Today we had a deal where the landlord is demanding 10% of the sales price of the lease, can you believe it! Of course the landlord has the right because the tenant gave it to him. It is very likely the tenant had no idea he was giving him the right to make such a demand. It is more often than not most tenant's are inexperienced in understanding leases let alone negotiating them.
We at SellingRestaurants strongly encourage all prospective tenants to use an attorney to review your lease. And we also encourage you to use our services to knock out the obvious egregious and offensive language before spending attorney money. We can save you a bundle here.
But don't let landlords or even big commercial brokerage firms take advantage of you. Get the help you need because the restaurant business is tough enough without having to deal with leases that hurt your business and your future.
Mel Jones is one of the premier restaurant brokers in the nation having published hundreds of articles on buying and selling a restaurant and bar business, selling thousands of restaurants in CA., WA and AZ and building one of the most copied business models in the brokerage industry. Mel started SellingRestaurants in 2004 with the one simple concept, give the buyers the information they need to make intelligent buying decisions without being pestered by a broker or hiding information, prepare the business for market by researching key details that make or break deals and educate the buyer on the buying process to create an intelligent buyer. Prior to SellingRestaurants, Mel was a Chief Financial Officer for Universal Music Group, the largest music company in the world. There he participated in more than $11.5 billion of merger and acquisition transactions. Give Mel a call at 480.274.7000 if you have any questions.