND OPENING occurring this Monday, October 13, it is an appropriate time to revisit the project and see how everything stands for the public unveiling.  All of the shops that were revealed in the previous post (3/27/08) have been confirmed, plus quite a few more.  Take a look at this page of the official website for the directory of shops.

Several comments from the previous post called for a fitness center, a Chipotle, and a movie theater.  Unfortunately, it doesn't seem as though any of those are on board yet — except that there is a Qdoba scheduled to open right away!

There is a grand opening event on Monday that I will be attending, so I will be sure to report back with my impression of the overall project and see if I can bend the ear of an insider to find out about any other hot pieces of info to share! 

Be sure to check back next week for the update, or just subscribe using your feed reader or by typing your email address in the "subscribe" box under my picture along the left hand side of this window (be sure to confirm your address when the service sends you their email).  If there is anything else you would like for me to find out, leave a comment and I'll see what I can do!

(In the meantime, take a look back through the other updates for this project on this blog:  5/15/07 and 6/15/06)

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Don’t be left out of these decisions — VOTE!

This is a big year for politics.  Yeah, I didn't expect that would be news to anyone this year, but it made for a good way to motivate people for this next call to action:  VOTE! 

It is important every year, and for every special election that comes up.  This year it is especially important because we are electing a new president at a very crucial time for our country and a new mayor to take charge of Richmond.  Despite your particular slant on politics, or mine for that matter, participation is key.

From the website of the Virginia State Board of Elections:

How do I find out if I'm registered to vote in Virginia?
   If you have questions about your voter registration status, contact your local county or city general registrar.  If you believe that you are registered to vote in Virginia, you can verify your voter registration status on-line from our website. 

 Where Do I go to vote?
   To determine your polling place location, contact your local county or city general registrar's office.  You may also get information about your polling place by using our on-line Where Do I Vote application.

 How do I register to vote in Virginia?
   Registering to vote in Virginia is easy and convenient.  To register to vote in Virginia, you must fill out and submit a voter registration application.   If it is determined that you qualify to vote, your local county/city general registrars will add you to the county/city voter registration database.  For more information about becoming a registered voter contact your local county or city general registrar.

On that last point, the voter registration deadline for the upcoming election on November 4, 2008, is this upcoming Monday, October 6.  Per the VSBE website, "Applications must be in the voter registration office or posted marked by that date."  Being this close to the deadline, I would suggest that you register either online or in person.

The second part is equally as crucial — when November 4th comes, get to your local polling place and vote!

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When legislators go crazy, but oddly harmless at the same time

File this under:  "Some people just have too much time on their hands."

A county in the state of New York is considering legislation that would require restaurants to list the prices of daily specials.  Apparently even that isn't going far enough for some folks, and these same legislators are tempted to require lists of prices for desserts, cocktails, and coffee.

I wonder when this same county is going to regulate the font on the menus and the quality of the paper that they use?

Has anyone else found this to be a problem in their restaurant experiences?  I can't think of an example where the consumer "needs to be protected" from not having a list of prices.

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How to decipher the wine markups when dining out

The Wall Street Journal had a very thorough article on the intricate nature of restaurant wine pricing this past Friday, 8/15/08.  ("Cracking the Code Of Restaurant Wine Pricing")

While
I appreciate a good wine, but I have never felt terribly inclined to order the
most expensive wine on the list so the advice of ordering the more expensive
wines in order to get the best value (i.e., smallest markup) doesn't really
work for me.  That's not to say that the advice isn't sound, only that it
doesn't fit my tastes — or budget.

My
usual strategy is to either find a wine that I know and like, or experiment
with a wine from a region that has won me over with good but moderately priced
wines.

That
being said, it is very interesting to read about the pricing strategies and
some of the reasoning behind the seemingly arbitrary pricing structures of wine
lists.

If
any of the information from the article rings particularly true, or you have additional advice
to share – please do!

(The
article was found through a series of posts on other blogs: “Restaurant Wine Pricing” by pjpink at River City Food and Wine pointed to “Figuring Out
Restaurant Wine Pricing” by vcuspoon at Anything Wine, who pointed to the
original article.  Visit these posts to find their perspectives on the article, as well as other comments from their readers.  Thanks to both for highlighting the WSJ article!)

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A note on political mud-slinging

I found this post at Seth's Blog this morning to be particularly interesting.  All of his posts are compelling — I encourage you to check out his blog if you don't already follow it yourself.  This one about negative campaigning by politicians is an insightful look at whether or not it is effective, and what makes a negative campaign more effective than another.

My favorite quote from the post resonates with my own view of the unfortunate situation:

The reliance on negative stories in politics makes me sick. I think we
should be above that. The fact that negative stories have influenced
every election of my lifetime, though, means that I'm wrong, we're not
above it. If politicians are going to tell negative stories, they might
as well pick useful ones. [my emphasis]

I try not to pay attention to the negative campaigning in general, but I wonder if the same reasoning that Seth uses in his article can be applied to Richmond politics.  Are there negative statements that are being made about any of the candidates that, regardless of the truth of the statement, may shake up that candidate's base?  I hesitate to ask for fear of drawing out the political negativity that may come with the answers…

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Is the fate of the VCU French Film Festival in doubt?

The VCU French Film Festival is a huge draw for francophiles both nationally and internationally each spring here in Richmond, but the fate of the Festival hangs in the balance with the latest news from VCU:

Peter S. Kirkpatrick stepped down as executive director of the
Office of International Education and as co-director of the renowned
VCU French Film Festival.

Kirkpatrick, who is credited with helping to internationalize the university, will remain an associate professor of French.

He and his wife, Francoise Ravaux-Kirkpatrick, founded the film
festival 16 years ago. He could not be reached for comment yesterday on
the reasons for his departure.

Rob Tregenza, director of VCU’s cinema program, said the fate of the
French film festival is under discussion and “I’m hoping it will be
resolved positively.”

VCU said in a statement that it is committed to continuing the festival, which is held at the Byrd Theatre in Richmond.

For more of a background on the VCU French Film Festival go here, or here, or here.  Let’s hope that we don’t lose this long-standing tradition!

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Prominent restaurant closes, who wants in?

It is big news in Richmond when a long-standing local restaurant stalwart closes.  Even the usual blurbs about openings and closings can get blown into a full-out article in the RTD. 

The recent closing of La Petite France demonstrated that even titans can fall.  La Petite had operated at 2108 Maywill Street since 1971, and had a strong following for its French fine-dining experience.

There are always a multitude of possible reasons why a business closes its doors, and there is no point in trying to make guesses from the outside — and it's always a shame to see it happen.  The most-recent owners of the business made some statements as to why they made their decision, and you can see those in the RTD article from Thursday's edition.

As for moving forward, the building owners are prepared to make a good deal for a qualified tenant looking for a fully-equipped restaurant and has told Bandazian & Holden to find someone ASAP.  Get in contact with me and let's see what we can do.

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City Council votes on hot projects

Two high-profile votes came before Richmond City Council last night — one for a four-story condo/apartment complex in the Springhill historic neighborhood and the other regarding the proposed public marina site beside the Rocketts Landing development.

Manchester on the James – 200 unit residential complex

This has been flying under the radar for quite some time.  I remember seeing stories about this proposed development from a couple of years ago, but I haven't heard a peep about it until this vote last night.

Although, this posting from 01/18/08 on River District News explains some of the more up-to-date information that I apparently missed.  The original proposal was for a 17-story high rise with "luxury condos".  The revision was to a 4-story building with smaller units.  The shift in focus to more of a rental use rather than owner-occupied units is what provoked the ire of nearby residents.

From an article in this morning's RTD:

Crosland, a Charlotte, N.C.-based development company, plans the
complex on a 2-acre block bounded by Cowardin, Riverside Drive, West
19th Street and Stonewall Avenue. The company plans to build and market
the complex as condominiums, but it also asked for the ability to offer
apartments to provide market flexibility. The project calls for
ground-level retail along Cowardin and a 320-space parking deck.

Despite the protests of the neighbors, City Council passed the proposal and Crosland LLC should begin construction on the 200-unit complex before too long.

Property beside Echo Harbor to be purchased — but will there be a marina?

City Council voted to back the plan for the City to purchase the Lehigh property, 1.6 acres at 3111 Water Street.  The property is located immediately adjacent to the Richmond Intermediate Terminal, where the mayor has proposed the hotly contested public marina.

The Council reserved the right to allow a private developer to develop part of the site, and deliberately stayed silent on their stance regarding the proposed marina.  So, the saga continues.

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I want my free Wi-Fi!

Several months ago I was very early for an appointment at a local Starbucks.  I thought that it would be a great opportunity to catch up on some online research and emailing.  After getting my drink and settling in, I was surprised to find that the Wi-Fi at Starbucks was no longer a free access hotspot.  Instead, I had to have an account with one of the mobile phone carriers! 

I was floored by the absurdity of a coffee shop without access to the internet…..and then promptly forgot about it when I realized it was a good opportunity to just relax and read a magazine or a newspaper.

A recent article on Richmond.com brought the memory back, and I thought I would share it here with you:  'Eat Beat: Wi-Fi Hotspots'.  In the article, there is a partial list of locally-owned establishments that offer free internet access to their customers.  The comments below the article help fill in some of the gaps in the list.

The point is that I'm glad that Starbucks is making such a blatantly selfish move that is undoubtedly driving traffic to their locally-owned competitors.  I'm still floored by the mistake, but I'm happy that it gives us one more reason to seek out small businesses that truly do understand what we need.

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Changes in the Fan Parking District

On May 12, 2008, City Council voted in favor of dividing the Fan Parking District into two distinct zones.  (Here is a scanned copy of the ordinance — ordinance202008-105, as downloaded from the Fan District Association webpage)

As explained in the RTD this morning (although I couldn’t find the article online):  “The district runs roughly from Vine Street east to Virginia Commonwealth University, and within its boundaries, parking for more than an hour is limited to residents who pay $25 a year for a permit.”  Effective August 1, 2008, the district will be bisected into an eastern and western section by Lombardy Street.

The reasoning from City Council is to keep students living in the western section from using their parking decal to commute to the eastern section and taking up all of the parking that is designated for the residents of the area.

And the Fan is not alone in their concern for maintaining parking availability for their residents.  The Carver community has also instituted its own parking decal system, and City Council says that Oregon Hill and the Randolph communities are leaning towards doing the same thing.

My next thought upon seeing the news was whether or not the city had any plans to make bicycle commuting more accessible.  I mean, if the outrage is about the students commuting by car such a short distance — and they could walk or bike — AND the recent city planning has emphasized pedestrian-friendly planning, then this would be an ideal time to take a move with the potential to outcast the students and spin it into something that could really benefit everyone.  I’m no expert on making routes bike-friendly, but I’m sure there is plenty that could be done.  Any ideas?

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How to get over the “end of a holiday weekend blues”

Tomorrow marks the first day of the work week for many of us, and it's always a little difficult to get back into the swing of things after a long, holiday weekend — especially one that's been marked with such beautiful weather as this weekend was!

Well don't get too down.  This upcoming weekend may not be three days, but the Greek Festival is back in full force this year!  The 32nd Annual Greek Festival is being held from Thursday through Sunday, 5/29/08-6/1/08, at the Greek Orthodox Cathedral at the corner of Malvern and Grove Avenues.

Each year the festival attracts approximately 30,000 attendees and the festivities were muted last year due to construction work going on at the church.  Only drive-through/pick-up service was offered.  Ask any Richmonder you know — this is one of THE events of the season, and you will absolutely run into any number of people you know while at the festival.

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Don’t mail that letter!

Usps_hm_ci_logo2
 Or at least don't mail it until you make sure you have the right postage.  On Monday, May 12, the postage rate for a first-class letter is going up by one cent, from $0.41 to $0.42. 

If you remember, the most recent change was last May when the rate went up two cents.  It's no coincidence that the rates are bumping up each May.  Legislation was passed in 2006, to implement regular and predictable price changes in postal rates, as well as revamping some of the management of the USPS. (Docket No. MC2007-1, Order No.43 — Order Establishing Ratemaking Regulations For Market Dominant And Competitive Products: Download FinalRulesWeb.pdf)

I linked to the full document for the legislation above, but for an easier-to-digest version see the comments from the Postmaster General: Download GuidingPrinciplesFinal.pdf

As far as the rate changes go, there are more changes than just the first-class postage, so be sure to review the rate schedule if you mail anything more involved than your typical letter.

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