Leasing Strategies - Understanding the need for Professional Help
There are challenges multi-unit franchisees face in site selection and leasing no matter what kind of market exists. Lease negotiations is an important constant for franchise growth and longevity. Identifying specific issues early in the process can provide powerful leverage to help establish and sustain success.
Earlier this year we interviewed several multi-unit franchisees and got their advice and best practices for site selection and lease negotiations. Here's what one multi-unit operator told us about understanding that getting professional help with leases is essential.
Get professional help
Just because you are an excellent operator doesn't mean you are a good negotiator. Look to legal counsel and reliable real estate advisors where you need it, and have an attorney review your lease to protect your interest. Franchisees recommend choosing one or two trusted local brokers and using them for everything.
"Don't bounce around," says multi-brand franchisee Mike Philip, whose portfolio includes Tropical Smoothie Cafe and Einstein Bros. Bagels. "They need a commission, and you need someone who will look out for you and work for you. Use your franchisor as wise counsel, but no one knows your market like you and your local trusted broker."
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