Buying A Restaurant
The Restaurant business is tough, but can be quite lucrative.
In most cases, buying an existing business is less risky than starting from scratch. When you buy a business, you take over an operation that’s already generating cash flow and profits. You have an established customer base, reputation and employees who are familiar with all aspects of the business.
I will research and find the right opportunity for you ONLY after understanding your wants and needs.
Budget & Price
It is crucial for me to understand your available capital. Besides the purchase price, there are other costs involved when you purchase a business, for example:
Money available for operating expenses
Negotiating A Fair Price
Sellers and Buyers are dealing from different perspectives and usually the one who is best prepared will have the most leverage when the process enters the negotiating stage. Price can be a difficult component to pin down and, therefore, it is for the buyer to assess. Usually, businesses sell for a higher price when the economy is expanding, and for a much lower price during recessions. Motivation also plays an important factor. How badly does the seller want out? If the seller has many personal financial problems, you may be able to buy the business at a discount rate by playing the waiting game. On the other hand, you should never let the seller know how badly you want to buy the business. This can affect the price you pay adversely. Keeping both parties focused on the ultimate goal and keeping the process smooth and addressing any problems that may arise.
Creating A Team
After finding the right business for you at the right price, we will start to work with a team: Banker, Real Estate Attorney, Immigration Attorney (if needed) Accountant and Consultant. Once the business is identified, we will ALL work together to protect you during the transaction. It is important and sometimes necessary to engage a good business attorney to negotiate the terms of the asset purchase contract, hold escrow, set conditions & contingencies pertaining to: E2 Visa, landlord acceptance, operating condition of equipment, repair work and etc. This is why all of our transactions are supervised by our legal representation partners.
Closing And Post Closing
Because of my 30+ years of experience in the restaurant industry, my job is not done after closing. After all contingencies have been met and you bought YOUR restaurant, I will be happy to support you with any ongoing assistance you may need.