Lease Option A Business?
Can you lease option a business?
Here's the situation: Seller owns the building and the business (small restaurant), is old and ready to move on. Price is right, but I have no desire to run, nor do I have the time to manage a small restaurant; I just want the building. Because I would get the business along with the purchase, could I then lease option the business only?
I am open to any other ideas in figuring out how to sell this business to someone else, and quickly.
It's done all the time. You can lease option anything. Make certain your paperwork is in order and closed with an attorney.
Good Luck,
Shawn(OH)
How would you lump together a business lease/option with the lease for the space? Would you do this in one agreement or come up with two seperate agreements?
Side note: Anyone had any succes in L/O a small restaurant or in selling one? If so, how did you advertise and/or how long did it take to sell? PM me with any suggestions.
Quote:
On 2004-02-24 15:33, jeffm_60 wrote:
How would you lump together a business lease/option with the lease for the space? Would you do this in one agreement or come up with two seperate agreements?
Sorry it took so long for me to get back with you. 2 separate agreements, 1 for space, 1 for business and equipment.
Side note: Anyone had any succes in L/O a small restaurant or in selling one? If so, how did you advertise and/or how long did it take to sell? PM me with any suggestions.
Rather dicey proposition. I would be certain that you have a qualified individual, becausethe value of both the property and the business falls squarely on their shoulders. If no cash, lots and I mean loads of experience, plus reserves to cover vendors, employees, insurance, rent, general overhead, etc... Preferably some cash for you protection. Maybe you would like to become a money partner, by reinvesting their downpayment as a limited partnership deal. Be creative, but be safe.
Good Luck,
Shawn(OH)