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Roll With the Punches and Come Up Smiling by Tom Callos Choosing the Best Membership for Success Martial Arts Is About Expression by John Graden Ten Ways To Appreciate Your Staff by Rob Colasanti Extraordinary Marketing Newsletter Classics by Stephen Oliver Five Ways To Compensate a Program Director by Rob Colasanti Self-Defense Myths by Bill Kipp What To Do When You Need the Phone to Ring by Tom Callos Why Should You Use A Billing Company Do You Over Deliver? by Rob Colasanti Improve Your Retention With These Professionally Written Articles For Your School Newsletter- What you should know before you sign a lease! What To Do If Your Prospect Appointment Does Not Show! |
Anyone planning on opening another school or moving their present school to a new location will most likely have to negotiate a lease. Signing leases should not be taken lightly, a single sentence misinterpreted could cause long lasting repercussions. The following ten points should be negotiated carefully before you sign any lease. 1. How long will the lease run? No the exact starting and ending dates of the lease. 2. How much is the rent? And how is it calculated: Is it a gross, net, net-net, "triple net"', or percentage lease. Square footage is used for comparison. 3. How much will the rent go up? Beware of "escalation clauses" which determines your rent increases during the term of your lease. 4. Can you sublease? This may become very important if your school outgrows your space. Will you be able to move to a larger location and rent out (sublease) your previous space for the duration of your lease?. 5. Can you renew? Negotiate a clause that will guarantee you first rights to the space when your lease expires. 6. What happens if your landlord goes broke? To protect yourself, make sure your lease contains a standard "recognition" or non disturbance clause. 7. Who is responsible for insurance? The landlord is usually expected to carry a comprehensive policy on the building, covering liability for common areas. An insurance professional can help you augment the owner's policies. 8.What building services do you get? When and to what extent are they to be provided? Services such as electricity, heating, ventilation, air conditioning, and cleaning should be specified in detail in your lease. If your landlord is cutting costs, he or she may be entitled to diminish certain services to you. Make sure the lease is specific as to what services are to be provided no matter what. 9. Who else can move in? How many of you would want another martial arts school in your building? If not, make sure its written in your lease. 10. Who pays for improvements? And who owns them once they are completed? An example would be if you installed new mirrors for your school but then moved, wishing to take them with you. The fine print of your lease may make the mirrors your landlords property. Again be sure that these terms are clearly defined in your lease. The information provided is based on an article written by Robert S.Cunningham. The author is not an attorney. Please have any legal document you plan to sign reviewed by an attorney. |
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