Entrepreneurs are finding renewed opportunity in Michigan, and many are returning to find solace in their home state after living elsewhere. The state's low cost of living and entry costs for young start ups are among the advantages luring them back home.
According to excerpts from the article:
Successful careers outside Michigan proved to be not enough for East Lansing natives Joe and Rose Glendinning.
The siblings longed to return home and run their own business, looking to create a less-stressful, more relaxed lifestyle closer to family and friends.
Joe Glendinning, a high-paid attorney in Chicago, moved back in 2007
and opened a Biggby Coffee
franchise in Bloomfield Hills the following
year. After some cajoling, he convinced his little sister, a Boston
banking executive, to join him in his entrepreneurial venture.
Today, the pair run two Biggby Coffee
franchises; the second opened last month in Birmingham. While there is
no data on the return of Michiganians, the Glendinnings are among the
stories of natives who are coming back home and partially countering
the population exodus from the state.
Gordon Krater, managing partner at Southfield-based financial services firm Plante & Moran, isn't surprised to hear that native Michiganians are slowly trickling back to the state to start a business.
The timing is perfect for entrepreneurs to open a business in Michigan because a large number of vacant commercial buildings are available, rents are low and there's a big pool of unemployed workers, he said. Another draw for people who have been living in other states and want to move back to Michigan: The housing supply is plentiful and reasonably priced, he said.
"It's a good time and place to start a business here," he said.
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