377. Having to give consent to have our lease terminated

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Episode Transcript

Speaker 1 (00:01):
Good morning, happy Monday, all right.
Well, thanksgiving's over.
Back to the normal work week,things in development right now.
I believe I mentioned it on thelast episode, but we had our
hearing mid last week.
The trustee essentially saidhey, things look good.
However, I'm missing astatement from a brokerage
account.
It's my grandma died.

(00:23):
My great grandma died years ago.
She gave us a thousand dollarsof stock and said hey, never
sell this and we never sold it.
And so we haven't touched thatin years.
And the judge said hey, I needstatements showing you haven't
touched it.
And so we, we get a dividendevery three months for like $5.
And, uh, we just need to get astatement for that, showing that

(00:46):
we haven't transferred money inor taking money out, that sort
of thing.
So that was a quick ask.
And then that meeting ended, butwe had to do that as some
follow-up homework on our side.
Additionally, from there, uh,we had what else we have to do.
I can't quite remember theother thing, but the landlord

(01:08):
sent us an email over theweekend saying hey, we need to
terminate your lease so that wecan sign a brand new lease with
the new owners, whoever that is.
So we can do that.
That's easy.
I forgot to do that over theweekend, so I'll do that today.
Landlord is also taking overutilities, since I am not on
site today.
Landlord is also taking overutilities, since I am not on

(01:29):
site, and so everything fromelectric to natural gas to
everything to keep the placewarm and operating.
Landlord is asking for thatcontact so they can do that,
which makes sense because we'renot going to pay it, as well as
signing a lease terminationdocument.
And since we bought the business, the landlord technically has a
lease with the prior owners,and so when they sent us the

(01:51):
lease termination form, it hadthe prior owner's names on it.
So we kicked it back.
I said, hey, happy to sign it,no issues there.
I just switched out their namefrom my name so that the lease
ends in my name.
We sent a lease I can'tremember the formal term, but
basically a document between theformer owners and ourselves

(02:14):
saying that Nathan and my wifewere taking over the lease.
We're not getting a new lease,we're just taking over the lease
that they had.
So I don't know if it's a leasetransfer or a lease addendum or
a lease sub I don't know theright term for it but we signed
it and the business broker putthat together.
So now the seller needs justour names and our LLC and then

(02:35):
we'll sign the leasecancellation form, meaning the
landlord is going to sign abrand new 10 year.
Most likely we'll sign a brandnew 10 year lease with the new
franchisees, so they probablywon't have an eight or nine year
lease.
I think ours we only have likea two year lease, but we had
eight years of, if I remembercorrectly, we had a two year

(02:56):
lease with an annual renewaloption, and that way the lease
values could go up.
So I don't know if that'snormal or if ours was atypical,
but it sounds like the landlordis just me sending a new lease
form with the franchisees, so wehave to agree to let the lease
transfer away from us, which iskind of surprising because we

(03:17):
haven't paid them in months.
Other than that, that's prettymuch it.
It's pretty low drama, nothingreally eventful.
I haven't heard from thesellers that I owe a finance
note to.
I thought there'd be a lot moretension or conversation.
Uh, and there hasn't.
I haven't heard from them since.
I responded back to them and so,at the end of the day, I if, if

(03:39):
it does pick back up, I'llsimply respond like, hey, happy
to have a conversation, we cantalk about life, family, fit,
whatever we want to.
Uh.
But if he starts attempting tocollect, I'll just put up a wall
and say, hey, if this is anattempt to collect, please
contact my bankruptcy attorneyat their websitecom.
I'm not giving out likepersonal contact, cause that's

(04:00):
up for my attorney to figure outif he wants to have one-on-one
combos.
But that's my, my block off,because I don't only want
anything beyond that.
So that's kind of a nice bumperto have, which is, which is, a
perk of having an attorney.
If I was doing this solo, Icould have saved some money.
But I also can now like stone,not stonewall.

(04:22):
I can put a wall up betweenmyself and collectors now that I
have an attorney representingme, which I have the whole time.
That's where we're at right now.
Nothing too crazy, I guess wejust move on with our life.
That's where we're at, that'swhere we're going.
Let's rock and roll.