When purchasing a business or franchise‚ your lease agreement will serve as one of the most influential factors in determining the profitability of your new business. In states such as New York and New Jersey where rents are higher‚ paying particular attention to your rent factor is critical.
When the business that you are purchasing is a franchise‚ some additional lease agreement "due diligence" factors that you should consider‚ include:
Your lease will serve as one of the most critical business assets that you will be acquiring‚ so you must get the terms right. If the business that you are purchasing is a car wash or gas station in New York‚ Long Island or New Jersey your lease agreement due diligence must also include an assessment of the property for potential environmental conditions.
There are many other steps to buying a franchise. To become familiar with all of the steps when buying a franchise we recommend reading "Steps to Take and Mistakes to Avoid when Buying a Franchise". Also‚ check out our free online video resource "Franchisee University".
Category: Buy a Franchise
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