Home – New Forums Starting your journey Some Advice Please! Reply To: Some Advice Please!

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FS Forum Support, post: 210633 wrote:
It sounds like they want to continue operating their business (another location or mobile), so want to keep important info from you. For example their books might tell you that 80% of their revenue comes not from passing traffic but from an existing contract that they want to retain. That could leave you opening your store and earning 80% less on day 1.

Is this a lease or are you buying the building? If it’s a lease and they are planning to move out anyway, then maybe you should be dealing with the property owner instead (instead of buying an empty shop that you won’t own anyway)??

The above are the most important 2 points.

1. There may not be enough business. Potentially they may start another business in the surrounding areas.

2. They are just selling you the lease and the fit-out.

Please be mindful that when the tenant vacate the premises they need to make good of the premises to its original condition. So, there are costs involved in doing so. By selling it, instead of incurring money they are making money. How good is that?

Be careful of this and consult your accountant. He would be the right person because he works for you. All brokers work on commission and you are not going to pay any commission to them but the seller pay it. So, obviously they work for seller.