Things You Should Get Ready If You’re Leasing an Atlanta Restaurant

Remember the Boy Scout motto and be prepared if you want the best Atlanta restaurant space for lease.

For a new restaurant owner, few things are more intimidating than facing a landlord with a prime Atlanta restaurant for lease if you don’t have expert help from a restaurant broker. If you want to be first in line to receive the space there are definite ways to package your restaurant and yourself to cast the winning bid. First and foremost, don’t try to negotiate first and introduce yourself second. A landlord wants to know who you are before he opens up discussions on terms.

Developers want to see certain items each and every time before they consider a new tenant on an Atlanta restaurant for lease. If you arm yourself with these materials at the outset, your presentation and completeness will leave competitors for the space by the wayside. Instead of dragging pieces and parts together a little at a time, tie everything together in one presentation for the landlord and your application is the one he will focus on. That’s very important in large restaurant areas like Atlanta where competition for space is fierce. Don’t make the rookie mistake of requesting a meeting before you present your materials. Your package is your introduction and the only thing the landlord cares about. He’ll meet after the fact and not before.

Successful Atlanta restaurant brokers have already cemented deals in the past with most developers and will use these relationships to improve your likelihood of winning the restaurant lease. That’s important since the Atlanta restaurant broker is representing you to the landlord. He’ll communicat with him about your restaurant and experience. When a landlord considers multiple offers, experience and relationships matter. The largest landlords in metro areas have in-house teams that check credit and perform background reviews but they still pick up the phone can call the expert Atlanta restaurant brokers for input.

A presentation that is missing key elements or the demand for an early meeting may railroad you with the landlord early in the game. It can indicate inexperience on the part of the broker or proposed tenant and find your application pushed back. This is especially true for REITS or large organizations while the smaller landlord is much more accommodating. Your expert Atlanta restaurant broker should have a good idea of where they landlord you’re inquiring about falls in the mix.

Your package must lead with a statement of net work or personal financial statement. This should be up to date with the latest information. Pull your own credit so you have an idea of what a landlord will see because they will do this too. Tax returns round out the initial list of financial requirements. This financial snapshot will tell a landlord if you pay your bills, if you have money to run the business and if you have assets on hand to secure his risk. Landlords will want credit checks so be prepared to give them approval to pull your credit. The least important elements to the landlord for Atlanta restaurants for lease is the menu and business plan, generally the most important to you.

Once the landlord has met you on financial terms and learned a bit about your business, deliberations on the lease begin. The more powerful your initial package, the more influence you’ll have over the outcome of the negotiations. This is where the advice of your Atlanta restaurant broker pays off since your package will win you the strongest position in discussions. Don’t panic if you credit or cash position is less than stellar. Overcoming credit risk should be no problem with the recommendations of an expert Atlanta restaurant broker familiar with lease negotiations.

Eric Gagnon is a designated industry expert in Restaurant Leasing, Restaurant Sales and Restaurant Business Brokerage. He is a frequent writer and speaker on the topic of restaurant sales and restaurant valuation. He is the president of We Sell Restaurants and wesellrestaurants.com an online resource for buying and selling restaurants in Atlanta, Georgia and across the southeast.

To learn more about buying or leasing Atlanta restaurants CLICK HERE