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There are lots of things to consider when you are buying an existing business much less a bar. Make sure you do your due dilligence and check the place out before you sign anything. Ask a lot of questions and not just the current owner. Talk to neighbors around the area. Is the bar a good neighbor? Talk to employees. Do they like working there? People will tell you what you think you want to hear or you only hear what you want to hear so keep an open mind.
What kind of lease would you have? What shape is the current equipment and building in? Can the place handle increased business in the next five years? Do you have enough parking? Can you have live music or are there zoning laws controling it? Is the local police force "friends" with the place? Or have there been a lot of problems associated with it from a law enforcement point of view? Have there been any liqour code violations-serving minors? Does the place have a loose or strict minors policy?
Look at the books close if you can. Have your accountant look at them if possible. Find out how much money is made off the books. Why is it for sale? Can you transfer all the licenses associated with the bar? If you have friends in the business, send them in to look at it-see if bartenders are honest-any theft going on. Bartenders can make or break you. (My old boss once said-try to control how much your bt's steal from you.)
That being said, have you ever operated a bar??? Do you want the hours and life associated with owning a bar? There are a lot of great things associated with owning a bar but there can be a lot of problems too. I have been in the business for almost 20 years and it is a challenging and rewarding career. It's a big decision good luck!!!
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