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7 keys that you should consider before buying a restaurant

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buy a restaurant It can be a successful bet when starting a new business. To start with you have previous statistics of the local operation, something that happens when a restaurant opens from scratch. On the other hand the initial investment is less, something that could be counterintuitive at first, but it is abundantly clear that the necessary reforms are considered in local, Commercial furniture purchase and costs for permits and licenses that are associated with the opening of a new restaurant. A transfer restaurant business all this is covered by the amount that is signed.

The price of the restaurants in the US. THE. It has been increasing in recent years, at a rate of 5% annual. Currently the starting price is placed around the 469 500 Dollars. A price is given in the Spanish environment as we returned a quick search on internet.

Although these prices seem very high, the truth is that the possibilities are wide dodge, Y prices usually end well below the threshold initially set by the seller. Although it may make sense economically opt for buying a pre-existing catering establishment, this does not mean you have to make appropriate inquiries before signing the purchase agreement.

The following seven points are crucial from the point of view of the buyer.

1.- Investigates the real reason for which the restaurant is for sale

Yes, there are hundreds of valid reasons for selling a business. A change in the life of the owners (moving to another city, Step other economic activity, etc.), but there are many reasons why the buyer has to worry.

It is the property and furniture in perfect condition? Or on the other hand presents difficult failures to solve without large additional investments? It's hard to say for yourself, why the recommendation is rely on experts such LIDES to know what the condition of the restaurant to be acquired.

Considerations associated to this point can also signal the need to change or not restaurant brand. If from an economic point of view everything was working swimmingly, then there is no reason to do so. But if things were not going so well and this is causing the current owner wants to get rid of the business, the buyer must keep in mind that You will have to rename, the menu and probably seek a new clientele.

2.- It includes a detailed inventory in the transfer contract

Not a good idea to assume that things are as expected as they are. A) Yes, although it is normal for a local transfer all equipment associated with the economic activity is transferred to the new owner, there is no reason to think this is true in all cases.

If you expect all appliances, kitchen tools, outlets and other devices are on your property to signing the paper, Make sure it has every element in this chapter and verse, It includes an inventory in the contract. What is not included in the contract was never for sale, remember it.

3.- Add a clause in the contract noncompete

Restaurateur who wants to sell their home can have future plans that jeopardize the functioning of the establishment we are acquiring.

For example, I might have found a new location in which to mount a more successful restaurant, reducing the inflow to the old restaurant to the exercise an advantageous competition in the environment. It should be borne in mind that the current owner knows the neighborhood, the people who frequent restaurants and consumer trends occurring in the area.

To avoid catching fingers, it is convenient include in the contract a clause that limits the ability of the seller to the buyer competition. a section should not arise introducing frictions like this, if it happens, this is a sign that something is wrong.

4.- Find out any outstanding debts and penalties

When the title is obtained from a local, This is received in its current state. This includes loads and warnings you may have.

Before sentencing purchase, worth investigating what the financial status of the business. Was any money is owed to suppliers? They have been paid reforms in its completeness? Are there any outstanding administrative penalty payment?

These and other questions must be answered before making a purchase restaurant have unexpected negative consequences.

5.- Investigates the online reputation of the restaurant

The inertia of the restaurant is hard to change. This is, the perception that people have of the business community. So true it is when reputation is good, meaning that the new restaurateur may botch on more than one occasion before the opinion of the restaurant starts to degrade; and when it is bad: much work for the new owner set to raise a local diners who do not speak well, changes soon arrive and be extremely laborious.

For all these reasons, is vital for the new restorer inquire what the reputation online property. For this we must turn to pages like profile of the business Google My Business O TripAdvisor, as well as specialized guides who speak the local restaurants, as ElTenedor.

Also visit other businesses interested in restoring the environment to assess how difficult it is to compete in the area, What are the strengths of local and what are the cons presented and on which will have to act quickly so as not to be in commercial disadvantage are.

6.- Aware of the existence of other supply contracts

Another aspect that can not be forgotten is that the business may have signed contracts with other vendors lasting business services. These might not be terminated, or whether termination is possible, you may incur overruns or compensation unexpected.

The same goes for the POS terminal systems. Depending on what the system is received, it may be cheaper to opt for long-term replacement.

7.- Asesórate professionals to avoid risks

Before taking the final step necessary to know the true market value of the restaurant. It is clear that the current owner does not come off local does not receive a value equal to or higher than this amount, so output prices to the market catering business are usually very inflated.

You hire an attorney experienced in this type of business transfer will help, as well as guide us through the process, He will use his experience to obtain the greatest benefit to the execute the transaction.

As you can see buying a restaurant is not a free process difficulties, but following the proper guidelines you can get open a business successful restoration with a much lower investment than would entail the opening of a completely new location.

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Article by the editorial team of DiegoCoquillat.com. It has professionals both in the field of hospitality, gastronomy and tourism, and new technologies and innovation.

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