ICYMI:  “LOI” stands for Letter of Intent, and it refers to the short document that you and your landlord will trade back and forth to nail down the most important business terms of a potential lease -- the fundamental elements of your relationship together.

We’ve heard it so many times from first-time retailers. “Oh, I already got an LOI on that space, so this is how much the rent costs.” NO, SIR! This is not Crate&Barrel where standard shams cost $39 and a glittered foam apple costs $72. 

When you start searching for the right space, you’re not in a Crate&Barrel at all. You’re in a loud, crowded Turkish bazaar. You browse stalls until you find something that catches your eye, and then th...

 If you had a burning rash on your face, would you really need to see a dermatologist? Well, it really depends on your tolerance for DIY solutions. You can use WebMD and YouTube and try to diagnose and remedy your affliction, but a burning rash on your face sounds pretty painful and gross, so you’d probably call an expert. 

Yes. Yes. 1000% yes. Leases are not exactly rashes, but they can certainly be painful and lead to (emotional and financial) disfigurement if not properly handled. We say this all the time, but once more for the crowd in the back…leases are five to ten year legally binding contracts. Also, they are written in Legalese, which is a foreign language to those of us whose lega...

Why do so many new and growing businesses make bad decisions when it comes to signing a lease? I went to the wise oracle at Delphi — just kidding, I went to the internet — to learn what (as scientifically as possible) makes a good decision.

Scholarly-ish articles and graphics on the internet repeat similar concepts of the elements deemed essential to the process of making a “good” decision. It struck me over and over again how painfully absent many of these are for people seeking to sign their first…or even second or third lease. Here's what I found...

There are the four main pillars of good decision making:

Define Goals - What exactly do I want/need?
Uncover Alternatives - What are ...

Are Free Rent and TIs a Scam?

When I studied abroad in Florence, one of the very first things our professoressa told us about Italy was that "niente è libero" - nothing is free. (She also taught us that bottled water is more expensive than wine, and to always carry proper bus fare.)

All these years later, I still remember it, and I feel my "niente è libero" spidey senses tingling when I see an offer that seems too good to be true.

Like a free drink from a handsome stranger at the discoteca. Like a pair of very real looking Ferragamos selling for a fraction of MSRP. Like when a retail landlord offers TI ($$ towards your buildout) or free rent at the start of your lease.

Are landlord...

Maybe you’ve been managing coffee shops for years, made a billion cortados, can schedule your staff in your sleep, and now you’re ready to strike out on your own. Or maybe you’re done with corporate life, and your great resignation and passion for nitro cold brews has ignited your dreams of owning your own coffee shop. Wherever you’re starting, you need to know how to open a coffee shop like a pro, even if it’s your first time.

Here are five simple rules to opening a coffee shop without making rookie mistakes.

Rule #1: Have a business plan with financial projections.

If you’re more comfortable dialing in gorgeous washed process Ethiopian coffees than creating financial models, that’s okay...