In this episode, Rick speaks with Karen Abrams, a leasing specialist for boutique fitness franchises. Karen is also a preferred vendor with Alloy and has a wealth of information on leasing, entity creation, and business resales. She shares some sage advice on leasing, and other business functions critical to opening a fitness studio. Tune in!
Leasing a commercial property for your business is a huge investment, both financially and strategically.
It's a contract that sets the foundation for your entire relationship with your landlord and should not be taken lightly.
Yet, many small business owners make the mistake of not having their lease reviewed by an attorney.
Let's face it, commercial leases are complicated documents that cover a lot of ground. There's a lot to consider, from rent payments to maintenance responsibilities, presale arrangements, competitor clauses, and more.
And if you don't have a lawyer specializing in commercial leasing, you could be putting yourself at risk.
For instance, did you know that some leases require you to foot the bill for air conditioning repairs which can run to tens of thousands of dollars?
In this episode, Rick speaks with Karen Abrams, a leasing specialist for boutique fitness franchises. Karen is also a preferred vendor with Alloy and has a wealth of information on leasing, entity creation, and business resales.
She shares some sage advice on leasing, and other business functions critical to opening a fitness studio. Tune in!
Key Takeaways
- Karen Abrams' background and experience (01:17)
- Why an attorney needs to review and negotiate your lease (13:21)
- Nightmare stories in commercial real estate leasing (16:44)
- Letter of Intent in real estate (21:06)
- Top pieces of advice for someone negotiating a lease (27:46)
- Why the Personal Guarantee clause is critical (31:03)
- What happens when you sell your business (32:26)
Additional Resources:
Contact Karen Abrams:
- Website: https://www.parisackerman.com
- Email: kabrams@parisackerman.com
- Cell Phone: 973.868.6333
------
- Learn About The Alloy Franchise Opportunity
---------
You can find the podcast on Apple, Google, Spotify, Stitcher, or wherever you listen to podcasts.
If you haven’t already, please rate and review the podcast on Apple Podcasts!