SECTION 3 OF 4

Negotiate with your landlord

Many contractors don’t talk to their landlord about price concessions when rough times hit. During recessions, commercial real estate vacancies skyrocket. For this reason, several contractors have had discussions with their landlords already. Most landlords would much rather work with you and help you remain solvent so that they have a tenant during a recession. Some will allow you to defer payments or simply reduce your rent. When negotiating, the key thing to remember is that if you talk to him or her, the worst thing that could possibly happen is that they could say no. Since you have nothing to lose, this is definitely a discussion worth having.

Go to Section 4: When to consider layoffs