The Makeover Journeys: Counting On Growth

Editor's Note

As we began putting together this edition of Springfield Business Journal, the editorial team explored what it might mean to have a business makeover. And it's not by chance that this In Focus falls within the first issue of 2010, which follows a year that presented myriad challenges to businesses across the board. Our thinking was that business leaders might want some fresh perspectives to guide them in the new year, particularly if they face challenges beyond those presented by the economy.

What our contributing writers have discovered is that there's more than one way to define a business makeover.

Local companies are on pathways of change that range from rising out of a disaster to relocating, and as their stories are brought to light, it may be that they will inspire change in other companies that want to begin makeover journeys of their own.

Poplar-Bluff-based Coffman and Co. PC entered the Springfield market in 2005, and in May, the firm doubled its office space with a move to 4650 S. National Ave., Ste. C-4. The local office's five partners and 20 staff members relocated to a 2,800-square-foot office leased for an undisclosed amount from National Office Plaza owner Bill Reed. The company moved from the Plaza Towers building at Sunshine and Glenstone.

"We had expanded to the point where we were bursting at the seams at the old location," said Bill Ladd, a Coffman and Co. partner since 2005. "It was a necessary decision to continue to experience growth, to continue to attract recruits and additional clients."

Chris Maples, owner of Maples Properties, said growth is a common reason for businesses to move, but she noted that downsizing is another.

Regardless of why a company needs to relocate, however, Maples said choosing a new location comes down to weighing the pros and cons and considering factors such as location, visibility and accessibility.

"Your ingress/egress needs to be good," she said. "Sometimes, where your employees live makes a difference."

Visibility was an important factor in Coffman and Co.'s move, said Jared Duckett, a certified public accountant with the firm since 2006. Being in a ground-level location on South National instead of an encapsulated space such as Plaza Towers means the company can use its signage to attract customers, who should have an easier time finding the office.

"It has easy access to James River Freeway right there ... so it's easy to get to," Duckett said.

Common mistakes in choosing locations include leasing or purchasing more space than necessary, or not accounting for visibility and accessibility.

"If you're an in-and-out place, you don't want only one way in and out," Maples said. "I don't want to see (a business) go to a place like that because the rent is cheaper."

Beyond the cost, however, other factors that can influence a location choice include being able to work with a friendly landlord, as was the case for Coffman and Co.

"We found that working with the landlord was very easy," Ladd said of Reed. "He was very aggressive in his offerings - what he was offering as far as the build-out allowance, as far as the space, as far as the layout. He basically let us have free rein as far as laying out exactly like we liked it and worked very well to get us the space that was exactly we needed."

And while the accounting firm decided to stick with leasing, Maples said deciding whether to lease or own is an individual decision for businesses.

"Some (businesses) do not have the desire to own or the financial ability to purchase, and they're going to have to lease. Sometimes tax-wise it's better to purchase," she said.

Other tenants may prefer to leave property upkeep to a landlord so that they can better focus on their own business.

And when a company is moving, it's important to consider both existing and future needs, which Ladd said factored into Coffman and Co.'s decision.

"We tried to get enough space we could grow into for several years. And I think we (have it)," he said. "We're certainly hoping we (do). It's amazing how quickly it can fill up."

Ladd said the firm is evaluating opportunities for expansion beyond the Springfield office. "We're hoping to eventually have a nice presence throughout the state of Missouri," he said.