Problems with your Lease Agreement?

By January 12, 2021Business

Over the past weekend, I had a potential new member reach out to me, looking to possibly join my gym. 

 

In their message, they mentioned that their previous gym had closed its doors and that is why they were looking elsewhere. 

 

Being the opportunist that I am, I got a bit more information and then ended up reaching out directly to that gym owner, to see what caused the closure and how we could potentially support one another, during this time. 

 

Come to find out, it was actually due to problems with a lease that this gym was closing its doors. 

 

The space that they were renting had recently been sold and the new owners were not interested in having any sort of gym or fitness facilitating renting that space. (Don’t even get me started on how ridiculous that alone is.) 

 

So, anyway, they were forced to move.

 

As some of you know and others can assume, moving a gym is not cheap. It takes movers and special equipment and trucks. Basically, it takes a lot of money. Something that most gym owners right now don’t have a lot of to spare right now. 

 

Heed my warning and don’t let yourself fall victim to the same fate as this gym. 

 

Check right now, today, that you have the proper wording in your lease agreement. Clarify things like making sure your lease gives you access to the entire space, including parking for the duration of your lease, even if the building is sold. You may also look into adding clauses about notice for ending the lease. 

 

For example, in the space we are renting, we are required to give six months notice before we leave. You can ask for the same in your own agreements. 

 

Small things like this can save you some BIG headaches in the future. 

 

To learn more about hidden things in your lease that may affect your cash flow, watch the video below.

 

We will be offering a lot of advice on our page here, but we also would be happy to help you out on a more personal level.

Feel free to hit us up if you need help preparing your taxes.

 

Follow us on…

Facebook

LinkedIn

Instagram

Twitter

Leave a Reply