Business

Business advice: Buy — don’t rent — your company’s property

Michael Morin
Michael Morin

Back in 1998, I was looking for a new home for Morin Brothers Automotive. I was on the fence: Rent or move heaven and earth (and the bank) and buy.

I went to Mario Rizzoli, then owner of Rizzoli’s Automotive, to ask his advice. He said, “Buy the property your business sits on. When you pay a mortgage, you will get the money back when you sell and might even make some money. When you rent, you get only the pleasure of helping your landlord pay off his mortgage.”

Michael Morin, former owner of Morin Brothers Automotive

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