To Own or To Lease, That is the Question By Roxanne Converse-Whiting, AHLC Contributor
Owning is an end game Oftentimes a new company starting up doesn’t have the money to purchase property, especially in high-dollar areas. But after nine years in business, Kelly Nemitz, owner of The Hair Specialists in Hudson, Ohio, asked herself, “Why am I leasing?” She realized how expensive it was when she added up the money spent on monthly lease payments. That’s when she decided to look for a building to buy and an opportunity to be her own landlord. Stacey Handel, owner of Garde Bien Spa Salon in Knoxville, Tennessee, had a similar experience. She leased for 12 years when she first opened. “When I did the math, I saw that I had no equity for that 12 years of business.” She moved to her permanent location in 2011. This year she was able to purchase the adjacent space to renovate and expand.
illness.” However, the busy bus that started rolling after those shutdowns during the pandemic has not stopped. One thing is for sure, with all the changes from 2020 she says she’s learned to prepare for the unknown. “I can’t lie. When the adjacent space became available during a pandemic it was frightening and Kelly Nemitz exciting! Prior to the pandemic, I had several conversations with the business owner about his future and retirement. The pandemic turmoil gripped us all in the realization of an uncertain future, and he was even more motivated to sell,” Handel said. “We are on our way to having a record year and expansion very much on track.” After being in business for 11 years, Nemitz said she was amazed as they survived a COVID-19 shutdown and still had her clients and employees. They had also survived the stock market crash in 2008. She realized that no matter what happens, people will still have needs to meet.
Entrepreneurism is in her blood, she said, and she is aggressive when it comes to business decisions. One reason to buy property is the need for space. Nemitz said private rooms are constantly overbooked because of the specialized services they provide to men, women and children. The need for more space made purchasing property the next logical decision. While Nemitz began looking for property in 2020, she closed in April on a location that she sees as an endless opportunity for growth. “In my heart and in my gut, I know that this is what we needed.” She is in the process of renovating and making the space her own. Handel agreed that privacy suites are the backbone of any hair loss specialty business. She said it became clear that the solution was to expand in their current location because she already had a feel for the future of CONTINUED ON PAGE 25
Stacey Handel
For these two business owners, owning property is not only the best choice for their business but also a great investment toward their future. With more than 40 years of experience, Handel says she has watched business ebb and flow. “I would have never guessed I’d be closing my doors because of a global THE LINK MAGAZINE
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