There is a well known, well established bar in our small town that is going out of business. It is a popular spot, and me along with 4 friends are interested in purchasing/leasing it and then rennovating it.
Two of the girls have extensive experience working in bars like this one, and another one is into the business end of things. We know that this will not be profitable for the first little while, and are prepared for that aspect.
I am mainly interested in finding out exactly what we are getting ourselves in to so that we can be well educated before we make any big decisions.
Any help you can offer would be appreciated!
2006-12-23 17:56:45 · 2 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
My only advice would be to get a CPA accountant to go with you and look into their accounting books, like monthly sales, gross profit, rax records, permits, etc. and most importantly: DEBTS. The CPA will know what to look for. If the current owner refuses to open the books, this will be a very big sign to me. If the books show low sales, then look into operations and try to see what might have causing this and if there is a way to improve sales. Try to avoid false hopes.
2006-12-23 18:17:52 · answer #1 · answered by OC 7 · 0⤊ 0⤋
Try http://www.score.org/ a bunch of retired executives.
Complicated business. Go slow be careful.
2006-12-23 18:10:29 · answer #2 · answered by Rockies VM 6 · 0⤊ 0⤋