Many Adirondack businesses have evolved from “Mom and Pop” family situations over the years. With the exception of the few industries that have always been part of the Adirondack heritage, such as lumbering and mining, most businesses have their roots in the tourist or recreation fields. Unfortunately, the “Mom and Pop” aspect of a typical Adirondack business, with sporadic income, is no longer adequate for the new class of would-be business owner. The income potential must be able to justify the acquisition cost or debt service involved, cover the overhead and sustain the needs of a buyer. In our role of marketing the existing commercial opportunity, we stress the potential of the existing business and explore the possibilities of other income to supplement to what is at hand. Our experience allows us to bring valuable insight to both the buyer and seller. Identification of potential is an important part of the assistance we provide to both parties.
As prices for commercial entities increase so do the needs for creative financing. We research all possibilities including owner-held, traditional commercial, grants, exchanges, or subsidies. We have an established relationship with institutions such as the Adirondack Economic Development Corporation who look to make resources available to new or growing businesses. It is not uncommon for us to make sales presentations to potential financial sources as well as potential buyers.
In recent years, many established businesses have been purchased by young families. The primary lure to the area has been the lifestyle, the environment or perhaps an attractive retirement setting. Our buyers are often interested in quality of life issues and leave substantial incomes elsewhere to pursue small business opportunities in the Adirondacks.
As the Adirondack population base broadens and becomes demanding of more services, we see changes in the business climate. New commercial opportunities arise as does the necessity for expansion in existing business. Timm Associates Sotheby’s International Realty has worked hard to establish itself as the resource for larger franchises and commercial investors. We help them explore the available inventory, evaluate demographics and competition, and acquire properties that meet their needs. We work on their behalf to obtain the necessary permits or variances from State, County and local governmental agencies including the Adirondack Park Agency. It is not uncommon for us to also meet with all parties concerned, including DEC, DOT, Zoning and Planning Boards, financial institutions, architects, engineers, sellers and neighboring property owners. Often Clients from outside the area need an established contact who will work with all parties to facilitate the entire transaction.
We have worked with clientele from various hospitality businesses, convenience stores, and retail stores. We present our clients with existing opportunities or design a scenario custom-made for their particular project.
Our marketing of existing business or commercial opportunities reaches far beyond the local marketplace. When we are brought in to market an Adirondack property or business a concerted effort is made to expose that property to as many people and investors as possible. Our existing contacts, developed over the years, are important resources that are explored first.
Having offices in several key locations has put us in the position of drawing customers from areas that cross over traditional geographic bounds. We find ourselves working daily with buyers who may not have explored the possibilities of other locales or commercial opportunities. Having a large and diverse inventory and a working knowledge of the entire Central Adirondack region permits us to greatly extend our territory. This dominant market presence has become a significant factor in our success in business and commercial property sales in the Central Adirondacks.