Lessor’s Consent on Lease Assignment: Making a Good Impression
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 matters most if the business hits hard times.
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!
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Joe Kafrouni, Accredited Specialist in Business Law, Kafrouni Law
Disclaimer: This article is general information only and is not legal advice. Before acting on it, get advice on your own circumstances. To the extent the law allows, Kafrouni Law accepts no liability for any loss arising from reliance on it. This article is the copyright of Kafrouni Law.
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