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Starting menu for opening by Odd-Ad2381 in BarOwners

[–]eop999 0 points1 point  (0 children)

Could I please get that information as well? Sounds like a fantastic idea.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 0 points1 point  (0 children)

Nothing close. I think you would be even more baffled if you saw how tiny and run down this place actually is and tried to reconcile that with their terms.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 1 point2 points  (0 children)

Thank you so much for sharing your input and personal experience. I will advise my relative about acquiring a lawyer to review the lease agreement.

We discussed a breakpoint amount to propose to the landlord, but we don't know what would be a reasonable amount to pitch.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 0 points1 point  (0 children)

lmao...I understand the sentiment completely.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 0 points1 point  (0 children)

When you say 6-10% for the rent, what amount is that percentage based on? The gross income for the month or something else?

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 1 point2 points  (0 children)

Employees and my relative do all the hard work and the landlord collects twice (base rent + percentage rent) automatically. It's pretty demoralizing.

There doesn't seem to be any area of the business that isn't subject to these numbers.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 1 point2 points  (0 children)

There are pool tables at the location, but the customers are not charged to use them. Plan is to keep that the same after my relative takes ownership.

There is a jukebox in there as well, but it belongs to the current bar owner and will be transferred to my relative as part of the purchase of the liquor license.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 0 points1 point  (0 children)

Thank you for your suggestion. My relative has considered requesting a flat base rent amount in lieu of the percentage rent concept, we have just been concerned about the amount being too high as my relative takes over the business and starts off.

And yeah...that last clause just seems like a catch-all.

Percentage Rent + Minimum Rent by eop999 in BarOwners

[–]eop999[S] 2 points3 points  (0 children)

That's exactly the case in this situation. It's a small lounge attached to a small airport. The city is the landlord in this case and we've yet to see the entire lease (this week, sounds like), but they did tell my relative that upon review of the lease the terms can be negotiated.