Paying rent on the space for your business is likely your most significant financial blow every month. If your business is going through some changes, or the location is simply not working out for you, you may want to consider exploring your options for moving on. There are several things you should take note of, however, before you make any big decisions:
- You will need to first examine your business’s property lease. For an accurate and thorough review, contact an experienced real estate lawyer.
- Your lease may have information regarding various options like assignment – the option to have another person or entity take your place on the lease.
- Your lease may also have a termination provision; it is possible you are allowed to end your lease. But take note of vital details like timelines and how far ahead of time you must notify your landlord prior to termination.
- Be careful not to abandon the location or simply stop paying rent as this could get you into legal trouble in the future. Any attempt to break your lease should come with a written notice to your landlord.
- Along with your attorney, see if negotiating the terms of your lease is a viable option. The property owner or representative may be willing to work with you if you can come to a mutually beneficial arrangement.
Moving your business between locations or breaking your lease without following the right protocol may have grave effects on the future of your business relations. Protect what you have worked for by devoting careful attention to the details of your lease at the guidance of a professional.