Did you start a new business?
Did you sign a franchise agreement?
If so‚ the next step is to focus on your business location and if you are like most other franchisees and start-up entrepreneurs your next big task will be negotiating a lease agreement and building-out your new business location. Aside from your business purchase agreement and‚ if applicable‚ your franchise agreement‚ the lease for your business premises will impact the economics of your business for many years to come. One critical lease negotiation issue relates to "build-out". That is‚ the construction to be performed to get your new location up and running‚ the responsibilities of your new landlord and your responsibilities as a tenant.
When evaluating the build-out for your new location and evaluating the lease agreement‚ consider:
When negotiating your lease agreement understand that there are many "moving parts" and in addition to build-out obligations you should be considering and discussing with your lawyer issues involving‚ base rent‚ additional rent‚ common area maintenance obligations and tax obligations. Since your lease agreement will be critical to the future operations of your business‚ it is important to take some time to make sure you get it right.
LEARN MORE: To learn more about lease agreements and factors to consider when evaluating the terms of your lease‚ order a free copy of Charles N. Internicola's book "An Entrepreneurs Guide to Buying a Business or Franchise".
Date: 01/06/2011 | Category: Buy a Franchise
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