Tips for Negotiating Lease Terms

In this episode, Jennifer and her dad discuss the topic of leases and share their experiences and insights. Jennifer talks about her first lease negotiation and how she would have signed anything just to get a space. She also highlights the importance of seeking advice from someone experienced in contracts. They discuss the impact of COVID-19 on lease agreements and how Jennifer's decision to pay her rent during the shutdown helped her in future negotiations. They also provide tips for negotiating leases, such as negotiating for the lease to have lower payments in the beginning and understanding CAM charges.

Takeaways

• Seek advice from someone experienced in contracts when negotiating a lease.
• Paying rent during difficult times can help build trust and leverage in future negotiations.
• Negotiate the lease terms to have lower payments in the beginning to allow for ramp-up time for the business.
• Understand the responsibilities and CAM charges associated with the lease.
• Be a good tenant by paying rent on time, maintaining the property, and being a good neighbor.

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Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.

Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.

Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.