This week was going so well. Picked up my sisters-in-law on Monday and enjoying a visit, looking forward to entire family coming this weekend. Then, I receive a very disturbing email from my lessee on our commercial property. They have been on a lease with option to purchase for the past 7 years. They have been successful in their business, improved the property by adding an addition, and made a substantial down payment. Trouble was on the horizon when their balloon payment came due in May. They were unable to obtain financing, so I granted an extension for 6 months with their assurance that they would be able to make it happen by then. On Tuesday I received an email informing me that they were going to move their operation to Portland and close the store in September. I am now back to square one, albeit with some money and a better building. I am now weighing my options, which include: selling the building, leasing the building, or re-opening my old business there with some changes. I am not excited about running a seasonal business in a resort town again, but it may be my only option. The cost of keeping a building is fairly cheap with utilities taxes and upkeep, but it is a constant drain on my resources.
4 comments:
I'm very sorry to hear that. It's a bummer when you count on regular payments and then they stop. It must have been hard on them as well since they put so much into it. I hope it doesn't screw up your family reunion.
Forgot to ask you - what kind of business did you have? Working keeps you young right?
Ice Cream/espresso
Yum! Now that sounds like a fun business. Good luck with whatever you decide.
Post a Comment