Sourcing a franchise location and learning to understand how a commercial lease agreement works can be daunting. The technical jargon can be overwhelming—and these agreements are riddled with things you need to know. In this episode of Franchise Secrets, I interview Eric Finkelstein and we talk about everything from crafting your Letter of Intent to finessing the final lease agreement itself.
Eric is a commercial real estate attorney at the firm of Chiesa Shahinian & Giantomasi. He graduated from Boston University and Rutgers University School of Law. With years of experience under his belt, he is a wealth of knowledge for his clients and a valuable asset. He’s joining us today to give you some insight into commercial real estate!
Outline of This Episode
- [0:35] Introduction of Eric Finkelstein
- [3:45] What a Letter of Intent should contain
- [7:08] Jumping into details about a commercial lease agreement
- [12:15] Assignment and subletting
- [15:49] Covering non-competes: why everyone wants them
- [20:30] Educate your landlord on your business and how it works
- [21:25] Sound mitigation issues to consider
- [25:20] Things to consider in the tail end of lease negotiation
- [27:45] Tenant improvement dollars (TI dollars) and free rent
- [32:40] What a tenant should be aware of if their landlord changes
- [34:10] What happens when the property you lease is reassessed