Thursday, December 15, 2016

Document the Details in your Commercial Lease

Rarely is business static ... something is almost always happening! It's the astute business owner who will continually monitor their environment - assessing what changes they need to make as the situation evolves around them.  

When we talk with clients about planning their business, whether that's a start-up or expansion of an existing business, it never fails that there are always a myriad of details. At times, this can seem overwhelming. In our experience, and the "good news" is that all of these things can find a place within your business plan! 


The same is true with respect to your business location and the details surrounding the facilities where your business will operate. These should not be left to chance!

We are very pleased to share the following tips and suggestion, courtesy of our friends at The Lease Coach. Thank you Dale Willerton and Jeff Grandfield for these helpful and timely comments!

 
Negotiating Commercial Leases & Renewals For Dummies
Commercial Leasing Tips for Commercial Tenants
By: Jeff Grandfield – The Lease Coach
Dale Willerton and Jeff Grandfield

For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate. 

As explained in our new book, Negotiating Commercial Leases & Renewals For Dummies (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line. 

Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants: 

Negotiating for Free Signage: Many tenants pay rent for signage but forget entirely to negotiate this amount. Whether it’s pylon signage, a fascia sign, or a company directory board, you should negotiate – first, for a rent reduction and second, for a free rent period on the sign rental. If your company uses (or plans to use) pull-away street signs, negotiate hard for this early as most landlords have policies in place regarding all signage. 

Subletting Your Space: Almost every space has the potential for subletting. If you must move, close out, or downsize, subletting is a practical solution. While you can’t realistically expect to get 100% of what you are paying in rent, if a subtenant paid you 75% of the rent, you may well have a deal worth making. Before you sublet, remember that you will need the landlord’s permission. If the Permitted Use changes (perhaps from a flower shop to a used piano store), you may have to do some negotiating. When subletting your premises, the original tenant (i.e. you) remains responsible for the lease; however, either you or your subtenant can pay the rent.

Over-holding Penalties: Please read this carefully. Most lease agreements contain an overholding clause (also known as a holding over clause). This is the portion of the lease agreement stating the basic rental rate should the tenant remain an active tenant at the location without a lease renewal. Should the tenant remain on month-to-month, basic rent can increase by 150 – 200%. For new leases, try to negotiate this amount down to 120%. Be especially aware of this at renewal time to avoid getting penalized. Ask your landlord to waive this increase during protracted renewal negotiations so that you will not be penalized.

For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com. 

Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.

What's been your experience?

Feel free to add your comments and thank you in advance for sharing this post with those in your circle of contacts!
                                                                                          
QUESTION: Are there areas of your business planning that could benefit from having a BUSINESS COACH and MENTOR?  

IF the ANSWER is YES ... Take a look at our "NEXT Steps Program! 

If you're looking for flexible and cost-effective Business Coaching & Mentoring, you'll like our “NEXT Steps - Program”. It's been designed with you in mind, and provides 12 months of valuable assistance that designed to fit your busy schedule!  

For more information see: 

"Option 3 – “PVS – NEXT Steps - Business Coaching & Mentoring Program”

You'll find it listed on our Website Registration page: 








Friday, December 09, 2016

Reflections on Success with Frances McGuckin

Frances McGuckin
It was a pleasure ... to meet with and interview small business expert and best-selling author Frances McGuckin on a recent trip to the lower-mainland of British Columbia. 

Frances has been a friend of many years, and she graciously allowed us to video record her comments. As she reflected on her own journey, she also provides valuable insight on key success factors for those embarking on their own entrepreneurial journey. 

In addition to addressing the topic of "Business Success", Frances also shared her thoughts on the topic of "Mentorship".  We'll provide links at the end of this post to the video clips for both of these interviews which are now available on our YouTube Channel.

Frances McGuckin is internationally recognized as the SmallBizPro. An award-winning motivational small business speaker, consultant, columnist, and best-selling small business author, her books are published globally.

Books by Frances McGuckin include:
    * Business for Beginners
    * BIG IDEAS for Growing Your Small Business
    * Taking Your Business to the Next Level

More information regarding Frances McGuckin can be found on her website at: http://www.smallbizpro.com/

FYI - Related to our interview, here are just a few of the comments that Frances has provided in our video interview. As mentioned earlier, a link to this video interview on Business Success can be found further below.


Jim: (Question 1) What does Business Success mean to you?
Frances: Business success means something different to everyone. To me, it’s realizing an entrepreneurial dream which provides you with doing something that you are passionate about that also provides you with a sustainable income that covers your financial needs. It will not detract from your family life, and allows you the time and energy to enjoy a life of your own that fulfills all your personal needs. You will be working to live, not living to work.


Jim: (Question 2) Tell us about your experience related to Business Success.
Frances: My success in business came from my passion for writing. I spent a great deal of my life doing what I didn’t love - working in offices and accounting, by necessity. I opened my own public accounting and consulting business because of not finding satisfying work here during the recession in the early 80s. 

I started writing free business columns for the local newspapers for years. Then I applied to teach a 10-week bookkeeping course part-time in the evenings at Continuing Education in about the mid 80s. I found that I love teaching, after re-writing the course material to simplify it. Then in the mid-nineties, Business for Beginners unfolded. 

I later studied professional speaking, stopped accounting and started writing and speaking full-time. I followed the two things I loved the most - helping people by teaching and through my writing. By 2005, the books were in seven countries, and the US ones are still sold around the world. In 2005, I was the No. 1 “small business expert” and “small business author” on Google. 


Thank you Frances for sharing your insights on the topic of "Business Success" in this BLOG Post as well as on the topic of "Mentorship" on our other platforms. Your personal entrepreneurial journey is an inspiration to others, and your expertise has been of great help to many in their quest towards having a business of their own.

AS MENTIONED ABOVE - Here are the URL links that will take you to the two specific  videos interviews we had with Frances McGuckin.

For a direct link to the video regarding "Mentorship" CLICK HERE

For a direct link to the video regarding "Business Success" CLICK HERE

                                                                                                                           
 
NOTE: If you're looking for support for your business through either a Business COACH and MENTOR, Take a look at our "NEXT Steps Program!"

If you're looking for flexible and cost-effective Business Coaching & Mentoring, you'll like our “NEXT Steps - Program”. It's been created with you in mind, and provides 12 months of valuable assistance that designed to fit your busy schedule!

For more information see:
"Option 3 – “PVS – NEXT Steps - Business Coaching & Mentoring Program”

You'll find it listed on our Website Registration page: 





Thursday, November 24, 2016

Risks and Safeguards with a Commercial Lease

While it's often said that "money makes the world go round" ... building good working relationships with others has to be one of the most important priorities for your business - that is, if you want your business to be around for the long-term!

At the same time, another priority that's high on the radar of business owners is to minimize their exposure to potential risk



As we've worked with our clients who are preparing their business plans, or as they get ready to 'pitch' for funding or buy-in to their proposals, we recognize that building solid, mutually beneficial relationships are important for the survival of your business. 

In this post, our friends at The Lease Coach share some valuable suggestions that touch on and support what we've just said. Thank you once again Dale Willerton and Jeff Grandfield for these helpful tips for our "Business Success" audience!

 
Negotiating Commercial Leases & Renewals For Dummies
Commercial Leasing Tips for Commercial Tenants
By: Jeff Grandfield – The Lease Coach
Dale Willerton and Jeff Grandfield

For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.
As explained in our new book, Negotiating Commercial Leases & Renewals For Dummies (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line.
Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants: 

Avoiding Personal Guarantees: It may sound over-simplified, but plainly saying “no” to personal guarantees will often be all it takes to avoid them. Too many tenants passively accept a guarantee because it was left to the end of the negotiations for discussion. If you are strongly opposed to guarantees, bring it right out in the open to begin with before you invest several weeks on the deal. In most cases, a limited personal guarantee (which declines over the course of time) can be agreed upon – but should be equivalent to the tenant allowance or other up front risks or expenses to the landlord and not be unlimited. 

Avoiding Letters of Credit: Some landlords request Letters of Credit or Security Notes rather than personal guarantees. This is where the tenant’s bank guarantees to pay the landlord a pre-negotiated amount of money in the event that the tenant defaults on a lease. This type of security is worse that a regular personal guarantee since the money is too convenient for the landlord to access without going through due process. 

Befriend the Landlord and/or Manager: It can be very important for a tenant to develop a professional relationship with the owners and administrators. In the event that you ever need a favour, you will find it much easier to make a withdrawal from the relationship if you have made some deposits along the way (e.g. an annual bottle of the landlord’s favourite wine for the holidays). Since most tenants have only one landlord, but the average landlord has hundreds of tenants, take the initiative and cultivate a relationship.

For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com. 

Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.



What's been your experience?

Feel free to add your comments and thank you in advance for sharing this post with those in your circle of contacts!
                                                                                          
QUESTION: Would having a BUSINESS COACH and MENTOR be Helpful to You?  
IF the ANSWER is YES ... Take a look at our "NEXT Steps Program! 
If you're looking for flexible and cost-effective Business Coaching & Mentoring, you'll like our “NEXT Steps - Program”. It's been designed with you in mind, and provides 12 months of valuable assistance that designed to fit your busy schedule!  
For more information see: 
"Option 3 – “PVS – NEXT Steps - Business Coaching & Mentoring Program”

It's listed on our Website Registration page: 

CLICK HERE










Saturday, October 29, 2016

Allowance Tips in Commercial Leases

Remember when you were a kid and the weekend would roll around? Wasn't that the time where you eagerly awaited receiving that hard earned "allowance" you'd worked for earlier in the week? 

Perhaps it was through doing various chores around the house, cleaning up things around the yard, or looking after the things that needed attention. Bottom line ... who doesn't like to get an allowance! 

With this POST, our friends Dale Willerton and Jeff Grandfield from The Lease Coach provide us with some more great suggestions to help negotiate or renegotiate a Commercial Lease. Thanks Dale and Jeff for sharing these insights from your many years of experience!




Dale Willerton

Jeff Grandfield















Negotiating Commercial Leases & Renewals For Dummies

Commercial Leasing Tips for Commercial Tenants

By: Jeff Grandfield – The Lease Coach


For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.
 

As explained in our new book, Negotiating Commercial Leases & Renewals For Dummies (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line.
 

Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants:


Lease Renewal Allowances: If you are an existing tenant, you may think that you can’t negotiate for a tenant allowance on your renewal term. Untrue! Approximately 75% of our clients get a tenant allowance on their renewals. Remember if the landlord is giving allowances to new tenants moving into the property, then why can’t you have an allowance too? Even if your space only needs cosmetic upgrades (e.g. new carpeting or a fresh coat of paint), negotiate for these as part of your renewal deal. Your tenancy, after all, is proven, plus there is less risk for the landlord putting cash into your renewal than taking a chance on a new (and unproven) tenant.


Go Slow For a Better Deal: Tenants often rush a lease deal and leave valuable incentives or inducements on the table. If you have the time to work with, I recommend that you take it. Often, The Lease Coach gets tenants more free rent, more tenant allowance, and/or a lower rental rate just by refusing to sign on the dotted line too quickly. If the landlord or agent is anxious to close the deal, you can use stalling techniques to better your position (i.e. you have to talk with your business partner first, but he/she is currently out of town). Tenants who invariably regret what they agreed to will usually tell you that the whole process happened so fast that they hardly realized what they were agreeing to.


Select the Best Lease Length: While a five-year lease term is still standard, it may not necessarily be the best term for your company. Three years, or even one year, for some tenants may be better if the cost of leasehold improvements are low enough as these are generally amortized over the life of a lease term. The agent – motivated by a greater commission – will want you to sign the longest term possible; however, the landlord may be more flexible. Choose the lease term that is best for you and your company.


For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com.


Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.


What's been your experience?

Feel free to add your comments and thank you in advance 
for sharing this post with those in your circle of contacts!



                                                                                          



QUESTION:  Would having a BUSINESS COACH and MENTOR be Helpful to You

IF the ANSWER is YES ...  Take a look at our "NEXT Steps Program!  

If you're looking for flexible and cost-effective Business Coaching & Mentoring, you'll like our “NEXT Steps - Program”. It's been designed with you in mind, and provides 12 months of valuable assistance that designed to fit your busy schedule! 

For more information see: 
"Option 3 – “PVS – NEXT Steps - Business Coaching & Mentoring Program” 
It's listed on our Website Registration page: 




Tuesday, September 27, 2016

Commercial Leasing Rates - Know the Details!

Finding the right location, at the right price for your business to operate from is an important consideration for every entrepreneur. In retail, the mantra has always been, “Location, Location, Location

As we’ve worked with our clients, we encourage them to look for locations that will allow them the opportunity or option to grow their businesses in the future. When it comes to your location, your customers need to be able to find you, and you’ll want your location to provide them with a comfortable customer experience. Don’t overlook factors such as ease of accessibility, ample parking, and providing those who come with a safe environment. And speaking of things to keep in mind – here are some additional timely tips from our friends at The Lease Coach! 

Thank you once again Dale and Jeff for providing these important considerations for our “Business Success” audience.

Dale Willerton

Jeff Grandfield













Negotiating Commercial Leases & Renewals For Dummies
Commercial Leasing Tips for Commercial Tenants
By: Jeff Grandfield – The Lease Coach

For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.

As explained in our new book, Negotiating Commercial Leases & Renewals For Dummies (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line.

Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants:

Calculating Market Rents: Landlords and leasing agents will often justify their price per square foot as market rent (established on what other tenants are paying). Today, much space is leased by category – a daycare centre may pay less than a hair salon and a hair salon may pay less than a pharmacy. In most office buildings, rental rates are more consistent and market rents can be more easily established. Don’t be fooled. Most lease deals we negotiate for tenants end up coming in well below the so-called market rents.

Establish a Prevailing Rate of Rent: The prevailing rate/prevailing rent is established for a particular building based on recent lease agreements under similar circumstances. While the prevailing rent is not always justified, it will be a good indicator of what other tenants are willing to pay. Be aware of artificially high rental rates that were only achieved through generous free rent incentives and tenant allowances.

Check Your Gross Up: Office tenants, specifically, usually pay a grossed up rent. The R/U factor (which stands for Rentable versus Useable) is normally 8 to 12 percent. Therefore, if you have 3,000 square feet with a 10 percent gross up, you will actually pay rent of 3,300 square feet to compensate for common areas on your floor. It is important for you to find out and verify the gross percentage ahead of time to avoid any nasty surprises. It is the architect who designed the building – and not the landlord – who determines this figure.

For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com.

Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.


What's been your experience? 
Feel free to add your comments and thank you in advance
for sharing this post with those in your circle of contacts!



                                                                                          



QUESTION: Would having a BUSINESS COACH and MENTOR be Helpful to You?
IF the ANSWER is YES ... Take a look at our "NEXT Steps Program! 

If you're looking for flexible and cost-effective Business Coaching & Mentoring, you'll like our “NEXT Steps - Program”. It's been designed with you in mind, and provides 12 months of valuable assistance that designed to fit your busy schedule!

For more information see:

"Option 3 – “PVS – NEXT Steps - Business Coaching & Mentoring Program”
It's listed on our Website Registration page: 











Sunday, August 14, 2016

Commercial Leasing Tips for Commercial Tenants

Location can be a 'Key to Success' with many business concepts. 

While with others ... they seem to be able to thrive almost anywhere - just like this Dandelion we found growing from a crack in a well-worn railway tie.

When it comes to finding the right location for your business, we'd encourage you to think about what will be best for your customers. Where would your customers expect to find you? If it's important for your customers to come to you, your decision on a location can 'make or break' your business. And when you've found that 'perfect location', work diligently to secure it on terms that are in your best interests. Getting some assistance from professionals who've helped other entrepreneurs can save you both time and money. 

Here with some more timely commercial leasing tips are our friends from The Lease Coach!  Thank you Dale Willerton and Jeff Grandfield for sharing these helpful tips for our "Business Success" audience!

Dale Willerton

Jeff Grandfield















Negotiating Commercial Leases & Renewals For Dummies
Commercial Leasing Tips for Commercial Tenants


By: Jeff Grandfield – The Lease Coach 

For many business-owners, negotiating a good lease or lease renewal against an experienced agent or landlord can be a challenge. While an entrepreneur focuses on marketing and managing, savvy real estate agents and brokers are specialized sales people. Their job is to sell tenants on leasing their location at the highest possible rental rate.

As explained in our new book, Negotiating Commercial Leases & Renewals For Dummies (co-written with my colleague, Dale Willerton), tenants may go through the leasing process only two or three times in their entire lifetime – yet they have to negotiate against seasoned professionals who negotiate leases every day for a living. Negotiating appropriate leasing terms is vital for an entrepreneur as the amount of rent he pays will directly affect the business’ financial bottom line.

Whether you are leasing a new location for the first time or negotiating a lease renewal for your business, these are some money-saving tips for tenants: 

Be Pleasantly Assertive … Not Passive: If you don’t take control of the situation, the leasing agent will. If you see a property you would like more information on, call the agent and ask him/her to e-mail you the site plan and related details. Don’t drop what you are doing and run over to the site for a meeting. For the first meeting, have the agent come to you at your place of business. If you like what you hear then, you can schedule to meet at the site a few days later. Try to set viewing times convenient for you … remember that you are the customer. 

Location, Location, Location: For most retailers, selecting the right property is critical enough, but leasing the right location within that building can be even more important to your success. On the other hand, most office-type and industrial tenants do not rely as heavily on location to produce business. Proper site selection takes time and objective consideration. Remember that your location is the most difficult part of any lease agreement to change after you open for business. 

Negotiate for Early Occupancy: If your commencement date is June 1st, but you are ready to open your new business on May 19th, the landlord doesn’t usually mind (as long as the site isn’t still occupied by another tenant who hasn’t yet moved out). The landlord will, however, expect you to pay rent for the early occupancy period. By negotiating for rent free early occupancy, you can make money – depending on how you look at it. Whether it’s a few days or a few weeks, you win! 

For a copy of our free CD, Leasing Do’s & Don’ts for Commercial Tenants, please e-mail your request to JeffGrandfield@TheLeaseCoach.com. 

Jeff Grandfield and Dale Willerton - The Lease Coach are Commercial Lease Consultants who work exclusively for tenants. Jeff and Dale are professional speakers and co-authors of Negotiating Commercial Leases & Renewals FOR DUMMIES (Wiley, 2013). Got a leasing question? Need help with your new lease or renewal? Call 1-800-738-9202, e-mail DaleWillerton@TheLeaseCoach.com or JeffGrandfield@TheLeaseCoach.com or visit www.TheLeaseCoach.com.

What's been your experience?
Feel free to add your comments and thank you in advance  
for sharing this post with those in your circle of contacts!


                                                                                          

QUESTION: Would having a BUSINESS COACH and MENTOR be Helpful to You?
 IF the ANSWER is YES ... Take a look at our "NEXT Steps Program!

If you're looking for flexible and cost-effective Business Coaching & Mentoring, you'll like our “NEXT Steps - Program”. It's been designed with you in mind, and provides 12 months of valuable assistance that designed to fit your busy schedule!

For more information see:

"Option 3 – “PVS – NEXT Steps - Business Coaching & Mentoring Program”

It's listed on our Website Registration page:

CLICK HERE