Read this guide to make a smarter, more informed decision among the many restaurants available to lease!
The landlord/tenant relationship shares a lot in common with a marriage. Both parties go in with the best of intentions and there’s a lot of love on both sides.
The standard formula for a restaurant lease is quoted as a price per square foot plus CAMS, Taxes and Insurance.
The most common error in negotiating a lease is the failure to plan for an exit strategy. No one enters business expecting to fail, but it happens. Partners get sick or walk out of partnerships.
It is critical that you be in a position to put forward a full financial package on the listing for the landlord. You will also need to be sure you and any guarantors have good credit.