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Old 10-21-2009, 02:04 PM   #1 (permalink)
 
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Help me get out from under this salon and lease!

Need to shut the doors. Owe back rent and my lease is good through December of 2010. How do I keep my equipment without the landlord seizing it for money owed. How do I "make good" with my clients that still have sessions? I have a Limited Liability Company but can't afford to see a lawyer.

Any help would be greatly appreciated!!!!
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Old 10-21-2009, 02:17 PM   #2 (permalink)
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Re: Help me get out from under this salon and lease!

Sell the business. The lease I would not worry about, if you close you close. But if you can sell to make good on any debt and thus sell at rock bottom you *may* find someone interested that has the capital to rejuvenate the business (aka, a sucker).
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Old 10-21-2009, 02:21 PM   #3 (permalink)
 
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Re: Help me get out from under this salon and lease!

At first I was worried about selling and having clients find out about it and then go to my competition in fear I was closing. But now it doesn't matter because I have to close soon. Should I make it well known to my clients that I am selling? Or just try to trust a realtor?
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Old 10-21-2009, 02:26 PM   #4 (permalink)
 
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Re: Help me get out from under this salon and lease!

Have you tried to place an ad on Craiglist? i always see salons for sale on there. I think you need to make a decision on what you are doing before telling clients anything. If you do decided to completely close, you should at least give them some notice to use up there pacakges. If you decide to sell i would not mnetion it to customers.
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Old 10-21-2009, 03:10 PM   #5 (permalink)
 
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Re: Help me get out from under this salon and lease!

Thank you! I have tried Craigslist. I am located in a smaller community but have posted in the largest city next to me and no hits at all....
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Old 10-21-2009, 03:26 PM   #6 (permalink)
 
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Re: Help me get out from under this salon and lease!

Quote:
Originally Posted by srobins5 View Post
Need to shut the doors. Owe back rent and my lease is good through December of 2010. How do I keep my equipment without the landlord seizing it for money owed. How do I "make good" with my clients that still have sessions? I have a Limited Liability Company but can't afford to see a lawyer.

Any help would be greatly appreciated!!!!
If you're certain you closing, it does not matter if your clients go to your comp.
I would call your comp and offer them your client base if they will honor all of their existing packages. If I were your comp, I would jump on it.

Have you tried to talk to your landlord about your situation? Maybe they would agree to only hold you responsible until they relet the space. That would give you time to sell the equipment and make some money.
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Old 10-21-2009, 03:36 PM   #7 (permalink)
 
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Re: Help me get out from under this salon and lease!

Do you have a personal guarantee in your lease or does the language of the lease allow your landlord to place liens on your assets?

There is a difference between a personal guarantee and putting your equipment up as "collateral" so to speak.
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Old 10-21-2009, 04:49 PM   #8 (permalink)
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Re: Help me get out from under this salon and lease!

^^^^ right. What does the lease say? Sell the equipment give your data base to your competetion and close the doors.
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Old 10-21-2009, 05:05 PM   #9 (permalink)
 
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Re: Help me get out from under this salon and lease!

Thanks all!! There is a UCC1 filing on the equipment from my mom who helped with financing the equipment. I will def get in touch with my comp and let her have my client base if she will honor their tan time. I guess move the equipment out in the middle of the night and put a sign on the door...We are a limited liability company...the company could always file for bankruptcy without affecting us personaly?
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Old 10-21-2009, 05:06 PM   #10 (permalink)
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Re: Help me get out from under this salon and lease!

is there money owed on the equipment..if so he cant take it cause you dont own it.
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