Commercial Tenant Selling Buiness Question

[Chris G.]

Have a small plaza that consists of mainly mom and pop style stores/ tenants. One of the tenants lease ended and has been going m-m for few months now. They're in the process of trying to sell their business. Now if they sell the business it would be the same store in my plaza just a new owner. To me I would want the new owner to do an application mainly to check their person credit and background since this is a smaller mom and pop business. Should the current tenant have the "possible buyer" do an application prior to selling it to them to make sure I accept them? Like if they do the application after they buy the business and they have criminal history and low credit I'm not sure I would want them to sign a lease. The current tenant is acting like they'll sell their business and then have me deal with the new owner application and lease after. Hopefully this makes sense and someone has a better idea on what to require. 

[Joel Owens]

Bottom line is the new business owner experience level in the industry type they are trying to open at that location. You would want personal and business guarantee and make sure not all of their assets are in untouchable retirement accounts. You want enough liquidity for them to be able to (float the business) during rocky times to get back on track versus going under.