Subletting your whole business?

[Kaz]

Does any one know the best person to speak to in regard to subletting your business? I've had my clothing store for 8 years, I don't want to sell it, just want a break for 2years, then possibly go in partnership with this person. A staff member who's very reliable has approached me and what to know more about what you need to put in the contract?
Thanks

[v2Media]

A small business solicitor or accountant would be the best person to approach. Advice along these lines from a public forum would be dubious at best.

[Business Coaching Sydney]

I would suggest talking to someone that specializes in succession planning. There are lawyers that only do this type of agreements, they should be able to help you out.

[JakeThomas]

I agree a lawyer or solicitor is the way to go - you will want to make sure the agreement is sound.

Have you considered having someone run the store, while being on your payroll?

- Jake

[Dardee]

I agree with Jake. I would be looking at having someone employed on a Wage but add a strong incentive scheme on top. If you base it on results it will be a win/win for both (assuming they make a fist of it).

[infoesource]

Sure there are all the legalities of subletting but what does your gut tell you about the idea? You say you know the person, but how well? A friend of my did this and the fellow that he turned the business over to in now in up to his eyeballs with debt to the IRS. Up front it was a good idea but now he tells me it wasn't so smart as he didn't know the fellow as well as he thought. Just be sure about everything.