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Ep #67 - Ty Mckinstry
Best Served Fresh is a Q&A show where we celebrate the Unsung Hospitality Heroes. Join Chef Jensen Cummings as he talks to industry leaders about the people that have been there through the trials and triumphs of their lives and careers. On this episode of Best Served Live, our host Jensen Cummings sits down with Ty Mckinstry to discuss being an attorney in the wake of the global pandemic, renegotiating leases for struggling restaurants, his background in real estate and how that lead to his current career path, and the importance of where and how you invest your money when it comes to your real estate and the necessity of knowing what you're signing.
Top Five Takeaways
1. Ty has a unique perspective on real estate laws for businesses because he has seen deals from every side, commercial real estate broker, landlord, and now attorney.
2. Invest in a lawyer in the beginning to save money in the future, “The idea in the industry is that lawyers are expensive, so people don’t have the money to pay for them. But it is better to invest on the front end because it will get you a better lease than you would get without them. A couple of 1,000 dollars in the beginning will save you 10s of thousands of dollars in the future when things are on fire.” (5:45)
3. “A good competent broker will add value to your space. They should know the ins and outs of the business and know how to ask the right questions. A competent broker will help negotiate between the building owners about HVAC and other important things. A broker is a really important part.” (7:31)
4. Force Majeures are being changed due to COVID, “Force Majeure is when you are unable to pay rent due to ‘acts of God.’ People don’t pay much attention to it. It is important right now because a government shut down due to a pandemic is an ‘act of God.’” (11:29)
5. There are so many nuances to leases and legal jargon that it is important to put in some research and educate yourself before going into the lease. Most future restaurant owners have too much passion for their business and allow themselves to push through any problem when those problems could hurt them in the future. Investing in a lawyer would help with avoiding that.
Website:
bestservedpodcast.com
Facebook:
/bestservedpodcast
@bestservedpodcast
@ChefJensenCummings
Twitter:
@BestServedPodcast
@JensenCummings
Youtube:
Best Served Podcast
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By Jensen Cummings
5
88 ratings
Best Served Fresh is a Q&A show where we celebrate the Unsung Hospitality Heroes. Join Chef Jensen Cummings as he talks to industry leaders about the people that have been there through the trials and triumphs of their lives and careers. On this episode of Best Served Live, our host Jensen Cummings sits down with Ty Mckinstry to discuss being an attorney in the wake of the global pandemic, renegotiating leases for struggling restaurants, his background in real estate and how that lead to his current career path, and the importance of where and how you invest your money when it comes to your real estate and the necessity of knowing what you're signing.
Top Five Takeaways
1. Ty has a unique perspective on real estate laws for businesses because he has seen deals from every side, commercial real estate broker, landlord, and now attorney.
2. Invest in a lawyer in the beginning to save money in the future, “The idea in the industry is that lawyers are expensive, so people don’t have the money to pay for them. But it is better to invest on the front end because it will get you a better lease than you would get without them. A couple of 1,000 dollars in the beginning will save you 10s of thousands of dollars in the future when things are on fire.” (5:45)
3. “A good competent broker will add value to your space. They should know the ins and outs of the business and know how to ask the right questions. A competent broker will help negotiate between the building owners about HVAC and other important things. A broker is a really important part.” (7:31)
4. Force Majeures are being changed due to COVID, “Force Majeure is when you are unable to pay rent due to ‘acts of God.’ People don’t pay much attention to it. It is important right now because a government shut down due to a pandemic is an ‘act of God.’” (11:29)
5. There are so many nuances to leases and legal jargon that it is important to put in some research and educate yourself before going into the lease. Most future restaurant owners have too much passion for their business and allow themselves to push through any problem when those problems could hurt them in the future. Investing in a lawyer would help with avoiding that.
Website:
bestservedpodcast.com
Facebook:
/bestservedpodcast
@bestservedpodcast
@ChefJensenCummings
Twitter:
@BestServedPodcast
@JensenCummings
Youtube:
Best Served Podcast