By: Rick Davis
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Commercial Leasing Tips for First-time Restaurateurs
Rick Davis shares his thoughts on commercial leasing for restauranteurs in this article for Pizza Today.
. . . Just as importantly, you’ll want to find out who occupied the space before you — and why they left. “Look at why previous businesses failed in that same location, as well as the reputations of your neighbors,” says Rick Davis of Rick Davis Legal. Whether they failed or expanded, their reasons for leaving could impact the terms of your lease.
. . . Ultimately, though, everything is negotiable — even the requirement to pay rent. “It’s pretty seldom we’re not negotiating for free rent or a tenant allowance,” says Davis. “If you’re not looking for it, you’re leaving money on the table.”
. . . The personal guarantee. An LLC won’t remove all personal liability. “Almost any commercial landlord will require a personal guarantee from the lessee,” says Davis.