Since having retired the business suit, I have had a few small issues remaining to deal with that were connected to my previous traditional business.
The first issue was the successful conclusion of small projects that were underway or I had committed to get underway for my corporate clients. The second was simply not to take on any further new projects. The third and a little more onerous was how to efficiently deal with the residual lease term and financial exposure of my office premises within the CBD.
The first and second issues I dealt with promptly and easily, no need for any explanations there. The issue of the office premises was to be a different matter. Did I have any options, and if so what choice might I make? Without becoming involved in too much detail, it became apparent I had the following choices, and I list them in order of maximum $ exposure:
1. Continue to pay the monthly rental amount until the expiry of the lease period (30.10.11)
2. Surrender the lease with landlords agreement and a lump sum payment equivalent to half of the remaining term
3. Sub lease at a presumed discounted rate for the balance of the term and make up the shortfall amount
4. Find a suitable party to assign my lease to on the same terms and conditions, possibly with a small incentive attached
Option 1. was clearly going to be the way forward initially, or at least until I could come to terms with option 2. or even better still find someone who might fit my third or fourth options. I engaged a number of local commercial real estate agents to go about finding suitable parties for the premises, whom all advised given the 'global economic environment' it could take some time and I would have to be very flexible with any deal that might be presented.
Over the past 4 months, I had sporadic interest expressed in the premises but nothing that would lead to an offer, or what I considered constitued an offer!
Was I ever going to succeed in my quest to limit my liability in these premises and if so, what could I do about it? After having discussed the situation with my wife Gayle, she reminded me that I would always advise her that when work was scarce or the bank account was getting thinner that there would always be work out there for us, and we would not run out of finances, which we never did. This manifested because of my belief and ability to visualize our future success, why not try it for this situation she asked?
I keep a daily journal, nothing too deep, I find it helps keep me focussed and I realized that I had not included any mention of my desire to lease my office, and so it was 16 days ago I committed at the bottom of each page, each day, to sketch a little image (the front door) of the premises, add the address over the door and write beneath the door 'leased 30/09/09' and pause for 60 seconds at the sketch and visualize locking the door for the last time.
It was 4 days ago, I was approached directly by a party (tenants on another floor in the same building) with a view to them taking the space. Finally, 2 days ago, we reached agreement for an assignment in full with the inclusion of a small cash incentive, and they shall be taking possesion before the end of September '09.
My simple sketch, the visualization in my mind coupled with my firm belief that I could achieve this result in a short and predetermined time has inspired me to always continue with this practice and apply it to other areas of my life.
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