LANDLORDS INVOLVEMENT
If you have been visited by one of the ‘Business Sale’ Agents, what the Business Agent may not tell you is that you will need your Landlord’s consent to assign the remainder of the Term on the Lease to any new owner of the Business. The Landlord will want to see References, and probably Accounts, from the new Tenant, so as to protect the Landlord from having a shortfall of Rent. If the Landlord has any doubts, you will be asked to sign an Assured Guarantor Agreement. This means that you will give a PERSONAL GUARANTEE that if the new Tenant does not pay Rent to the Landlord, you will make up the Shortfall.
