![]() The buyer gets the mat when he may not have been able to swing the costs and you get a sale to someone who you have enough confidence in to pay your notes with negotiated interest. If you found a good, qualified buyer who you think can do well with your business but is shy on how much money they can put down, you both can benefit from seller financing. For instance, by issuing promissory notes-a signed document promising payment to the note bearer at a specified date or on demand-you may save on taxes. There are too many tax strategies, depreciation strategies and loss strategies. You should already have a good, qualified tax accountant who knows your business. There are boilerplate versions online but your lawyer should draft one specifically for you. When you decide to sell your mat, have every person who requests information about your mat sign a non-disclosure agreement so they can’t share your mat’s private info with others. For instance, how long does the landlord have to decide on a buyer for you? If not worded well, it may give the landlord a couple of loopholes to pressure you at selling time. The lease assignment allows you to transfer your lease to a buyer. ![]() You can frame extension options with parameters, such as an increase of not less than 2% but not more than 5%. ![]() This attorney would assist you with contract language regarding lease length, craft fair options for extensions, and assign the lease to your buyer. You want a good commercial lawyer when you buy to advise and protect you so that you’ll have better conditions when you sell. Note: A buyer should first prove that they can afford your mat, so they don’t waste your time. I’m not a fan of online brokerage sites but what about Craigslist? Maybe other retailers in your shopping center have been eyeing your space for years. If you have a regular detergent supplier, ask them if they know of anyone looking to buy. Most store owners don’t want staff to know they are selling because they’re afraid the crew will quit. If your attendants know you are selling, ask them to take notes on anyone who inquires about your store. Doing that brought more serious buyers and not many “tire-kickers.” Advertise your stores for sale in the media that makes the most sense for you and your area. I advertised in the World Journal, which is the most-read newspaper by Chinese people living in NYC. In New York City, where my stores were located, Asians frequently bought mats. Let me conclude today by discussing how to find buyers, the need for legal support, seller financing, and dealing with taxes. In Part 1, I went over the importance of curb appeal and store condition. ![]() You probably won’t get much out of the seller but you may get some useful nuggets from other tenants. Canvass the stores in your target shopping area to find out how the landlord operates. If you decide to buy a mat that offers a lease only, make the agreement is “sales-friendly” when it’s your time to sell. You receive the sales proceeds from the mat as well as the ability to collect rent as landlord for years of future income.Īs the owner of the building, you’ll understand the needs of the buyer, so you can attract more buyers. You can offer a tempting lease that can greatly enhance the selling price of your mat. If you own the building, you can choose to sell only the mat. How you sell your store will depend on some factors. By that, I mean develop an exit strategy before you even buy your mat. The most important thing I learned from buying and selling my laundromats was to start early. ![]()
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