The Conversations with a Business Attorney podcast is your legal guide to navigating the challenges and opportunities that arise throughout the life cycle of a business. Jeff Large, a start-up business owner, explores topics such as operator agreements, employee retention, and the value of protecting your company with Rhoades McKee Attorneys. Don’t get lost, listen and learn.
Tim Dudley, a Real Estate and Business Attorney at Rhoades McKee, walks through the processes and factors involved in buying or leasing real estate for your business.
Three Things You’ll Learn
- How to acquire a property and what to expect in the process as an owner.
- The factors involved in choosing to lease or purchase property for your business.
- Tips for making the buying and selling processes easier for you and other businesses.
Tim Dudley, a real estate attorney at Rhoades McKee, walks through the processes and factors involved in buying or leasing real estate for your business.
Tim discusses the main factors to consider when deciding whether to lease or purchase real estate for a business; including the financial state, the long-term strategy of the company, and the needs of the business.
He breaks down the different types of leases and provides examples of negotiations to find reasonable responsibilities for both landlords and businesses. The big factor he highlights is term lengths while talking about the need for stability and flexibility.
While going through lease agreements, Tim explains how letters of intent can guide attorneys when drafting contracts to ensure that the interests of a client are clearly understood and that liabilities they may face with the building are fair. Through example scenarios, he is able to show the significance of due diligence in the leasing and buying processes:
“It is important not just to go through the motions of doing those due diligence items, but to do them well and to understand exactly what your survey is showing you.” [31:22]
Walking through this process, Tim emphasizes the importance of having an attorney with reasonability and experience to properly protect you and your property.
Tim talks about the buying and selling process from both directions as he shares what documentation and inspectors are a part of the purchase process with a business. He warns potential buyers that the process takes time to ensure that they are not taking on unnecessary risks or liabilities from previous owners.
Click here to read the transcript of the full interview for Episode 7.
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