Business Brokering and Commercial Realty

12/22/2022

05/03/2019

Great restaurants offer outstanding service, excellent cuisine and visually appealing dishes. Your business documents must also have the same appeal when selling your business.

Organize and get your business documents in order before you list to sell. Taking this step will great assist the buyer making an informed decision, help stream line due diligence and make for a smooth escrow.

Below are several key and simple steps you can do to help the sale of your business.

Buyers will expect certain business documents that are current, accurate and show true financial performance. Prepare your business financials ahead of time. Accurate and complete financials will help determine a fair asking price. At the same time, you may identify areas that need correction so you can work on those areas to reinforce price and buyer confidence.

BUSINESS SALES LISTING AGREEMENT
BUSINESS LICENSES
SELLER’S PERMIT
EMPLOYMENT DEVELOPMENT ACCOUNT INFO
TAX RETURNS OF THE LAST THREE YEARS
PROFIT & LOSS STATEMENTS
FRANCHISE AGREEMENT & TRANSFER REQUIREMENTS
PROPERTY LEASE AGREEMENT
UTILITY STATEMENTS - 12 MONTHS
LIST OF BUSINESS OWNERS & CONTACT INFO
LIST OF VENDORS
LIST OF EMPLOYEES
LIST OF INSURANCE PROVIDERS
DISCLOSURE OF ANY LITIGATION, SETTLED, CURRENT OR ANTICIPATED, INSURANCE CLAIMS INCLUDING WORKERS COMP.

There may be other documents but the key are your financials and that your business is in good running order.

05/03/2019

What to Know about Your Commercial Lease

Most businesses start-up begin leasing a space. Before signing a lease, take a moment to understand and negotiate key terms of the lease.

ALLOWED USAGE / ZONING
Signing your lease agreement and "opening for business" are two very different dates - and can be weeks or months apart. The place may look great but keep your emotions in check by taking a trip to the city planning, business and building departments to make sure that your specific business is an allowed usage.

BASE RATE & INCREASES
Understand the base rate amount, periodic increases and how it is calculated.

CAM/NNN
Common Area Maintenance Fee (CAM) or Net, Net, Net (NNN) are fees such as property tax, maintenance, and insurance. They are paid monthly as a percentage of your leased square footage.

UTILITIES
Know what utility services you will pay for.

PARKING SPACE
Know the number of parking spaces reserved for your business.

NON-COMPLETE
Limit the competition so yours is the only pizza or repair shop in the place.

IMPROVEMENT CREDIT
If you build-out the space, negotiate for credit.

LONG TERM LEASE
Get a long term lease to better negotiate your rate and include options such as Renewing, Sub-leasing, Relocation and Purchase.

ATTORNEY REVIEW
Ask a lawyer to review your lease before you sign it to pay to prevent costly oversights and headaches.

Understanding and clarifying lease terms before signing will reduce risk, costs and stress.

05/03/2019

SOLD! This Lincoln Park District Historic home (5 Bedrooms, 2 Bathrooms) exemplifies distinct characteristics of turn-of-the-century Craftsman Bungalow architecture and construction. Built in 1907, it remains true to its original form throughout the spacious 2,358 square foot living area. The tapered column front porch leads into a large foyer, with the master suite to the left with the original Batchelder Fireplace, a full bath, and its own sun-room with separate entrance. Four good-sized bedrooms are arranged in the corners upstairs, and a classic sleeping porch. This home has hardwood flooring, Travertine Tile, and some linoleum. This home is authentic, but in need of cosmetic work in painting and flooring. This home longs for someone with a vision to restore the original splendor. The exterior was recently painted with, Texcote Coolwall, which provides some climate control. This property is alley accessible, and has an 800 square foot garage suitable for an accessory dwelling unit (ADU) conversion with city approval. See to appreciate.