Owning vs Leasing Your Building

by | May 18, 2021 | Business

The Better Business Roundtable is a monthly live segment that features business experts from our community. These amazing leaders bring a wealth of experience in owning and running a business that they share with other companies in our area. We are honored that our CEO Tom McDougall was asked to be a part of such a wonderful group of business leaders. Other participants include Dan Staller, Market President at Starion Bank, Chad Flanagan, a partner in Charge of Business Valuation at Eide Bailly, and Tyler Leverington, Corporate Attorney at Ohnstad Twichell Law Firm.

 

Owning vs Leasing Your Building

HPN leased when we first got started, we own now. Typically, when you are first starting off, you lease so you aren’t as committed in case things don’t work out. HPN outgrew what we had so we decided to buy so we had more control. The challenge with buying, you end up buying something too small if you don’t plan ahead. For us, we wanted to be able to control our environment and what we could do with the building. We were an established company and were going to be sticking around so we felt comfortable buying, we were also financially ready to own. It’s a whole new ballgame to own a building, you take on the responsibility and the liability of keeping the building nice or if someone gets hurt on your property. Do you want that extra responsibility? Check out the segment below to learn more from the Better Business Roundtable team!

 

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