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Indy's: Multiple DBA's sharing space, etc

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Jul 6, 2007 2:41 am

As someone considering all options, one is sharing a larger space with multiple DBA’s or taking down a smaller spot for just my biz.  On paper it looks like a no brainer. From those of you already Indy sharing space how is it working out?  Any issues? Ideas? 

Another option is creating a smaller “boutique” firm under one DBA down the road. 

Jul 6, 2007 3:19 am

Would you all be with the same broker/dealer?

Jul 6, 2007 4:20 am

Unless you would all be with the same B/D, I'm guessing most firms would have problems with it.  My B/D wants clear signage and anyone who would come into contact with my employees within my office has to be an employee who they have approved (basically credit check and appropriate disclosures, privacy agreements, etc.). 

If you're all with the same B/D, I'm guessing it would all be good.

Jul 6, 2007 2:58 pm

Are you talking about sharing an office hub type of set up?  When my lease is up, I am considering this and working with a contractor to encourage him to build.   The building would consist of several different independent businesses in their own distinct office settings (CPA, Me, Lawyer, P&C only Agent) all serviced by a central lobby/receptionist that we would all share the cost of hiring.  A lot of Indys go this route.

Like Old Lady says, if it were multiple broker dealers in the same office, this would be a problem. But for each unit being a separate business and merely sharing a receptionist, not a problem.  If the receptionist were to double as an assistant for your securities business, that would be prohibited, because your employee who might have contact with client information would have to be security screened.

Jul 6, 2007 5:39 pm

I share office space with a group of CPAs and it works very very well.  They had extra space that they weren’t generating any revenue from, they needed a part-time bookkeeper (we share my assistant) and we cross-refer like crazy.  All in all, a win-win situation.  The only ones unhappy with the arrangement are the local Jones guys who used to get all the referrals.

Jul 6, 2007 8:47 pm

[quote=Bobby Hull]Would you all be with the same broker/dealer? [/quote]

Yes, all under same BD, but two seperate DBA’s/brokers.

Jul 6, 2007 8:55 pm

Am looking at sharing receptionist, common office expenses and space (kitchen, conference room, etc.) but brand businesses however we want individually, not as partners.  We would each have our own dedicated part time assistant.

Of course this would be under the same Broker Dealer.  I know a few guys looking to leave AGE and I’m considering doing it with them or just do it on my own.  So curious of any pitfalls. 

Jul 6, 2007 10:25 pm

Wouldn't your potential clients be confused as to why two businesses that do the same thing with the same broker dealer have two different names?

What is your purpose in having individual DBAs other than to try and brand name your own businesses?  I don't see any advantage and a lot of pitfalls.

Jul 6, 2007 11:18 pm

[quote=Dust Bunny]

Wouldn't your potential clients be confused as to why two businesses that do the same thing with the same broker dealer have two different names?

What is your purpose in having individual DBAs other than to try and brand name your own businesses?  I don't see any advantage and a lot of pitfalls.

[/quote]

If I'm starting my own company why would I want to tell people I work for DustBunny Inc?

Jul 9, 2007 4:26 am

[quote=gad12][quote=Dust Bunny]

Wouldn't your potential clients be confused as to why two businesses that do the same thing with the same broker dealer have two different names?

What is your purpose in having individual DBAs other than to try and brand name your own businesses?  I don't see any advantage and a lot of pitfalls.

[/quote]

If I'm starting my own company why would I want to tell people I work for DustBunny Inc?

[/quote]

No, but it might work if you called it DustBunny, Gad, and Co.