When buying a business, it is important to start on the right foot with the landlord.
A business operated from leased premises cannot be transferred to a buyer without the landlord’s consent. The landlord will normally want to ensure that the buyer is of good character, has sufficient experience to run the business well and has the financial standing to support the lease obligations. This is especially if the business hits hard times, as we are in now.
Therefore, it is important for the buyer to impress a landlord in the short time required to complete the business sale contract.
This is often achieved by providing the landlord with the following documents in advance of a meeting with the landlord:
- two business references;
- statement of assets and liabilities;
- summary of business experience/CV;
- business plan.
It is common for the landlord to want to meet the buyer of a business before giving consent. First impressions are important so prepare and dress well for the part. Demonstrate to the landlord that you are capable of taking the business to a better level than the current owner!
What to do next: If you need help with a lease, or for all queries regarding buying or selling a business, call Joe Kafrouni on 3354 8888 or email
Disclaimer
The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. Business owners should consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.