By Amanda Baltazar - Featuring Asher Rubinstein, Partner, Gallet Dreyer & Berkey, LLP

In May 2020, Dan Wu closed Atomic Ramen in Lexington, Ky., after his landlord refused to grant him a rent abatement in March. Though it was approved a month later, it was too late for chef-owner Wu, who wishes he’d requested a release from his rent sooner. He had to pay back rent and lost his security deposit.

Working with a landlord is a delicate business but it doesn’t need to be fraught. In 2020, many operators renegotiated their rent under extreme circumstances, and many of those same operators who survived have lease renewals coming up fast.

It’s a great time to take stock after an unprecedented year, to think about what would benefit your restaurant, what you need for the future, and to find a way to work with your landlord to come to favorable terms.

Rent is typically the biggest fixed cost for restaurant operators, but it should never be more than...

Read The Article