AboutChristine Janklow Expertise As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses.
Organizations Turnaround Management Association; Los Angeles area
Publications Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers and service providers.
Question My partner & I signed a three year retail lease in NJ. We have been in the space 5 months with no business to speak of. We have lost everything and cannot afford to pay the monthly rent which is close to $2500. We asked to be released to no avail. Is there anything we can do to get out of this lease? We are an LLC.
Answer Dear Anne:
Thank you for your inquiry. Without the benefit of having examined your lease, it is difficult to make a recommendation on how best to resolve this. You need to look into a few things to determine if any of this including your business is salvageable. First, when you invested money to start a business, did you not anticipate expenditures for at least one year? Is the reason you can not pay your rent because you lack effective marketing of the business? Those questions may be the root to turning the business around rather than just dumping a big expense. You can contact SCORE.org for a consultation and they can assist you in creating a plan if you still have a desire to continue. As for quitting a lease, you are not even half way through your first year. Simply because you are a business entity does not mean you are not responsible (personal guarantor) for the lease repayment. You can try subleasing or sharing the space with another business if that is allowed or you can try to borrow money to stay afloat until things improve. I strongly recommend you seek the advice of legal counsel to help you understand your options. If you found this answer helpful, please take a moment to rate it so others may benefit as well.
Respectfully,
Christine Janklow
