If your restaurant lease is ending (or another type of business space) being proactive in finding a solution will provide you with far more options for what you can do. While renewal isn’t always an option, there are often alternative pathways that could complement your business goals. Unfortunately, many restaurant or franchise operators simply hand the keys back to their space without realizing this.
In this blog post, we’ll touch on how you can navigate these circumstances as an entrepreneur.
Keep reading for more insights.
Don’t Wait Too Long
If you are a restaurant owner who is approaching the end of your commercial lease, the best thing you can do is to start working towards a solution as soon as possible. If you wait until the lease is completely expired, you will have very limited options for what you can do next. Ultimately, the sooner you work towards a solution, the better your chances will be at reaching an outcome that meets your business goals.
As your lease winds down, set time aside to closely consider what your preferred outcomes are. Would you like to stay put in your current space? If so, would you like to remain there for the foreseeable future or a finite amount of time?
Of course, it’s important to be aware that your first-choice outcome may not be feasible. Renewing or extending your lease will hinge on your landlord’s discretion – and they could potentially be averse to these options for any number of reasons. Therefore, if you’re aiming to stay put it’s best to engage your landlord as soon as possible – ideally several months in advance of your lease concluding.
In need of a new space for your restaurant? Explore these blogs for helpful advice.
- Buying a Restaurant? Here Are 5 Questions to Ask
- How to Keep Customers In the Loop When Moving Your Business
- What to Look For When Choosing a Restaurant Space
Get in Touch With a Restaurant Real Estate Agent
Whether you have an idea of what you would like to do once your lease is up or you’re not yet sure, get in touch with a restaurant real estate agent. As a specialized industry professional, this unique type of business broker will understand the intricate nuances of restaurant leases. Using this expertise to your advantage, they can help you uncover every possible option based on your circumstances.
Making Your Relocation as Smooth as Possible
In some cases, you may be unable to renew or extend your lease and will need to prepare for the relocation of your restaurant. This is a fairly complex process with countless moving parts, however, it can also unlock exciting opportunities from a business perspective.
Relocation or expansion allows restaurateurs to explore new markets, increase visibility, attract a wider customer demographic, and generally expand their restaurant’s footprint. Additionally, relocating also presents an opportunity to secure a more cost-effective lease or a space better suited to the evolving needs of the business.
However, relocating comes with its own set of challenges. As a restaurant owner, you must consider the impact on existing customer relationships, the cost of moving, and the potential for downtime during the transition. All of these factors should be accounted for as you proceed with the relocation process. By working with a professional restaurant real estate agent, you can ensure that no important details get missed and optimize the transition in your new space.
Looking for more restaurateur resources? We’ve carved up some helpful tips for starting your restaurant on our blog. Check it out.
- How to Find a Restaurant For Sale in Toronto
- 5 Reasons to Open a Restaurant in Markham
- How to Interview a Franchisor
Need Support?
If your restaurant lease is ending, it’s best to get professional advice as soon as possible. As leading commercial real estate agents who specialize in the restaurant industry, Carve Real Estate can help.
Whether you need guidance on renegotiating new lease terms, working with your landlord, or finding a new space to move your restaurant, we’ll help you uncover every possible option. Once we’ve determined the right solution for you, we’ll work tirelessly to ensure the deal gets done.
Looking for a restaurant real estate professional to guide you through the process of relocating your business? We can help. Send us an email or give us a ring at 416-618-0054 to get started.
