Today we have the opportunity to interview Ms. Ella Lim, the managing-member of Lim & Company, P.L., which services all of Florida! In this interview, she shares insight on how a sale can affect a lease and whether, legally, a business owner must inform a landlord about the sale of a business. Ms. Lim also explains escrow , customer contracts, and how an attorney can help business owners.
Key Points from our Conversation
- Make sure you have the approval in writing to prevent any potential lawsuit if the new owner does not abide by the lease.
- Part of buying a business is to continue the established business profit margin; not many buyers are willing to pay for a business only to have to restart and rebrand it somewhere else.
- A really good agreement will have terms outlined in the event of a purchase of the business.
- An experienced attorney should spell everything out in clear language so that anyone can read the agreement without it being vague or incomprehensible.