{"id":561124,"date":"2012-06-26T04:43:15","date_gmt":"2012-06-26T08:43:15","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/take-look-your-lease\/"},"modified":"2022-01-31T12:44:39","modified_gmt":"2022-01-31T17:44:39","slug":"take-look-your-lease","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/take-look-your-lease\/","title":{"rendered":"Take a Look at Your Lease"},"content":{"rendered":"<div>\n<p>If your business is not location-sensitive, that is, if your business location is immaterial to its success, then the following may not be important.\u00a0 However, lease information is usually helpful no matter what the situation.\u00a0 The business owner whose business is very dependent on its current location should certainly read on.<\/p>\n<p>If your business is location-sensitive, which is almost always true for a restaurant, a retail operation, or, in fact, any business that depends on customers finding you (or coming upon you, as is often the case with a well-located gift shop) \u2013 the lease is critical.\u00a0 It may be too late if you already have executed it, but the following might be helpful in your next lease negotiation.<\/p>\n<p>Obviously, a very important factor is the length of the lease, usually the longer the better.\u00a0 If the property ever becomes available \u2013 do whatever it takes to purchase it.\u00a0 However, if you are negotiating a lease for a new business, you might want to make sure you can get out of the lease if the business is not successful.\u00a0 A one-year lease with a long option period might be an idea.\u00a0 Keep in mind that you might want to sell the business at some point \u2013 see if the landlord will outline his or her requirements for transfer of the lease.<\/p>\n<p>If you\u2019re in a shopping center, insist on being the only tenant that does what your business does.\u00a0 If you have a high-end gift store, a \u201cdollar\u201d type of store might not hurt, but its inclusion as a business neighbor should be your decision.\u00a0 Also, if the center has an anchor store as a draw, what happens if it closes?\u00a0 The same is true if the center starts losing businesses.\u00a0 Your rent should be commensurate with how well the center meets your needs.<\/p>\n<p>Because of the World Trade Center disaster, insurance is a big issue.\u00a0 What happens if the center is destroyed by fire or some other disaster \u2013 who pays, how long will it take to rebuild? \u2013 these questions should be dealt with in the lease.\u00a0 In addition to the rent, what else will be added: for example, if there is a percentage clause \u2013 is it reasonable? How are the real estate taxes covered? Are there fees for grounds-keeping, parking lot maintenance, etc?\u00a0 How and when does the rent increase?\u00a0 Who is responsible for what in building repair and maintenance?<\/p>\n<p>A key issue for many business owners is determining who holds ultimate responsibility for the rent.\u00a0 Are you required to personally guarantee the terms of the lease?\u00a0 If you have a business that has been around for years, or if you are opening a second or third business, the landlord should accept a corporation as the tenant.\u00a0 However, if the business is new, a landlord will most likely require the personal guarantee of the owner.<\/p>\n<p>The dollar amount of the rent is not necessarily the most important ingredient in a lease.\u00a0 If the business is successful \u2013 the longer the lease the better.\u00a0 If it\u2019s a new business, the fledging owner might want an escape clause.\u00a0 And, in any case, the right to sell the business and transfer the business is a necessity.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If your business is not location-sensitive, that is, if your business location is immaterial to its success, then the following may not be important.\u00a0 However, lease information is usually helpful no matter what the situation.\u00a0 The business owner whose business is very dependent on its current location should certainly read on. If your business is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-561124","post","type-post","status-publish","format-standard","hentry","category-selling-a-business"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/561124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/comments?post=561124"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/561124\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media?parent=561124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/categories?post=561124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/tags?post=561124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}