Did You Do Your Due Diligence? #3: Your Lease

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At O’Connell Store Fixtures, installing store fixtures is the smallest part of what we do. Our team is here to launch your new pharmacy on the path to success — and that begins with proper planning.

Our new blog series, “Did You Do Your Due Diligence?”, will showcase real life stories of pharmacy owners in Ontario who failed to plan properly. Read our blogs to learn how to avoid their mistakes and develop strategies for doing ‘due diligence’ when building a pharmacy!

When the time comes to sign your lease, make sure you know what you’re getting from your landlord. You’ve done the pre-lease inspection. You know that the property matches what is described in the lease. But do you know what the lease is offering?

If you’re unsure about the details of the lease, or if you’re a first-time pharmacy owner, it’s important to get professional advice. Don’t make assumptions about what you are being offered in your lease — find an expert who can give you the facts.

Here are some great example of what can go wrong: electrical does not mean outlets and plumbing does not mean taps, sinks and toilets. We had one pharmacy owner who purchased a property with ‘electrical and plumbing provided’ written in his lease. He found a bundle of wires and an open pipe leading into his new pharmacy space.

‘Electrical’ can mean electricity comes to the unit, but there is no transformer or electrical panel installed yet — let alone outlets! When you see ‘plumbing’, this usually means rough-in for washroom. This will include a 4 inch pipe for the toilet and 1 and a half inch pipe for the sink. You will need to add everything else yourself.

What’s the takeaway? Get an expert to look over your lease and confirm any vague details with your landlord. Do your due diligence!

Looking for an expert to look over your pharmacy lease? Contact the team at O’Connell Store Fixtures in Ontario today.

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