Recap of #EntrepreneurIntervention, #GEW Twitter Chat with Jeff Grandfield of @TheLeaseCoach

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This is the Twitter transcript of Financial Bin’s chat with Jeff Grandfield of The Lease Coach on Wednesday, November 16, 2011:

@FinancialBin: What is The Lease Coach?

@TheLeaseCoach: The Lease Coach provides commercial lease consulting services exclusively for tenants.

@FinancialBin: What is your role with The Lease Coach? Could you please describe it?

@TheLeaseCoach: Consulting and negotiating to/for #entrepreneurs and business owners on their commercial leases.

@FinancialBin: What professional services does The Lease Coach provide?

@TheLeaseCoach: Most tenants have neither the desire or expertise to negotiate their lease so they turn to us. Coaching & consulting, negotiation &site selection for tenants on new leases or renewals.

@FinancialBin: What are three of the most common errors commercial tenants make when negotiating a commercial lease?

@TheLeaseCoach: #1. Not allowing enough time – I suggest 6 months on a new lease and 9-12 months on a renewal.  #2. Not creating competition-having multiple options even on a renewal strengthens your position.  #3. Not getting professional help-lack of experience leads to mistakes & money left on the table. 

@FinancialBin: Why would a commercial tenant turn to The Lease Coach for help with negotiating/renegotiating?

@TheLeaseCoach: Most tenants want to save money, avoid mistakes or just do not have the time.  Expertise – most entrepreneurs would not want me run their business; nor do I want most tenants negotiating my lease for me.

@FinancialBin: Can’t a real estate lawyer do this for a tenant?

@TheLeaseCoach: There’s a time and place for a lawyer. Most tenants don’t turn to a lawyer to negotiate a lease.  You want to negotiate the financial terms and terms that impact your business first, then a lawyer if legal issues arise. 

@FinancialBin: Does The Lease Coach work with just new business owners looking to start a business?

@TheLeaseCoach: Entrepreneurs opening their first business to multi-unit operators with new leases/renewals.

@FinancialBin: Does The Lease Coach specialize in a certain type of industry? If so, what?

@TheLeaseCoach: Not really. [Our clients work in] a wide range of industries from restaurants, general retail/office to medical tenants.

@FinancialBin: How would you describe most relationships between a commercial tenant and a commercial landlord?

@TheLeaseCoach: Good, bad, or non-existent.  Every situation affects your negotiation differently.  Most tenants have little contact with their landlord making a renewal or new lease negotiation similar.  In commercial leasing; tenants don’t get what they deserve, they get what they negotiate. Any follow up questions I can always be reached through our site at http://www.TheLeaseCoach.com

Make sure to check out Financial Bin’s first book, Entrepreneur Intervention, available now in paperback through Amazon and CreateSpace.

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This is the Twitter transcript of Financial Bin’s chat with…
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