We at One Fat Frog Restaurant Equipment deal with restaurant equipment, but every now and then, we get a question about actually running or purchasing a restaurant. After getting a phone call today from someone who might be purchasing a restaurant, I did a quick research break to offer some advice on the point. I will however remind that I am not an expert at purchasing restaurants. I’m an expert in lots of stuff, but not this. So make sure you ask a business expert of some kind about this before you make any serious decisions.
Before I get to the bullet points, it’s important that you look into the reason for the owner selling the restaurant. While there are some normal reasons he or she might want to do so (retiring, moving, etc.), there are some less than stellar yet totally possible reasons, like the foundation is falling apart or it’s being occupied by hobos. Either way, you want to know what the reason is and take that into account when considering the purchase. And now, on to the bullet points:
-Get into the books and get the full picture of the finances. You need to know what kind of situation you’re dealing with.
-Learn the history of the location. Not just the business and the concept, but the building itself. Especially if the building might have an issue.
-Are you taking over the business or the building? If you’re taking over a KFC, then you could either keep the place a KFC or change it to a McDonald’s.
-Once you make the purchase, get a reputable inspector and contractor to look over the building and make sure it’s in good shape. Obviously, if you can fix problems, make sure you do. Hopefully the problems are not that big.
Again, these are just a few little points to start, but make sure you address a professional. And if you need equipment, of course, you know who to call.
One Fat Frog • 2416 Sand Lake Road • Orlando, FL 32809 • 407-480-3409