In the typical cliché, the key to business success is: location – location – location. If you own a business in which the location is an important reason for its success and you are considering selling, then it’s time to think about taking care of your lease before moving on.
Business brokers can recite many stories where they contact landlords during pending sales. Only to find out that other parties have already just signed up for their property and will be taking over as soon as their lease expires next month. Fortunately this doesn’t happen very often. If your lease is just one more thing on your mind, now’s not too late to take care of it. You don’t “take” any chances with those pesky details come sale time!
The Steps In Dealing with the Lease
The first step is finding the lease.
The second step is to read it.
The third step is to visit the landlord and work out any lease issues.
Leasing a property for your business is an important decision. You want to be sure that you have plenty of time left on the lease and that the landlord is open to selling the property to you if you are interested. If you only have a few years left on the lease, be sure to ask for an extension. If you have more than that left, consider getting an option to renew the lease when it expires. Owning the property gives you peace of mind and removes any worries about leases in the future.
Leases are important for businesses that are dependent on their location. If the business is not tied to a specific location, then the lease is not as important. However, it is crucial to iron out any details before putting the business on the market.