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Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34079
Experience:  30 years of real estate practice experience.
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I own a laundromat in Buffalo NY. I am a tenant in the

Customer Question

I own a laundromat in Buffalo NY. I am a tenant in the building and wish to sell my business. The rent factor is turning buyers away from purchasing the business. What can I do?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.

Rent is a fixed expense. If it is too high then you have two basic solutions. First you can lower the sale price for the business.

Otherwise, you would need to motivate the landlord to renegotiate the lease. If it is coming up for renewal soon you can agree to an early renewal with some rent concessions in return for the renewal. Even if the term is not about to expire you can request a rent reduction based upon the market value and the difficulty in continuing the business at the current levels or some other reduction in services for m the landlord which you can take care of yourself.

Finally, you can increase the prices you charge to customers to offset the rent expense. That will affect the net income and the value of the business.

Expert:  Loren replied 1 year ago.

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