Wednesday, October 22, 2014

A local icon forced out? General's Kitchen in Ocean City, Maryland

This is appalling. After so many years to have the landlord do something like this is absolutely disgusting. I'm aware that they own the building and can do what they wish and around here it does happen often that small businesses are displaced. But to invest so much for so long and then be tossed out is beyond insulting. Read the article here.

Unfortunately in this situation, lack of a long-term lease being in place contributed to leaving the owners with little notice. I've been there; having a "handshake agreement" with a property owner who was a man of his word and simply did business that way. He was a wonderful person and there were never any issues - until his health began to fail and a family member stepped in as the new operations manager. That's when everything began to change and now, years later, the entire facility has deteriorated and declined. Tenants which had become an important part of the local landscape - some of which had been there for 30 or 40 years - are leaving, and those which were the main attractions for the shopping center are gone.

If you are a small business owner renting commercial space for your company, it pays to have everything in writing. Furthermore, if at all possible, purchasing a building is the absolute best option. With buying your own property not only are you ceasing to throw away money each month, you are contributing to your own investment.

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