Howdy
Got a scenario that I need assistance with.
There is a business being sold, currently there is 1 and a few months year left on the lease at 6k per month( 3 year lease).
This is a small business with 120k stock and approx 100k for the Customer Base.
The current business owner advises that they will need to look after the lease, even tho the business will change hands.
I believe it is a standard commercial lease.
Now please correct me if I am wrong, but should the new owner not take over this lease( business requires store front and customer base rely on location)
Are there options to Break the lease?
There is also the likelyhood that the new owner will go bankrupt as the industry is pretty tough.
I understand that Many here are commercial owners, I'm aiming for a win for everyone if possible, but I need to play the side of the renter.
Thanks
Denis
Got a scenario that I need assistance with.
There is a business being sold, currently there is 1 and a few months year left on the lease at 6k per month( 3 year lease).
This is a small business with 120k stock and approx 100k for the Customer Base.
The current business owner advises that they will need to look after the lease, even tho the business will change hands.
I believe it is a standard commercial lease.
Now please correct me if I am wrong, but should the new owner not take over this lease( business requires store front and customer base rely on location)
Are there options to Break the lease?
There is also the likelyhood that the new owner will go bankrupt as the industry is pretty tough.
I understand that Many here are commercial owners, I'm aiming for a win for everyone if possible, but I need to play the side of the renter.
Thanks
Denis