Commercial Background Check on new business
Hello all-
I have a letter of intent for a commercial space I own from a person interested in starting a new business. It has been a long time since I have dealt with a new business for a background check we are currently requesting:
2 years personal taxes
2-4 months bank statements
Credit check on the individual
Business plan
Sit down meeting to feel the person out for their business sense.
Any suggestions for other things to request above and beyond these items.
Also, this person is asking for a 5 year term. Nothing I love more than paying a commercial commission on a 5 year term only to have the business fail after 2 years. Any suggestions on this? Structure some sort of personal guarantee with security that should he fail to fulfill the term of the lease the commission payable back to me on a pro-rata basis?