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Episode Description

For this episode of the Memory Makers Podcast, join hosts Russ Van Natta and Danny Gruening as they discuss how to select a location for an FEC, and why it’s more complicated than just price and size. From navigating zoning challenges to assessing the vibe of the area, they share valuable insights to ensure you don’t make common mistakes.

Key Takeaways

1. Scope Out the Area: There is a reason why a radial study may not be enough… take the time to understanding the psychology of local movement. Utilize tools like LoopNet and physically explore potential sites to fully grasp the state of the building and area. Take a drive, talk to neighboring businesses, and do your due diligence.
2. Building Inspection Essentials: It’s important to learn about the critical elements of a MEPS survey (Mechanical, Electrical, Plumbing, Structural), and how assessing the age and condition of a building can impact your operations. Dive into real-life examples of unexpected expenses and how to safeguard against them.
3. Navigating Lease Negotiations: Explore lease term strategies, the importance of exclusivity clauses, and keeping the scope of use broad for future adaptability. When looking for your venue site, it’ll be important to have your own real estate broker to advocate for your interests.
4. Expert Advice: As much as you may not want to spend the money upfront, having experts in your corner, from consultants to real estate brokers, is essential for successful site selection. Whether you’re a first-time venue owner or expanding your operations, these insights will guide you on your journey.

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