Previously we discussed the importance of understanding the common commercial lease types and what they mean for your responsibilities as a business owner. We also discussed the importance of finding a landlord that understands your goals and needs as a laundromat owner. You can find our previous post here. For the past 40 years T & L Laundry Equipment has been helping new coin-op owners set up their businesses. All too often, business owners get excited at the prospect of finally having their own space for their business and they make mistakes and overlook things that can cost them big down the line.
The biggest mistake a small business owner can make is to sign a lease without first having it looked over by an attorney. Sure, it seems like a hassle to add one more person to the mix, but an attorney is well versed in the tenant and business laws in your state and can help you avoid the most common problems that laundromat owners face when it comes to the leases on their storefronts.
One of the most frightening scenarios for a business owner is this: Your landlord stops paying the bank on the building where your laundromat is housed and the property is foreclosed on. Unless you have a non-disturbance agreement from the bank, your lease agreement is now worth nothing. You are out of your business space. To keep this from happening you will need to secure a non-disturbance agreement from the bank which would allow you to pay your lease payment or rent to the bank directly - regardless of foreclosure on the building.
Other things to consider when you sign your lease are construction clauses, tax stops, dark clauses and water payments. Most of these terms are completely foreign to small business owners but they can have significant impacts on your business and its financial stability.
A dark clause allows you, as a tenant, to request a rent reduction if a large anchor tenant leaves the shopping center your laundromat is located in. Losing a major tenant in a shopping center can have a significant impact on your business.
Construction clauses and tax stops are incredibly important to consider in your lease. If the property owner decides to build and add on to the store that you are in you will find yourself holding the bag for a portion of the taxes on those improvements. Some leases say you will be responsible for up to 25 percent! This can also cause your rent to increase, as well. It's very important to understand the intentions of the landlord and his or her plans to expand their property and what you will be responsible for tax and rent wise.
Whether you pay your water bill or not, you can find yourself in hot water if your landlord doesn't pay his. Request that you pay the water bill directly to the municipality under the lease or request proof of payment of utilities from the landlord. Losing access to water in your laundromat means you are out of business. This is a serious concern for a business owner who is dependent upon a certain utility to run their business.
Beware the fine print on lease documents and arm yourself with the opinion and insight of a reputable attorney before agreeing to a lease. Having your attorney check for outstanding stop work orders on the building and foreclosures is also a wise idea.
Affordable Commercial Laundromat Equipment in Charlotte, NC For 2017
T & L has been in operation for 40 years. Within that time, we've worked hard to offer the best machines for the best prices. We believe in our products and are excited to share them with you. The benefits you’ll gain from trusting our washers and dryers are incomparable. Our products offer the following advantages:
- Easy to install and use
- Saves washing and drying time
- Saves money
- Saves energy
- Easy to clean
- Comes in a variety of sizes and capacities
Are you ready to buy laundromat equipment in Charlotte, NC, or another area in the Southeast? Do you have an interest in opening a new location? Let us help with your plans so that you can choose the right commercial washers and dryers for your business’ needs. We serve industries such as healthcare, hospitality, correctional facilities, fire departments, fitness centers, hair salons and food service as well as laundromat owners. Call us at T & L Laundry Equipment today.
