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Battling the Recession - Strategy for the Small to Mid Size Business
Posted by: Marlyn Wiener
January 07, 2009
Topic: Smart Business Strategies for Tough Economic Times
This may well be the time to negotiate a modification of your lease. Although no one can guarantee the success of such an effort, many commercial landlords are willing to work with tenants and offer rent and/or CAM reductions and concessions to help tenants stay in business. The reality is that a tenant paying a reduced rent may be a far better option for the landlord than another empty storefront or office suite bringing in no revenue.
If you do decide to attempt to negotiate a modification of your lease, be prepared to document declining revenues as well as your projections and plans for improving revenues over a realistic time period. Make sure that any lease modification is memorialized in a formal written agreement signed by landlord and tenant. Of course, it would be wise to have your attorney review the proposed lease modification agreement before it is executed to make sure it contains the terms and legal protections you need.
