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Tag: Business Expansion

  • Inked: Long Island commercial real estate leases and sales roundup | Long Island Business News

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    66 S. 2nd St.,

    Flex Fights Inc., a promoter of mixed-martial arts , leased 3,600 square feet of industrial space at 66 S. 2nd St. in Deer Park. The company is expanding and relocating from leased space nearby. Bob Desmond of Industry One Realty represented the tenant, while the landlord, Corbin Development  Corp., was self-represented in the lease transaction.

     

    285 Middle Country Road,

    Tim Horton’s leased a 2,400-square-foot space in the Selden Plaza shopping center at 285 Middle Country Road in Selden. The space was formerly occupied by 1-800-Flowers. Nick Masson of The Shopping Center Group represented the tenant, while Greg Batista of RIPCO Real Estate represented the landlord, Miller Realty Associates, in the lease transaction.

     

    750 Blue Point Road,

    Sensaras LLC, a manufacturer of ultrasonic liquid-level sensor systems, purchased the 15,000-square-foot industrial building on 2.03 acres at 750 Blue Point Road in Holtsville for $3.8 million. The company also owns a building on Smithtown Avenue in . Mark Pawlitscheck of Compass Commercial represented the buyer, while Jeremy Hackett of Metro Realty Services represented the seller, NEPS Property Inc., in the sales transaction.

     

    636 Hempstead Turnpike,

    636 HT LLC, an affiliate of Auto Body With Modern and Classic Performance and Customization, purchased the 8,388-square-foot retail property on .20 acres at 636 Hempstead Turnpike in Franklin Square for $2 million. The property was formerly occupied by Movin’ On Sounds. Michael DiBella of Pliskin Realty represented the buyer, while Jason Merrell, Robert Monahan and Roger Delisle of Island Associates represented the seller, New Hyde Park Fruit Corp., in the sales transaction.

     

    701-5 Koehler Ave.,

    Seckin Digital Printing, a commercial printing company, leased 2,500 square feet of industrial space at 701-5 Koehler Ave. in Ronkonkoma. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 701-5 Koehler LLC, in the lease transaction.

     

    190 McCormick Drive, Bohemia

    MFLH Roebling LLC leased a 9,000-square-foot industrial building on .69 acres at 190 McCormick Drive in Bohemia. Nicholas Romano of Metro Realty Services represented the tenant, as well as the landlord, Robert Birnbaum, in the lease transaction.

     

    740 Blue Point Road, Holtsville

    Coco Architectural Grilles & Metalcraft, a manufacturer of custom metalwork, purchased the 16,000-square-foot building on 2.24 acres at 740 Blue Point Road for $3.95 million. The property was formerly occupied by a perfume packaging firm. Coco is expanding and relocating from leased space on Allen Boulevard in East Farmingdale after the company outgrew that space and was assisted in the move by the Brookhaven Industrial Development Agency. Founded in Manhattan in the early 1900s, Coco specializes in custom metalwork for the HVAC industry and also performs laser cutting, die casting, welding, and finishing of aluminum, brass, bronze, stainless steel, and steel.

    Andrew Blumenthal and Mark Timpone of Metro Realty Services represented the buyer, 240 Blue Point Realty LLC, while their Metro Realty Services colleague Nicholas Romano represented the seller, 740 Realty Corp, in the sales transaction.


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    David Winzelberg

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  • Emergency lighting supplier expanding with Holbrook acquisition | Long Island Business News

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    THE BLUEPRINT:

    • purchases 12,000-sq-ft Holbrook industrial building.

    • Company relocates from Hauppauge to support growing demand.

    • Business founded in a West Islip backyard now employs 12 and expands product lines.

     

    When a teenaged Justin Tomney began his business in a wooden shed in his parents’ West Islip backyard, he couldn’t have imagined what his real estate needs would eventually become. 

    Now, Tomney’s company, Ultra Bright Lightz, a supplier of emergency lighting, is the new owner of a Holbrook industrial property, where it has plenty of room to grow. 

    Light bars for construction and emergency vehicles are featured in Ultra Bright Lightz product line. / Courtesy of Ultra Bright Lightz

    The lighting firm purchased a 12,000-square-foot building on 1 acre at 1401 Lincoln Ave. for $3 million. The company is relocating from about 8,000 square feet it had been leasing at 40 Oser Ave. in Hauppauge. 

    Ultra Bright had a humble beginning. After dabbling in sales of assorted products on E-bay, Tomney turned on to the lighting business when he was still a student at West Islip High School, making his own LED light strips with parts sourced from hardware and home improvement stores. 

    Though he had set out to become a CPA and graduated from Dowling College, Tomney had his lightbulb moment, deciding to concentrate on his fledgling business. 

    “It started growing,” he told LIBN, “and I saw its potential.” 

    Ultra Bright Lightz left the backyard shed for leased space in Deer Park before moving to Hauppauge in 2019. This month, he’s setting up shop in his new Holbrook digs. The company founder and CEO sees the expansion as an opportunity. 

    “We can keep up with demand, expand our product line and have some room to grow,” Tomney said. 

    Ultra Bright Lightz, which has been in business since 2006, supplies emergency lighting equipment for first responders and the public safety sector. The company, which has grown to 12 employees, offers a wide range of LED warning lights, police sirens, speakers, controllers and its best-selling plug-and-play vehicle flasher modules, which Tomney helped create. 

    Ultra Bright Lightz sells its products directly to consumers, as well as to fire departments and government agencies.  

    Alberto Fiorini and Niko Khetaguri of Alliance Real Estate represented Ultra Bright Lightz, while Andrew Blumenthal of Metro Realty Services represented the seller, Ellenwood Realty Company LLC, in the Holbrook sales transaction. 


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    David Winzelberg

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  • Metal fabrication firm expands with Holtsville acquisition | Long Island Business News

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    Grilles & Metalcraft is expanding with its acquisition of a industrial property. 

    The company, which manufactures custom , purchased the 16,000-square-foot building on 2.24 acres at 740 Blue Point Road for $3.95 million. The property was formerly occupied by a perfume packaging firm. 

    Coco is expanding and relocating from leased space on Allen Boulevard in East Farmingdale after the company outgrew that space. 

    After considering a move to North Carolina, Coco received economic incentives from the Town of Brookhaven Industrial Development Agency, including sales and mortgage tax exemptions and a 10-year payment-in-lieu-of-taxes agreement for the expansion in Holtsville, where it will bring 22 employees and plans to add three more jobs, according to the IDA. Employees at the company earn from $47,000 to $71,000 annually. 

    “We are pleased to help keep manufacturing on Long Island, and in particular in the Town of Brookhaven,” Frederick Braun, chairman, said in a written statement. “It’s nice to see a family business, especially one that wants to stay local, work with us.” 

    Founded in Manhattan in the early 1900s, Coco specializes in custom metalwork for the and also performs laser cutting, die casting, welding, and finishing of aluminum, brass, bronze, stainless steel, and steel. 

    Andrew Blumenthal and Mark Timpone of represented the buyer, 240 Blue Point Realty LLC, while their Metro Realty Services colleague Nicholas Romano represented the seller, 740 Realty Corp, in the Holtsville sales transaction. 


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    David Winzelberg

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  • How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

    How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies often face the most unexpected issues when it comes to growth: The very success that propels them forward can also become their greatest challenge. Rapid growth, while indicative of a business’s vitality, can present complexities requiring business owners to take notice of.

    I aim to help you explore these conundrums and provide actionable strategies for effectively managing rapid business expansion, particularly for those unfamiliar with these often surprising business dynamics.

    Related: How to Identify and Address the Challenges of Excessive Business Growth

    Understanding rapid growth: Key questions addressed

    Rapid business growth can be exhilarating, but a spectrum of challenges accompanies it. One of the most conspicuous signs of overly rapid expansion is financial strain, where the generated revenue lags behind escalating operational costs. This imbalance can lead to severe cash flow problems — a critical issue for any growing business.

    Another significant challenge is the impact on employee morale. As the business expands, the existing workforce may find themselves overwhelmed by the increased demands, often without a corresponding increase in resources or support. This situation can lead to diminished productivity, increased turnover rates and a general decline in workplace morale.

    Customer service, a cornerstone of business success, also suffers under unchecked growth. The existing team, stretched thin by the demands of an expanding customer base, may struggle to maintain the quality of service that clients have come to expect. This decline can harm the business’s reputation and customer relationships, which are essential for sustained growth.

    Effective strategies for managing rapid growth

    At the heart of managing rapid growth is effective financial management. This entails a meticulous review of cash flow and proactive forecasting of future financial requirements. Businesses may need to explore options like refinancing or invoice factoring to ensure adequate liquidity. A robust financial strategy should also encompass budgeting, cost control and investment in growth-enabling resources. Defining clear growth objectives and conducting a comprehensive growth diagnosis are critical components of strategic planning. A well-crafted growth strategy should be based on a thorough analysis of internal resources, market conditions, competitor activities and customer needs. This strategy should not only guide the company through its current growth phase but also lay the groundwork for future expansions.

    Calculating and making decisions is an integral part of entrepreneurship. When we experience our first taste of success, the natural response is to want more, to have a “gung-ho” mindset and to do everything at all costs. However, what separates successful entrepreneurs from the rest is that they make calculated risks and it’s these rapid growths that can get in the way of businessmen and businesswomen from thinking clearly and making sound decisions.

    Moving forward with day-to-day operations, the role of employee well-being in managing growth cannot be overstressed. Fostering a workplace culture that recognizes and rewards contributions, ensures equitable workload distribution and supports work-life balance is crucial. This may include offering flexible working arrangements, competitive compensation packages and opportunities for professional development. Happy and engaged employees are more productive and are the bedrock of a thriving company.

    Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth

    A company that’s rapidly growing is also more vulnerable to economic recessions. Since these companies are growing too quickly, they make big splurges to match their demand without the proper planning behind the company’s operations. Oftentimes, it’s the employees who bear the brunt of the struggle and they become the victims of a company’s operational and financial mismanagement in the form of layoffs, salary cuts and more. It’s important for businesses to leave room for quarterly, bi-annual and annual reviews to make the adjustments necessary to keep up with the demands and the realistic limits of what your business can provide.

    As businesses grow, it’s imperative to maintain — if not enhance — the level of customer service, a mainstay of my policies at the Strategic Advisor Board. This involves regular assessments of customer service processes, addressing any issues promptly and potentially hiring additional staff to manage the increased demand. In my company, we have always made it important to prioritize the well-being of our customers. An example of this would be investing in customer relationship management (CRM) systems and training staff in customer service excellence can go a long way in preserving customer loyalty and satisfaction.

    Firm leadership is necessary in navigating the challenges of rapid growth. Leaders must balance their focus on day-to-day operations with strategic long-term planning. There have been way too many instances of business owners and entrepreneurs who operate solely within their vision and get too liberal with risky decisions. Effective leadership also involves being adaptable, making informed decisions based on real-time data, and leading by example.

    Everyone is always looking to be the next big thing in their specific business. Everyone wants to be the new Amazon or the new Netflix. This ambitiousness can end up biting your business in the back if you aren’t too careful and are too focused on your business’s demands without properly assessing your capabilities.

    Related: How to Navigate High-Growth Environments and Boost Revenue Through Visionary Leadership

    Final thoughts

    Navigating the high tides of business expansion requires a multi-dimensional approach, focusing on financial stability, strategic foresight, employee welfare, customer satisfaction and strong leadership. By addressing these key areas, businesses can transform potential challenges into stepping stones for sustained success and stability. Embracing growth should be a thoughtful, strategic process, where the pitfalls of rapid expansion are acknowledged and proactively managed. This approach ensures that the company not only survives its growth but thrives, setting the stage for continued success in a business landscape that’s constantly changing and innovating.

    While rapid growth presents its unique set of challenges, with the right strategies and mindset, it can be managed effectively. The key lies in understanding the nuances of expansion and implementing a holistic approach that balances immediate needs with long-term goals. By doing so, businesses can ensure that their growth trajectory is not only swift but also sustainable and beneficial for all stakeholders involved.

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    Jason Miller

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  • 5 Simple Ways SMBs Can Enter a New Global Market | Entrepreneur

    5 Simple Ways SMBs Can Enter a New Global Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a small or medium-sized business (SMB), do you have your sights set on expanding your reach to new customers by entering a new market … specifically a market overseas?

    As CEO of INS Global, I have seen firsthand how SMBs can expand effortlessly by studying the lessons of expanding multinational companies (MNCs). Here are five actionable ways to achieve new market entry without having to start from scratch.

    Related: Successful Leaders Think Globally — How to Expand Your Business Abroad For Maximum Success

    1. Look before you leap: Conduct market research

    Entering a new market that at first glance looks profitable and stable is an exciting proposition. However, take time to deeply understand the market you are about to enter. MNCs often conduct extensive research prior to entry, and SMBs can collect the same kind of information on a smaller scale. When car maker Toyota entered the U.S. market, it manufactured cars that were reliable, spacious and comfortable, as American consumers value these qualities. Its market research paid off, and Toyota is a leading automaker in the U.S. today. Be sure to analyze your target market prior to entry:

    • Collect data directly from the new market: This may come in the form of government reports, trade association communications and following thought leaders in the new market.

    • Identify your target market and research the competitors: What are their strengths and weaknesses, and where can you differentiate yourself from the competition?

    • Prevent potential roadblocks: Are there special regulations that apply to your industry or product category? What is the current and forecasted level of demand for your product or service?

    2. Set goals for small progress

    Don’t let planning become a form of procrastination. Your primary goal of expanding your business should stay front and center. Otherwise, you risk spending all your time focusing on “what if” instead of focusing on “what’s next.” Focus on taking small steps forward and adjusting as you go, making sure to get out of your own way.

    Starbucks has widely been hailed for finding success in China’s marketplace in a way that has been elusive to other MNCs. At first, Starbucks launched a single store in China to test receptivity. It did not wait until it had the perfect model, the perfect menu or the perfect long-range plan in place. The company started with a small step into the Chinese marketplace. Because it initially focused on optimizing one store, it was able to quickly make needed adjustments prior to full-blown expansion. As of 2023, Starbucks is now opening more than one store every day in China.

    3. Collaborate with other SMBs in your new market — even competitors

    By collaborating with other small businesses currently in the existing market or those looking to enter the same new market, you can lower the risk, share costs and gain access to shared resources. For example, in 2009, competing cell phone companies Vodafone and Telefónica formed together a strategic partnership to enter new European markets. As an SMB, consider partnering with a company that can help navigate a new business expansion. At INS Global, we help companies expand with success, by specializing in finding local candidates that are perfect to fill the job in your new location. The best part is our clients don’t need a legal entity in the new country. We hire and pay their employees legally as their representative.

    Related: Here’s How to Make Your Expansion Into New Markets a Success

    4. Stay visible and build your network

    You may be thinking to yourself, “I don’t have time to put out a newsletter, scroll through LinkedIn daily or post on social media.” Networking may seem like the first item to fall off of your to-do list, but if you don’t grow your company’s online visibility or fail to tailor your company’s value proposition to new markets, you could be missing out on access to new opportunities and increased brand awareness.

    Building relationships through intentional networking can help you gain access to new opportunities within new markets. You can also find another SMB that has successfully entered a new market (possibly even your new target market!) and seek their mentorship, guidance and coaching on business growth, the local market and cultural nuances.

    5. Avoid autopilot at all costs

    SMB entrepreneurs aren’t the only ones who suffer from hitting the “easy button” when entering a new market. As you look to enter a new global market, take time to learn from the mistakes of MNCs. It’s hard to imagine a multinational company like Target struggling to find success, but that’s exactly what happened when Target tried to simply duplicate its U.S. business model.

    The cultures and market seemed so similar, what could go wrong? Due to its lack of understanding the local Canadian market, the foreign exchange rates and Target’s inability to quickly adapt to such challenges, Target’s 2013 entry into the Canadian market was deemed a failure. Just two years later, the retailer closed all of its stores in Canada.

    Target’s failure does not mean you will inevitably fail if you enter a new market with the exact same product and business model that you are currently using. But by staying vigilant and adaptable, you can overcome any unforeseen challenges that you may not have originally considered.

    Entering new global markets can be a great way to expand your small business, even though it can be an intimidating journey to begin. By following the tips in this article, you can increase your chances of success and accelerate your growth.

    Related: Is Your Business Ready for International Expansion? Here’s What You Need to Know.

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    Wei Hsu

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  • The Pete Store Acquires Site in Botetourt County, Virginia for Future Peterbilt Dealership and Service Center

    The Pete Store Acquires Site in Botetourt County, Virginia for Future Peterbilt Dealership and Service Center

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    BALTIMORE, July 24, 2023 (Newswire.com)
    –
    The Pete Store, one of the largest commercial truck dealers in the nation, announced today that it has acquired a 117-acre site in Botetourt County, Virginia, to expand its service area in the eastern United States.

    The acquisition will extend The Pete Store’s network of Peterbilt dealerships to 30 locations in 10 states.

    “Botetourt County was an ideal location for expansion in the region given its proximity to Roanoke, Virginia, and Interstate 81 – an important trucking corridor on the East Coast,” said John Arscott, CEO of The Pete Store. “Our plan is to utilize the large site to build a flagship location with plenty of amenities and ample parking to help make this location a destination for trucking companies and their drivers.”

    Botetourt County Economic Development worked with The Pete Store to evaluate the acquired site and county officials will be meeting with the company to develop its plans for the 117-acre site on Highway 11 near the Roanoke County line.

    “We are excited to welcome The Pete Store to beautiful Botetourt County,” says Botetourt County Board of Supervisors Chair and Valley District Representative Dr. Mac Scothorn. “We know that this dealership and service center will be an asset and resource to the trucking community and will bring approximately 50 well-paying jobs to the county alone with the arrival of The Pete Store’s dealership and service center.”

    About The Pete Store

    Beginning with a single location in Richmond, VA, in 2001, The Pete Store has grown to become one of the largest commercial truck dealers in North America with 30 locations spanning 1,500 miles from Massachusetts to Florida. The Pete Store offers the full lineup of class 5-8 Peterbilt trucks, 300 certified technicians, an extensive parts inventory, world-class facilities strategically located on the East Coast and a fleet of Mobile Service trucks. To learn more, visit www.ThePeteStore.com.

    Source: The Pete Store

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  • Local Entity or PEO — What to Choose When Expanding Your Business Globally | Entrepreneur

    Local Entity or PEO — What to Choose When Expanding Your Business Globally | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Multinational organizations are actively pushing boundaries when it comes to cost-effective and agile ways to expand their global footprint. Global expansion, by itself, is no cakewalk. And with the world economy more uncertain than ever, it only gets trickier. Furthermore, remote work is fast becoming an indispensable reality of business, thanks in no small part to fundamental workplace changes coming out of the pandemic.

    You can establish a presence in a new and unfamiliar market yourself by setting up a local entity. Alternatively, you can partner with a Professional Employer Organization (PEO) to expand into the new market far more quickly with less risk and without needing a full-fledged local presence. These are three of the key advantages of partnering with a PEO for expansion.

    Amid such unprecedented and dynamic challenges, it makes sense for companies to consider the options between the DIY and the PEO method, based on their strategic goals and resources. Let’s look at how you should deliberate this crucial decision and what you stand to gain by taking either route.

    Related: 3 Tips for Global Business Expansion

    What is a local entity?

    A local entity is a full-fledged arm of your company established in a foreign country. This can be a subsidiary or enterprise that is legally owned by your parent company and is subject to all local laws and regulations of the target country. Many multinational corporations choose the subsidiary route when establishing presence in a new country.

    Setting up a local entity in a new market can sometimes take years before the organization can start any operations. It involves a thorough grasp of legal compliance, business regulations, the labor market and many other areas related to the target market.

    What is a PEO, and how does it work?

    A PEO is an outsourcing partner that helps you expand into a new country by representing your company there and managing many of the operational issues you will face, including staffing, HR services, payroll, benefits, taxes and compliance. PEOs often provide Employer of Record (EOR) services as well, whereby they act as the official employer in your target market, functioning as an intermediary between your organization and the local government.

    PEOs help you get up and running in a new and likely unfamiliar market as they’re highly experienced with the law of the land. They’re also adept at onboarding resources and setting up in a timely manner all necessary legal and compliance structures required by the government of the target country.

    Related: Considering an Overseas Expansion? Avoid These 3 Mistakes.

    When to choose a PEO over a local entity

    There are quite a few advantages of going with a PEO when expanding into a new country. From saving invaluable time and resources to avoiding heavy penalties and legal complications, PEOs can eliminate much of the hassle typically associated with global expansion.

    Here are a few of those benefits in detail:

    Time savings

    You can save valuable time by partnering with a PEO instead of trying to do it yourself. There are many barriers to market entry that can take significant time to resolve, especially when there is a lack of knowledge about the new country and its regulations. For instance, thorough due diligence about local laws and getting necessary approvals for a local entity can take many months. In contrast, a PEO can help you start operations in a new market in a week or two — a fraction of the time it would’ve taken otherwise.

    Cost savings

    Setting up a new organizational structure in a foreign market entails significant costs. Whether it’s hiring the best talent, navigating complicated legalese or recurring administrative overhead, a PEO can reduce your overall spending significantly when compared to establishing a local entity on your own.

    Compliance

    Labor and tax laws vary from country to country, and failure to comply can lead to not just financial but also legal consequences. PEOs like INS Global can leverage their decades of expertise operating in hundreds of international markets to help you dot the i’s and cross the t’s.

    Competitive advantage

    Small- and medium-sized businesses can leverage PEOs to provide attractive benefits to potential hires that they may not be able to offer on their own. This confers an advantage as an employer of choice.

    Owing to the various benefits offered by a PEO, you can consider partnering with one if:

    • You’re testing the waters and need a short-term solution before fully committing to a new market in the form of a permanent establishment.

    • You’re not going to hire more than 15-20 employees and don’t need a local entity.

    • You want to keep your legal structure simple and don’t plan on diversifying into multiple businesses.

    When does a local entity make more sense than a PEO?

    While PEOs offer fast, cost-effective and streamlined access to new global markets, they’re not for everyone, or at least not always. Sometimes, taking the longer route proves better in the long run.

    Opting for a wholly owned subsidiary or permanent establishment can prove the better choice for your business if:

    • You’re committed to a region and want to benefit from country-specific incentives (e.g., R&D tax credits in the UK).

    • The size of your team is much more than a few dozen employees, and a local entity will prove more cost-effective.

    • You’re diversifying into multiple businesses and incorporating import/export or government contracts into your business, which can increase legal complexity if you continue with a PEO.

    Related: 6 Best PEO Services of 2023 | Entrepreneur Guide

    Which one is better for your business?

    Like many important decisions, this one depends on a variety of factors. Before you commit to either a PEO or a local entity, assess your strategic roadmap and weigh the pros and cons of both approaches.

    Even in cases where you eventually decide to establish a local entity, it can take a long time to set up. In the interim, you can still get your business up and running by partnering with an experienced PEO, which can have you set up and running in a new country much faster.

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    Wei Hsu

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