Personal Guarantee for Commercial Lease?

[poochkas]

Guys,
I am in the process of negotiating a lease, but the owner wants a personal guarantee on the property. Are personal guarantees unheard of in our buisness? Has anyone else had to have a personal guarantee? Or is this typical that they ask, but are usually not given one?

[Joe]

I have signed four leases in my time and have given a personal guarantee each and every time. Just standard practice.

[Estefon]

Get used to it. Not only will the leaseholder ask for a personal guarantee, but so will every one of your creditors. It's the way business is done these days.

[angieD]

What is a personal guarantee? Does that mean you need some kind of collateral like property??