I could complete this post by simply saying…you don’t hate yourself enough to read, understand, and negotiate your own commercial [...]
Believe it or not, this happens ALL. THE. TIME. It seems crazy, doesn’t it? That someone would start a business [...]
Commercial leases are very different from residential leases. They are typically set up so tenants cover things like insurance, property taxes, and maintenance. This structure is called a triple net lease. The tenant’s ability to negotiate can be somewhat difficult because landlords often want to offer their tenants the same rates. However, the market may help tenants negotiate more favorable terms if the space in question is not highly sought after. If that’s the case, a tenant could ask for more build out money or more parking spaces or even less base rent. Additionally, if a landlord has a need to fill a spot quickly, that can be a time to try to negotiate your best deal.
Without a doubt, 2020 has drawn attention to an obvious lack of opportunity for minority populations, an inequality in our society that’s become so obvious that it can no longer be ignored. Some of these long-standing problems were exacerbated by COVID-19, but now business owners have a fantastic opportunity to use their businesses to help in some small (or, large) way.
In my experience with helping my clients negotiate the buying or selling of their business, whether to a third party, or to their soon-to-be ex- partner, the same pitfalls arise time after time. But, by understanding what they are and how to avoid them, you can go into the sale confidently. As always, the devil is in the details and you need experienced legal counsel to draft your terms.
You've got a cause you care about — now you just need the legal status that will help your organization raise money and work for that cause. Here are four steps to help you understand the process, but as always, call Wick Law for more details.