When a store or restaurant owner decides to close its doors, it can be an emotional time for not only the owners but also their employees. There is a lot that needs to be done. Closing a business is often a complex multi-step process that’s going to take up a lot of your time, energy, and yes, even money. Below are few of the elements that should be considered when closing a commercial property.
1) Lease obligations
As it related to your commercial location and lease obligations, a majority of work will be done by a trusted commercial contractor. The primary responsibility of the business owner is to return the location to the conditions stipulated in the original offer to lease agreement, a commercial contractor with experience reviewing and interoperating the agreement can help to make this process seamless and avoid unnecessary costs.
If the lease hasn’t come due but the tenant doesn’t plan to occupy the unit, they are still required to maintain plumbing drains, heating control and pest maintenance. These measures are all to prevent costly repairs when the unit is returned.
Often the terms of the lease require the tenant to return the unit to “base building”. Base building is when the interior space is at its basic elements. This requires the value-added elements installed by the tenant be removed, they can include, partitions walls, flooring, electrical and mechanical work. This work will be the completed by a licensed commercial contractor. Bringing the space back to base building provides a future tenant a blank canvas to constructing for their specific business needs.
2) Sub-lease or Resale Preparation
If the business owns the property, all of work mentioned in the lease obligation should still to be done and completed by a commercial contractor. By completing this work the owners will make the space more attractive for leasing or potential resale.
For businesses with multiple locations it’s recommended to hire a commercial contractor that can provide assistant with strategic plan and the geographic reach to execute the deconstruction.
An aspect that is often overlooked is the removal, disposal or storing of assets, this includes furniture, fixtures and equipment. An important element is removing computers, servers and sensitive data.
Assets can be liquidated via B2B liquidation sale. Approaching other in your industry by using websites that can facilitate business liquidation or by posting ads in print. If the company belongs to an association this can be an excellent median to let others know about your liquidation sale.
These are the major elements involved for a business in the process of closing a store or restaurant. Want to learn more? See Verona Building Partners commercial contractor services.