In this tough economy wouldn't you like to get a nice check back from your landlord? That's the question Richard Nahodyl, founder of ADVANCE Lease Audits, asks CFOs when he walks into their office. CFOs have tightened the bolts on their businesses to the point they're about to blow the hatch, but this is one gold mine that most CFOs overlook. It all starts out when your corporate attorney negotiates terms for your lease. Your terms are different from the the guy next door. Additionally, your attorney probably inserted an nice clause that allows you to audit your landlord's expenses; at least those that are being billed back to you or used to calculate your rent increase. The reality is that your landlord probably overlooks some of those hard fought negotiated items when your rent was recalculated. That's where Richard Nahodyl and his team of CPAs come to your rescue. They audit your landlord's records to find you savings. The best part? Their fee is derived from the savings they find for you!
Richard's service is known in the industry as a lease audit; but he explains that the term "lease audit" is a bit of a misnomer. "We don't really audit the lease. We audit the invoices used by the landlord to calculate variable costs, escalation clauses, and common area charges. We then compare what the landlord used to calculate the charges with the terms of the lease. Frequently we'll find things like marketing expense charged back to tenants and that's not allowed!"
Richard grew up on Long Island and lived for several years in Canada before settling in the South. He started his career in commercial real estate when doors were open and he could just walk in the front door of a business, sit down with a CFO, and pitch his services. He was always a top tier performer in business development. Mix together the tenacity of a native New Yorker with thirty years in commercial real estate and garnish it with southern hospitality and you have Richard's recipe for success. He knows this is a difficult area for landlords to comply with - they typically leave it up to the tenant to audit. He also understands tenants want a good relationship with their landlord. Handling the audit must be done cordially and professionally.
Companies who lease space in excess of 25,000 square feet in multiple tenant facilities are most likely to benefit from a lease audit. Every lease has unique negotiated terms and the landlord's accounting isn't usually sophisticated enough to parcel out the costs as required by the different lease agreements. There are some big firms offering lease audit services in New York and Los Angeles but the market is quite nascent in the southeast. Richard expects his first on the scene advantage in Atlanta coupled with his deep knowledge of the theory and ability to touch the landlords will eventually propel ADVANCE Lease Audits to a preeminent position in the region.
When Richard isn't shaking hands with CFOs and directing audits, he loves to paint abstract art. For Richard, it lets him keep the left and right side of his brain active. "It's such a release to shift gears from looking at numbers and details to expressing myself with rich color and texture on the canvas."
If your company could use a little cash in your checking account or your bottom line needs a boost let Richard Nahodyl and his team mine the gold in your lease agreement. For more information about ADVANCE Lease Audits visit them on the web at: www.advlad.com
Photography and reporting by Sam Dobrow. Sam Dobrow is a freelance writer and photographer based in Atlanta, GA for more information about Sam Dobrow visit www.samdobrowphotography.com on the web.