Investing in Business and Community: Grandjean, Wagner, Beiter & Company and an SBA 504 Loan

Grandjean, Wagner, Beiter & Company_Success Story Photo

When Managing Partner Nick Beiter and the team at Grandjean, Wagner, Beiter & Company were ready to purchase a building for their financial services company, they knew that their decision also represented an important investment in their Syracuse, NY, community. Here’s how a U.S. Small Business Administration (SBA) 504 loan, in partnership with M&T Bank and Pursuit, helped them make a wise financial decision that benefits their clients, too.

A deep commitment to the community

Grandjean, Wagner, Beiter & Company has grown substantially since the business started in 1990 as a two-person accounting and financial services firm, Grandjean & Wagner, to focus on the specific needs of individuals and small businesses.

Today, with additional managing partners and a staff of about 15, the firm provides a range of financial services, including accounting and tax preparation, financial services, retirement planning, and more for about 4,000 clients. The firm’s commitment runs deep in their East Syracuse community, too, and they realized that by purchasing a commercial building there, they’d do more than make a smart investment: They had an opportunity to show their clients the strength of their commitment by establishing a permanent home for the company.

A new location leads to a refresh for the firm

The leadership team didn’t go far or look for long to find the perfect new home for the business: The location they purchased is about a football field away from their previous location. As Nick says, “We really like our neighborhood, and it’s convenient for our clients, so staying here was important to us. We were fortunate that a great building was available – it was the right size and in the right location, so everything came together quickly.”

They also didn’t have to spend time shopping around for funding to make their vision possible. They have a longstanding commercial relationship with M&T Bank, and when the team approached their bank about their project, M&T immediately recommended an SBA 504 loan in partnership with Pursuit.

Although Nick and the leadership team had a great banking relationship with M&T, Pursuit and their loan officer, Ben Alexander, were new to them. The firm trusted M&T’s advisement and didn’t hesitate to move forward.

A great investment for all

Nick says that as accountants and financial services professionals, the team was used to working through property transactions with their clients. “Even still,” he says, “this was the first commercial real estate purchase for our firm, so it was interesting to go through the process ourselves. And the Pursuit team, especially Ben, and our M&T representatives were great to work with on this. They made the process as smooth as possible and, of course, we’re thrilled with the result.”

The team closed on their SBA 504 loan in December 2021.

With more space available and the option to design it as they wanted, they renovated the building to refresh the interior and exterior. The work included creating private offices for the staff, as well as knocking out some of the exterior wall space to make way for windows in each office. It’s the kind of touch that makes their building friendlier from the outside and more comfortable for all.

SBA 504 loans: An ideal solution with great terms

Nick says that today, the firm’s monthly payment for owning their own building is on par with their monthly lease payments, but they now have many benefits they didn’t have when they leased space.

“There are the clear advantages of gaining equity and other financial benefits,” he explains, “but there’s also the peace of mind that comes with knowing that we’ll never need to move due to another landlord’s actions. Changing locations can be incredibly disruptive for small businesses, so on that point alone, this was a sound decision.”

Pursuit can help your business, too

“As small business owners, it’s a great feeling when we’ve grown to the point that we can plant roots and invest back into our communities,” Nick says.

To learn more about how Pursuit can help your business gain the financial benefits of commercial real estate ownership – along with the goodwill that comes from community commitment – take a look at our loan options for small businesses, then contact us to learn more.

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