Saturday, September 11, 2010

LOI - Take 3

Yesterday morning, I met my broker to tour another space in Old Town Alexandria.  This space had previously housed a small museum for the association in the office building behind it.  A new association has bought the office building, is going to use the first two floors and lease out the third floor office to other tenants.  They have no interest in the museum space and wanted to offer it for retail.

I liked the space very much and also felt that the landlord's broker was kind and informative.  He is even on the signage council/committee in Old Town so he was very knowledgable when I asked questions about signage.  He asked me how close I was to being ready to start-up.  I told him that space was my major critical path item and everything else was already well along the way.  My broker and I told him that we would submit a Letter of Intent right away.  He said that would be great and that likely the landlord would want to meet with me and review my business plan.

And, you know, that is actually very positive.  If I do have an opportunity to get in front of the landlord, even if it doesn't work out, I'll know I was the one who blew it.  There won't be any mystery like there has been with the other situations.

The broker sent me the LOI draft on Friday afternoon, and, of course, I had changes.  He sent me back the changed document today and, upon receiving my approval, said he would submit it right away.  I'm taking a deep breath!

I have a couple of "gifts" that I plan to give to purchasing customers at the store.  I spoke with the vendor for one of those gifts yesterday afternoon and am in the process of placing an order.  There is no point in waiting - I just need to keep things moving as best I can!

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