Buy A Restaurant

Making the decision to buy a restaurant is only the first step. There are many other factors that need to be studied before proceeding into any kind of purchase contract.

One of the first things you want to do is hire a good, reliable lawyer. There are plenty of legalities involved in the buying process. Employing a lawyer will help protect your personal interests as well as inform you of any legal requirements you may not be aware of.

When purchasing an existing restaurant the first thing you need to know is why the current owner is selling. It may be something as small as a personal choice or as big as bankruptcy or loss of clientele. These are things you must know before you buy a restaurant. Any owner with nothing to hide should have no problem showing you the financial books. Anyone who won’t should probably be avoided.

Property evaluations can tell you plenty about the building itself and its worth on the market. In a booming economy this is a step you cannot afford to overlook if you want to avoid being taken for more than the restaurant is worth. You may also want to consider comparing a franchise purchase to a stand alone restaurant purchase. Though fees are applicable with a franchise, it’s already established and usually successful. As well, you will be familiar with the menu and the company.

The restaurants reputation can speak volumes to a potential owner. Examining the location and clientele can tell you a lot about a place. A shady neighborhood can drive customers away and greatly reduce profitability. An awareness of takeover costs and potential liabilities are also large components when deciding to buy a restaurant. This is not something you want to come as a surprise after making an offer.

Knowledge really is power so be sure to equip yourself accordingly.

Unfortunately, there aren't any college courses on "How To Start A Profitable Restaurant". (And if there are, they are probably taught by someone who's never owned a restaurant!) The statistics don't lie. Most restaurants DON'T stay open a year! I got extremely frustrated seeing unsuspecting new owners lose their dreams (and their shirts). Sometimes it's just a lack of good information that causes their businesses to fail and a great amount of personal heart break!

I have written a special email report in hopes that it might stop the growing statistics of new restaurant failure. So, before you spend your hard earned money acquiring and opening your restaurant, I urge you to read my FREE report "The Restaurant Industry's Dirty Little Secrets. Get your copy of this report today click here to get your FREE report!

There are a lot of successful restauranteurs. There is a HUGE number of well meaning, hard working rookie restaurant owners who simply aren't aware of the "insider secrets" to creating a profitable restaurant. One particular event caused me to sit down and write out this information. To read more about the event click here

Today's Independent Restaurant Business Tip

for . Getting ready to open your new restaurant is a busy, frantic time. Don't wait until the last minute to get setup for Interac, ATM, and credit card processors! For some reason the banks and credit card processors aren't in as much of a hurry to open as you are. Make sure you get this process rolling so that you'll be setup for opening day. Far too many restaurants open and say, "I'm sorry, you'll have to pay cash. We have got the processors setup to accept debit or credit cards for a few more days!". Not a great first impression for your restaurant!

Readers Comments

Hi
I thought I would take a minute and say a big THANKS!!!! I have read your story over and over and over again. It was easy to read and easy to understand. Thanks for taking the time to put everything in perspective for me. I'll keep in touch and let you know how it goes.
Thanks your biggest new fan
Jolene