Worcester Business Journal

www.wbjournal.com June 22, 2015 • Worcester Business Journal 15 Looking for a Successful Business Exit Strategy? — ROCG Can Help! — ROCG specializes in helping small to medium-sized, privately-owned and family businesses with exit/transition planning, value building and change or succession planning. We help dozens of business owners each year meet their personal and financial objectives. For more information, call Terry Shepherd at (617) 412-4640 or email him at terence.shepherd@rocg.com ROCG BOSTON OFFICE 1671 Worcester Rd, Suite 303 Framingham, MA T: 617.412.4640 https://americas.rocg.com business exit & transition specialists The Fuller Family would like to thank all past and current employees and customers for their continued support. 505 Washington St. Auburn, MA 01501 508-832-0900 FAMILY BUSINESS A W A R D S C E N T R A L M A S S . WORCESTER BUSINESS JOURNAL'S HONOREE >> WORCESTER The 1994 reestablishment of commut- er rail service from Worcester to Boston after a two-decade gap was widely seen as a positive step for the city's economy. Yet at the same time, it promoted an image of Worcester as essentially a big suburb — or, at most, a supporting player — for the growing Boston colossus. Worcester has fought back by con- sciously trying to develop its own eco- nomic engines. One of the most visible of these is the Massachusetts Biomedical Initiatives, which provides space and resources for life sciences companies. Jon Weaver, MBI's chief operating officer, said Worcester's highly educated popula- tion and prominent institutions make the city into the anchor of a high-tech corri- dor that extends to Boston and Cambridge. He said MBI frequently works with startup founders in MetroWest who are trying to decide whether to set up shop in Worcester or Greater Boston. He said many are put off by the hour-and-a-half commute into Cambridge and $70-a-square-foot real estate prices they find there. "Then they look at us, and they say 'I can be there in half an hour at a third the price,'" he said. Weaver said the city's cultural draws are also important to the companies MBI works with. Attractions such as Hanover Theatre, the Crompton Collective bou- tique and Wormtown Brewery appeal to young innovation-economy workers. Taking time for people to catch on? Weaver said there are certainly some startups that prefer a prestigious Cambridge address, and that's fine with MBI since they have no trouble keeping the buildings full as firms cycle through the incubator spaces. "People that know about [Worcester] are doing very well, and those that don't, well they'll figure it out eventually," he said. In fact, even if no Worcester-based companies were part of the latest round of grants from the Massachusetts Life Sciences Center (MLSC), spokesman Angus McQuilken said the city has been a major part of the state's biomedical industry for decades. While there are lots of Boston-area startups vying for funds, he said companies in Worcester are fully as viable and have access to a lot of key resources. "It has terrific academic institutions where important research is taking place," he said. Working together, not apart Like Weaver, McQuilken said Worcester and Greater Boston both ben- efit from each other. "There are many companies that will want to be in the innovation center of Boston and Cambridge, but there are many compa- nies that are interested in proximity to those centers but at lower costs," he said. McQuilken said the MLSC has pro- vided $139 million in funding in Central Massachusetts, starting with major capi- tal investments at UMass Medical School and WPI. He said the center has also placed many students and recent gradu- ates at Worcester-area businesses through its Internship Challenge program. Meanwhile, Murray said city officials and business leaders are continuing to push Worcester. That means developing new co-working spaces and business incubators, as well as supporting improved transportation measures. "I think the good news is the world is getting smaller," Murray said. "And, quite frankly, the opportunity, as people are getting priced out of Boston and Cambridge, is to find that talent." Murray said Worcester also hasn't given up on being part of the Olympics, if they end up in Boston in 2024, such as by using Lake Quinsigamond or the DCU Center for events. "We're trying to make sure as they're considering this thing that they're aware of what we have to offer, which I think is a lot," he said. n Out of Boston's shadow? >> Continued from Page 12 according to Eric Smith, a principal planner at the Central Massachusetts Regional Planning Commission. Fostering walkable areas can be an "eco- nomic engine," allowing people to keep their shopping local. These empty nest buyers may be responsible for a narrowing of the price gap between condos and single-family homes. At a market peak in 2005, the median price of a condo, $288,000, was roughly $75,000 less than that of a sin- gle-family home, according to Warren. However, that gap has narrowed to $20,000 so far in 2015, with the median price of a condo at $299,000 and that of a single-family home at $319,900. Baby boomers buying condos tend to go for the more expensive townhouse styles, which can range up to $500,000, said Jackie Cohen, a real estate agent with Coldwell Banker in Shrewsbury. She has seen a continued demand for apartment-style condos among younger, first-time buyers in and around Worcester. Prices can range from apart- ment-style units that sell for $70,000 to townhouses that go for upwards of $500,000. Condos cover a broad market, she said, and the lower end is still acces- sible to those looking for an alternative to paying rent every month. "It's your first step into buying some- thing. So it's convenient having someone else handling everything at first," Cohen said. n Condominium sales rise >> Continued from Page 13

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