Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
About 18 months ago Andrew Volna got a loan from Northeast Bank and paid $700,000 to become a landlord for the first time, turning the old Horton Manufacturing building in Minneapolis into Apiary Workspaces.
His nine-year-old company, Noiseland Industries, which produces compact discs for small recording artists, is the lead tenant. He envisions the three-story building as a collection of small businesses “buzzing around,” with 15 spaces for one- to four-person companies and shared services.
“I sort of obsess over buildings,” Volna says, to explain his purchase. Plus the time was right for his company to quit paying rent.
He leased a copier and other office necessities that all tenants share, with the cost split among them. “I felt like Tom Edison or something” when he thought of the shared-equipment model, he says, “but people said to me, ‘Sure, these things exist.’ ”
He thinks the “executive office suite” model, though, appeals more to investment banker types in suits. “These are more jean type of people.” The building, at 1170 15th Ave. SE, has six tenants so far, who cover the mortgage, with Noiseland’s rent covering the cost of services. Rents go from $389 to $700 a month, with local phone service, utilities, high-speed Internet access and the like included.
As far as running the building as well as his company, it’s challenging. “I characterize myself as a little Northeast grandma,” he says, referring to Northeast Minneapolis, where he grew up. “If I see a cigarette butt on the sidewalk, I run out and pick it up. I’m very protective and I’m shocked if someone would write on the wall.” Then there was the would-be tenant who called about leasing. Her dream was to open a cat-lodging business.
Volna is pro-small business. “I can’t imagine what would have happened to me if I hadn’t started my company. I’m like an evangelist for this,” Volna says. “The happiest you’ll ever be is if you’re doing something on your own.”
Andrew Volna, Noiseland Industries: 612.788.1659; an****@*******nd.com; www.noiseland.com
