377. Having to give consent to have our lease terminated

Chapters

• 1:03 Bankruptcy Hearing Update
• 2:05 Landlord and Lease Termination Issues
• 4:06 Managing Communication with Creditors
• 5:30 Moving Forward With Life

Transcript

Speaker 1: 0:32

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 the last episode, but we had our hearing mid last week. The trustee essentially said hey, things look good. However, I'm missing a statement from a brokerage account. It's my grandma died. My great grandma died years ago. She gave us a thousand dollars of stock and said hey, never sell this and we never sold it. And so we haven't touched that in years. And the judge said hey, I need statements showing you haven't touched it. And so we, we get a dividend every three months for like $5. And, uh, we just need to get a statement for that, showing that we haven't transferred money in or taking money out, that sort of thing. So that was a quick ask.

Speaker 1: 1:22

And then that meeting ended, but we 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 the other thing, but the landlord sent us an email over the weekend saying hey, we need to terminate your lease so that we can 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 the weekend, so I'll do that today. Landlord is also taking over utilities, since I am not on site today. Landlord is also taking over utilities, since I am not on site, and so everything from electric to natural gas to everything to keep the place warm and operating. Landlord is asking for that contact so they can do that, which makes sense because we're not going to pay it, as well as signing a lease termination document.

Speaker 1: 2:15

And since we bought the business, the landlord technically has a lease with the prior owners, and so when they sent us the lease termination form, it had the 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 name from my name so that the lease ends in my name. We sent a lease I can't remember the formal term, but basically a document between the former owners and ourselves saying that Nathan and my wife were 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 lease transfer or a lease addendum or a lease sub I don't know the right term for it but we signed it and the business broker put that together. So now the seller needs just our names and our LLC and then we'll sign the lease cancellation form, meaning the landlord is going to sign a brand new 10 year. Most likely we'll sign a brand new 10 year lease with the new franchisees, so they probably won't have an eight or nine year lease. I think ours we only have like a two year lease, but we had eight years of, if I remember correctly, we had a two year lease with an annual renewal option, and that way the lease values could go up. So I don't know if that's normal or if ours was atypical, but it sounds like the landlord is just me sending a new lease form with the franchisees, so we have to agree to let the lease transfer away from us, which is kind of surprising because we haven't paid them in months.

Speaker 1: 3:50

Other than that, that's pretty much it. It's pretty low drama, nothing really eventful. I haven't heard from the sellers that I owe a finance note to. I thought there'd be a lot more tension or conversation. Uh, and there hasn't. I haven't heard from them since.

Speaker 1: 4:06

I responded back to them and so, at the end of the day, I if, if it does pick back up, I'll simply respond like, hey, happy to have a conversation, we can talk about life, family, fit, whatever we want to. Uh. But if he starts attempting to collect, I'll just put up a wall and say, hey, if this is an attempt to collect, please contact my bankruptcy attorney at their websitecom. I'm not giving out like personal contact, cause that's up for my attorney to figure out if he wants to have one-on-one combos. But that's my, my block off, because I don't only want anything beyond that.

Speaker 1: 4:40

So that's kind of a nice bumper to have, which is, which is, a perk of having an attorney. If I was doing this solo, I could have saved some money. But I also can now like stone, not stonewall. I can put a wall up between myself and collectors now that I have an attorney representing me, which I have the whole time. That's where we're at right now. Nothing too crazy, I guess we just move on with our life. That's where we're at, that's where we're going. Let's rock and roll.