Can I sell my building and rent it back so I can keep working a few more years?
Selling the building and renting it back lets you take the real estate value now and keep running your shop. It's common, and the lease terms are what make it work for you.
If this sounds like youYou're not ready to stop turning wrenches, but you'd like the money that's tied up in the building working for you now.
What you can do.
Sell the building and sign a lease
You get paid for the real estate and keep the shop running in the same spot.
Sell the building now and the business later
Two steps, on your timeline, often to the same buyer.
Keep both a while longer
If the timing isn't right, that's a real choice too.
What to watch for.
- Rent, length of the lease and renewal options matter more than almost anything else.
- Make sure you know who pays taxes, insurance and repairs under the lease.
- Ask your CPA how the sale affects you before you sign.
Owner to owner, and it stays private.
Lotus buys auto buildings and can rent them back to the owner who's running the shop. When you're ready to step away, we can talk about the business too.
James StephensonLotus, Massachusetts and Connecticut
Quick answers.
Do I lose control of my shop?
No. You still run the business. You just rent the building instead of owning it.
Can I buy the building back later?
Some leases include that. It has to be agreed up front, in writing.
Thinking about what comes next for your shop or building?
Tell James a little about it. Only James reads it, and the conversation stays private. No pressure, no broker and no mailing list.