8. Find out if the lease is assignable. If you find yourself in a position where you need to sell your business, location could be a major part of its sale value. You will want to check whether or not the landlord has the right to terminate the lease in the event that you sell your business and ask for an assignment, because terminating the lease could kill your sale. See what you can do to eliminate or modify this clause, but understand that your landlord will still want to retain the right to reject the assignment if the buyer is financially unacceptable.
9. Plan to provide a guarantee. Most landlords these days will want you to personally guarantee your lease, but these guarantees are negotiable. Ask to provide that you are only required to guaranty for a portion of your lease term, or see if you can get a guarantee that only last 6 months to a year after the termination of your lease, rather than the rest of the lease term.
10. Be realistic. Understand that landlords are going to be more or less likely to negotiate with you depending on what percentage of their larger property you are renting. Perhaps consider hiring a lawyer to help you best understand what is worth negotiating for so you can best pick your battles.
Remember that finalizing a lease requires a lot of careful—and sometimes tedious—double-checking and negotiating if you want to set your business up for success in a new space!
Give a commercial real estate broker in Overland Park a call at 913-685-4100 to learn more about our available spaces!