How do I describe my nail salon’s lease and location advantages without using numbers?
Describe what a client or buyer can see and verify: the visibility of the storefront, parking and foot traffic, neighbours that bring customers, and the lease terms that protect the business, such as renewal options and the freedom to assign. Then offer the lease itself for the buyer’s lawyer to read.
Start with the location as a customer experiences it. Is the salon easy to find, easy to reach by transit or car, and close to businesses whose customers also want nails done? Describe the sign, the entrance, the lighting and the walk from the street. A buyer will visit, so what you say should match what they see. Next, describe the lease in plain language. Say whether there is a renewal option, whether the lease can be handed to a new owner and with whose consent, how rent increases are set and who pays for repairs and shared costs. Do not summarize what you are unsure about. Share the document and let the buyer’s lawyer read it. Finally, tie the location to the business. Explain how clients find you, whether the neighbours send people your way, and what would change if a competitor moved in. Be honest about the weak points too, such as limited parking, noise from a neighbour or a landlord who is slow to repair things. Candour makes your strengths easier to believe.
Ask your lawyer to check the lease before you describe it, and ask the landlord early whether they would accept the buyer.
Key takeaways
- Describe what a visitor can see: access, signage, neighbours and parking.
- Explain renewal, assignment and repair terms plainly, then share the lease.
- Admit the weak points so the strengths are believed.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernment13 terms you need to understand before signing your commercial real estate lease
- 02Business Development Bank of CanadaGovernment7 steps to increase your business’ value—before you sell it
- 03Federal Economic Development Agency for Southern Ontario (FedDev Ontario)GovernmentUnderstanding your business lease
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