As a franchisee, it is in the best interest to make sure you cover all of your ground in negotiating a lease. This week, I closed the deal on my space. My first Red Mango center will be located on 334 Massachusetts Ave, Boston MA. I am very excited about this space as it has much exposure to both Northeastern and various schools and landmarks in a close proximity.
In terms of an LOI - it all goes back to the same principle of finding the right broker. Without a broker who knows how to deal with retail space and get you an aggressive deal, you will be starting off on the wrong foot.
Through my experience in dealing with LOI's, here are some basic terms which must be defined when negotiating your deal;
TERM:
SQUARE FOOTAGE:
BASE TERM RENT:
PARKING:
CONDITION OF
PREMISES:
UTILITIES TO
PREMISES:
SIGNAGE:
ADVERTISING
DUES, MERCHANT
ASSOCIATION and
OTHER FEES:
TENANT’S WORK:
RENT
COMMENCEMENT:
COMMISSION
/ AGENCY:
DEPOSIT:
CONDITIONS:
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