Purchasing a building to owner occupy as a business can offer several tax, liability, anonymity, and legal benefits. Here are some potential advantages:
Exit Planning Options:
It is important to note that the benefits of owning a building for business purposes may vary depending on the specific circumstances of the owner and the property. It is recommended that business owners consult with a qualified attorney or financial advisor to determine the best course of action for their individual situation.
One example of a small owner-occupied business property in Madison, Wisconsin is Cargo Coffee on East Washington Avenue. The coffee shop was founded in 2004 by a husband-and-wife team, along with a partner, and they purchased the building at 750 East Washington Avenue to operate the business as an owner-occupant.
The building was a former gas station and required significant renovation and remodeling to convert it into a coffee shop. The owners invested in the property and created a unique, inviting space with a distinctive industrial design. The coffee shop quickly became a popular spot for locals and visitors alike.
By owning the building, the owners of Cargo Coffee have complete control over the space and can make long-term investments in the property without worrying about lease agreements or potential rent increases. Additionally, owning the property allows them to benefit from the appreciation of the property value over time and potentially build equity in the property.
Overall, the owner-occupant arrangement has worked well for Cargo Coffee, allowing them to establish a permanent presence in the neighborhood and create a unique and inviting space for their customers. The coffee shop has become a beloved local institution, and the building's distinctive design has become a recognizable landmark on East Washington Avenue.
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