Perhaps the most important part of the leasing process for a business owner is selecting the appropriate site. Business owners should make a checklist of their needs before ever looking at potential properties. For example, what space requirements or amenities does the business require? What type of location would be ideal? Making such a list allows the business owner to remain clear on their firm’s needs when touring properties and noting the qualities unique to each site.
Once the owner’s checklist is complete and various potential properties are selected, the business owner may need to gather additional information specific to a given property. For example, for retail businesses, how much consumer traffic passes the site? This type of data will go a long way in ensuring the ideal property is selected.
After a site is selected and negotiations on a lease begin, business owners should be certain they understand not only the agreement’s payment terms, but also the responsibilities of each party. For example, who pays for normal maintenance on the property, such as grounds-keeping, and who bears responsibility for property damage caused by storms or other natural casualties? Clear knowledge of such provisions before entering the agreement helps ensure against unexpected financial liabilities later.
Jon Sockol is president of Vivon Corporation in Westborough, Massachusetts.