Content provided in partnership with
Business Services Industry
Release me?
Entrepreneur, Jan, 1998
* Consider the long-term impact on your business. This calculation is easier for some businesses than others, says Gaston. For example, if you're a manufacturer or distributor, it's fairly simple to project future growth based on your past performance. The process will take more thought and research for retail or service companies. Points to consider include tax issues, your plans for future expansion, how you manage fluctuating business cycles and your plans for customizing the space.
- Most Popular Articles in Business
- Research and Markets : Tesco Plc - SWOT Framework Analysis
- Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors
- eBay made easy: ready to start an eBay business? These 5 simple steps will ...
- Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...
- Wal-Mart's newest distribution center opened last month near the southwest ...
- More »
* If you're going to buy, decide between purchasing an existing facility and building a new one. In a tight real estate market where available inventory is limited, the costs may be about equal. Certainly you'll save time by moving into an existing space, and the initial cost outlays will likely be lower. On the other hand, constructing a custom facility can enhance your long-term productivity and efficiency, especially if your business has unique needs such as loading docks, refrigeration, lab space and so on.
* Stash some space away. If you buy, be sure the facility can accommodate your needs today and into the future. You maY want to "warehouse" some space for future expansion by buying more than you need now and subletting the excess space until you're ready to expand, Gaston says.
* Talk to several lenders. Consult with your banker and several other commercial lenders who are experienced with financing real estate purchases for small businesses. Gaston says this is the most important part of the decision-making process. "You need a lender who understands what you do, can provide you with a loan product that meets your needs and can grow with you as [your business grows]," he says. A good lender will sit down with you in the early stages of the process and help you with financial analysis and forecasts, then work with you to put the package together and secure the best possible loan terms. Real estate brokers are usually able to refer you to appropriate lenders; you can also check with your accountant and attorney.
Gaston says a small business typically begins to consider buying real estate when it is about 5 years old. "In the start-up stage, [businesses] need to be putting their equity contribution and loan money into growing the business," he says. "After they've leased for a while, and they're growing and need more space, they'll buy a piece of real estate and build an investment for the future rather than [paying increased] rent."
RELATED ARTICLE: Pros And Cons
Sooner or later, you'll have an applicant who answers "yes" to the question "Have you ever been convicted of a felony?" Should you reject that candidate? Not necessarily, says Paul Salvatore, an employment law attorney and partner with New York City law firm Proskauer Rose.
To develop a policy on hiring convicted criminals, Salvatore advises beginning with a clear understanding of the applicable legal requirements. Many states have laws prohibiting employers from rejecting an applicant strictly on the grounds of a past conviction. However, a criminal conviction may make an applicant ineligible for a job that requires bonding or special licensing.
"Once you understand the legal requirements that apply to your business, you can assess whether the applicant is the right person for the job:" says Salvatore. This means considering the conviction in the overall context of the applicant's background, skills and abilities, and your staffing needs. For example, you'd probably view a relatively recent armed robbery conviction somewhat differently than a 20-year-old conviction for marijuana possession.
Salvatore says one of the most common convictions employers encounter on applications is driving while intoxicated. In that case, some issues you'll want to keep in mind are whether the person will be driving a company vehicle or driving his or her own car on company business, and if he or she is insurable.
Unless you have a legal reason for doing so, a blanket policy of excluding applicants with criminal records could expose you to liability. It's always a good idea to be able to demonstrate a legitimate reason for your hiring choices.
COPYRIGHT 1998 Entrepreneur Media, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
Find Research Guides for:
Find Featured Titles for: Health
- AAACN Viewpoint
- ABNF Journal, The
- AIDS Treatment News
- AMAA Journal
- Aboriginal Nurse, The
- Adolescence
- Adolescent Psychiatry
- Advances in Skin & Wound Care
- Age and Ageing
- Alabama Nurse
- Alberta RN
- Alcohol Research & Health
- Alternative Medicine Review
- American Family Physician
- American Fitness
- Men's Fitness
- Psychology Today
- Shape
Most Popular Articles in Business
- Research and Markets : Tesco Plc - SWOT Framework Analysis
- Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors
- eBay made easy: ready to start an eBay business? These 5 simple steps will ...
- Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...
- Wal-Mart's newest distribution center opened last month near the southwest ...
- More »