Case Studies > Education

Buyer beware ...

A dental practice manager and her husband came to one of our seminars because they were going to buy another practice (which was in a leased premises) and wanted to know more about leases. The seminar fee included a review and risk assessment of the participants lease.

The lease only had one year to run, and they didn't have security of tenure. It also required the tenant to return the premises to a residential flat at the expiry of the term. Not only could they have not got a return on their investment but might also have had to spend a significant sum reinstating the property within 12 months of the acquisition.

Thankfully they didn't go ahead with the purchase of the practice at that time. They did however agree to an interim management agreement with the owner until the renewability of the lease was addressed and new terms negotiated.

The entrepreneurial spirit ...

They had started their company from the spare room of their house and were ready to make the next big step... lease some office space. They put their success to date down to minimizing costly mistakes by doing their research and then 'doing it themselves', admitting that their cautious and calculated approach had slowed their growth.

Our seminar explained to them how the world of commercial real estate works, who was working for them and who was working for the Landlord, how to plan their negotiation strategy, key issues to look out for, and the importance of deciding what terms were deal breakers for them and their business.

Then they did the deal themselves. Could we have got a better deal for them? What we do know is they got a much better deal than if they hadn't come to our seminar.