What Are Your Considerations Before Purchasing a Restaurant?

When you are viewing all the restaurants for sale in Seattle, how are you going to decide which restaurant is best for you to purchase? Is the location, the employees, the current clientele or the selection of food more important?

Consider the Key Ingredients

Are you going to purchase an ongoing restaurant or are you choosing to purchase a franchise for one of the existing restaurant for sale in Seattle? When you choose a franchise, your purchase will only be able to complete when the franchise company accepts that you are a fit and proper person to take over the business from the current owner. They will have their own rules and regulations about how the franchise must be operated, and you will need to adhere to these choices, rather than making your own food and menu decisions.

Consider Who Owns the Property

Are you purchasing the entire business and the property or just the restaurant business alone? Where another individual or company owns the property, are going to allow you to complete the transfer of the business into your name? There may be rules and conditions that apply to who and how the property can be rented from the building owner.

When your accountant is inspecting the financial records of the business, you will be able to assess the cash flow of the business which will help you decide whether you can afford not only to purchase the restaurant but also keep it afloat during the early months.

As you consider restaurants for sale in Seattle, a careful inspection of the equipment by an expert will quickly inform you about the quality of the equipment and whether it may require upgrading or replacing soon.

Which liabilities from the restaurant will need to be transferred to you as the new owner? Are there any local city violations that could affect the ongoing business? Is there a liquor license to be transferred to the new owner?

After studying the restaurant’s current and previous reputation in your local community, you may be able to evaluate whether the purchase is worth the valuation and to request that the individual you buy from, is able to sign a contract which ensures they cannot open a similar restaurant which may damage your trade.

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