144 - Build, Buy or Repurpose? Making the Right Real Estate Decision for Your Business

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In this episode of The Small Business Mindset, Kirsten Flory sits down with Lance Johnson, Engineer with Bartlett & West Engineering, to unpack what business owners really need to think about before buying, renovating, or building a commercial property.

For many entrepreneurs, occupying space is inevitable - but owning the right space can be a power wealth building strategy. The challenge? Most business owners are real estate developers. Lance brings clarity to the process, breaking down the "boring but critical" elements of development that can save business owners from costly mistakes down the road.

From planning to infrastructure to post-COVID construction costs and adaptive use, this conversation is packed with practical insights for business owners at every stage of growth.

Key topics covered:

• Why proper planning upfront is the most important step before any build
• The "unsexy" but essential elements of development (i.e. foundations, drainage, HVAC, roofs)
• Where business owners should spend money - and where cutting corners can backfire
• New construction vs. buying and renovating: why there's no "one size fits all" answer
• How to evaluate "hairy" properties and identify real red flags
• Construction cost trends since COVID and why prices are unlikely to come back down
• The growing trend of repurposing building (office to housing, schools, churches, malls)
• Infill development vs. greenfield development - and the challenges of each
• How to protect yourself during development without slowing the project down
• Who should be on your development dream team (and why communication matters)
• What the development process actually looks like once you've selected your team
• How thinking long-term can reduce maintenance costs and increase durability
• Planning for future growth: building more space now vs. expanding later

Lance Johnson is an engineer with Bartlett & West Engineering, bringing decades of experience in commercial development, infrastructure, and adaptive reuse projects across the country. His practical, long-term approach helps business owners make smarter, ore sustainable real estate decisions.

Contact Lance at: [e-mail]

Final Thought:

Whether you're outgrowing your current space, considering your first building purchase, or dreaming about a ground-up build, this episode will help you think strategically and realistically, about what it takes to create a space that truly works for your business.

Connect with Kirsten Flory at:

www.kirstenflory.com

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