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extremely valuable. If you are leasing, try to get as many expansion, contraction, renewal and termination rights as your landlord can tolerate. Armed with these rights, you adjust the size of your space and the length of your lease term in order to conform your real estate obligations to your business needs. Develop a strategy. If your lease is not expiring at the time you plan to move, and you are unable to negotiate an early termination deal with your landlord, then you may need to look at assigning your lease or subleasing your space. If your lease does not have enough unexpired term to make it worthwhile to a new user to move into your space (probably three to five years, minimum), you may be stuck with the space for the remainder of your term. Developing a disposal strategy is simpler for owned sites: in most cases you will sell. In this case, you have less control over timing, because you own the property. Paper the deal. Once you have the business terms ironed out, you will need to document your new deal. If you are buying, you will enter into a purchase agreement with your seller. After signing the purchase agreement you will probably have a period of time for due diligence, where you can inspect the property, and make an election as to whether or not to move forward. There may be some warranties and indemnity obligations that survive closing—but usually only for a year or less. The relationship of buyer and seller, then, is fairly short-term. Leases are different. Leases will usually have a minimum initial term of five years, but 10- and 15-year deals are common, depending on the market and type of asset. Because the landlord-tenant relationship is both long term and interdependent, it is important to negotiate your lease with care. Pay particular attention to the provisions that relate to obligations during the period of construction, and also to surrender at the end of the lease term— these are the two areas where disputes most commonly arise. Start early! Don’t underestimate how long this process will take. Although each case is different, each of the major steps along the way (site selection; deal negotiation and closing; construction and movein) can easily take several months. Market conditions can easily lengthen any of these steps. In most cases it is safe to assume that start-to-finish a relocation will take at least a full year, but very possibly even longer.” What our clients say about Doherty... The HRO industry’s most highly-personalized, high-touch service. “Customer-centric approach – very timely and things get done right the first time.” Responsive and accessible partners; always there for our clients. Quick answers, supportive, broad knowledge base, experts in specific fields.” Professionals with in-depth HR expertise. “Proactive in guiding us through countless HR rules, laws and issues. Doherty has helped us solidify our employee services and employment practices, allowing us to be a better employer and a better operator.” Committed to the client’s bottom line. “Doherty provides us with higher quality HR services than we could afford ourselves while also providing us backup for our existing HR staff.” And our favorite. “Best thing since sliced bread.” ...and what we say to our clients — “Thank you. It is our pleasure serving you.” UPSIZE | 27 | ONLINE NOV08
® ✓LEARN MORE clickable <strong>resource</strong>s Upsize Sep 08: Dear Informer column, Real Estate section • Upsize How-to Audio: Phil Kluesner, Gannett Peak Partners: To get your best lease, negotiate much more than price • Upsize How-to Audio: Scott Tankenoff, Hillcrest Development: Flexibility is most important when building or leasing space • Pros and cons of buying or leasing office space • How to find office space Economic Stimulus Package! Don’t let the sluggish economy get you off track. Apply now to take advantage of FastTrac® Growth Venture for just $595. Nationally recognized, awardwinning 10-week program taught by entrepreneurs helps you: • Decide how to focus your business <strong>resource</strong>s • Plan strategic growth during turbulent economic times • Learn from other business owners • Be ready for the future Classes begin in February. Call today or check out our website to take advantage of “economic stimulus” pricing! www.stthomas.edu/business/fasttrac Fran Gretz FastTrac® Minnesota Schulze School of Entrepreneurship (651) 962-4501 Meditech’s move boosts stature in clients’ eyes CASE STUDY Five thousand square feet of office space, up from 2,000 in its previous location, is making a positive difference for Meditech Communications Inc. and ThisClicks Interactive, which develops content for clients, especially in the medical products industry. Before, the company didn’t have a studio for video and audio production, and had to rent one, often starting at $1,600 a day, says co-owner Joe duBord. Now they can rent out the studio to other clients when it’s not in use. Before, employees often had to work in the basement with no windows; now staff members work in sleek cubicles and a completely wired building, or relax in the loft lounge, with a pool table, Wii video game system and a huge, comfortable leather couch. duBord and co-owner Brian Hagen have added four staff members, now up to nine employees, since moving into the building in December 2007, including for the first time a project manager who relieves them from ramrodding the day-to-day project flow. “We’re able to watch the business,” duBord says. Of course taxes, mortgage payments and utilities are higher as well, but the company is on track to hit $2 million in revenue in 2008, up from $1.3 million in 2007. duBord and Hagen opted to purchase the building, for about $750,000, and then lease it back to the company. They owned their former building in Roseville as well, which they sold for $300,000. duBord says for smallbusiness owners, real estate can take the place of a retirement plan. The building is part of the St. Paul “We were perceived as a smaller company that couldn’t handle large projects, so this makes us look like a force to be reckoned with.” ® QQUOTABLE — JOE DUBORD, Meditech Communications and This Clicks Interactive, on their new, larger St. Paul headquarters ® UPSIZE | 28 | ONLINE NOV08
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