Avoid Pitfalls by Understanding Your Veterinary Office Lease.
Are you up to scale for your upcoming lease negotiation or discussion with your landlord? If so, congratulations! If not, you end up spending thousands of dollars unnecessarily if you don’t understand the details of your lease.
- Surprise Relocation: Does your office lease give your landlord the right to relocate your veterinary practice? If so, who pays for moving costs, demolition and/or renovations? Will you face business down time?
- Practice Sale or Retirement Prevention: Is there language in your office lease that can prevent you from selling your practice, or that permits your landlord to proceeds of your eventual practice sale? (ouch, that would be a pitfall)
- Lease Termination: Does your landlord have the right to terminate your office lease and kick you out of the building if you request to assign your practice or default somehow?
- Lack of Protection and Security: Is there a death and disability clause in place that will protect your estate and family in the event something unexpected happens and you are unable to work?
- Lease Term: Does your lease offer sufficient term and options to renew the office lease, and are these options transferable to a future buyer?
- Renovations & Improvements: Does your lease allow you to make improvements to your veterinary clinic, and upgrade the space? If so, will you be required to remove these improvements at some point down the road on your own dime?
Landlords strive to increase the value of their properties by enforcing hidden clauses in the details of office leases that permit them many unfair privileges like raising rents, relocating your practice, preventing your practice sale from happening, or worse.
Understand the fine print of your lease or enlist the help of real estate professionals who know the ins and outs of all kinds of office space leasing for medical, dental, veterinary, chiropractic and more. These are the people who know where the best office properties are for leasing or buying. In fact, they know when prime property is available often before it is even on the market. When you have this level of expertise, you can get on with your practice and avoid the downtime. After all, building your practice is the reason you’re there in the first place.