It may seem like leasing your commercial property is best for your business, but if you’ve been there a few years, proven yourself, and plan to stay in the same building, there’s no reason why you should continuously be making your landlord rich. It just doesn’t make sense to pay someone else when you could be paying yourself. And that’s just for the time being, owning your commercial property can also set you up to have an income post-retirement.
How? It’s simple. There will come a time in which you no longer care to or are able to run your business. You could shut it down, which isn’t the ideal option, or you can sell it. If you own your commercial property, when It comes time to sell your business, that’s another piece of gold you have. Selling your business doesn’t mean you have to sell the building as well. You can, and charge extra, which will put a lot more money in your pocket, or you can hold onto it.
Why keep the building? Many business owners are making their landlords wealthy. You don’t want to be on the business owner side of that, but the landlord side of that isn’t a bad place to be. When selling your business, you could then rent your property to the new business owner and set yourself up to have a steady income, even without running a business. Or better yet, if the new owner wants to relocate, rent your property to another business.
Whatever the case may be, owning your commercial real estate doesn’t only create wealth for you and your business now, but sets you up for a financially stable future. Luckily, if you don’t yet own your property, it’s an easy process to do so with the use of our SBA 504 loan program. This specialized product is made specifically to help small business owners purchase their commercial property… it doesn’t get much easier than that.