It’s a fact: Entrepreneurship is growing across the U.S.A. There are nearly 29 million small businesses and 17,700 companies with more than 500 employees in American today. Businesses large, small and everything in-between are moving into new offices. Certainly, it is an exciting time to walk through those new doors and welcome your customers to a bigger location. Before you review or sign a contract, do you need an attorney?
Remember That the Best Deal Negotiated Is a “Win-Win” Choice
The Small Business Administration recommends negotiating leases for a term of one to two years on average. You can keep an option to renew in mind when you sign on the dotted line. That’s when having a real estate attorney in Wichita, KS to advise you can give you great peace of mind. When you sit down with a landlord to come to an agreement, they are most often going to try to get you to sign a much longer lease than you would like to. Their ultimate goal is to keep the commercial building completely occupied at all times. Your professional goals are focused on having a thriving business. This commercial building that you are considering could be the ideal opportunity for now but might not be for the long-term. You could need to hire more staff or want office space to hold large meetings with clients that your current office does not have. If your business is a start-up or under five years old, it may be hard to anticipate how quickly the growth of your company can take off. You also want to choose a building management company that is good to work with. Try to talk to current companies in the building to get a sense of how quickly things are fixed and if management adds unexpected expenses to rent bills as some landlords do. A real estate attorney will also know of any landlord or tenant challenges you could face and can make suggestions before you move further along.
Read Carefully Before You Sign
If you’ve found the ideal location and the arrangement you’ve negotiated sounds like one that is “win-win,” then the next step is signing a contract. Not only do you want to take your time and read it carefully, but also now is the time to contact your real estate attorney to have them review it.
Remember to keep in mind that your rent can increase, even during the current term of the contract you are signing. Rent increases and other expenses should be considered when planning your company expenses. An experienced real estate law firm such as Fleeson Gooing can guide you through this process, catching any “red flags” in your contract and help to negotiate the best terms for the chosen commercial property.
