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    2 Replies Latest reply on Feb 17, 2010 5:41 PM by TheSoloGuide

    already established restaurant.... i need help and advise

    daughy18 Newbie
      Hello, I need some help my grandparents already own a restaurant/ bar and are wanting to sell I want to buy it and I don't know the first thing to say to my grandmother or how to get the ball rolling on a already established place. I need a lot of help we (my mother and I) would like to keep the place in the family and we need help doing this. Can someone please help me and help me get this rolling my grandfathers health is not good at all and my grandmother can not do it all anymore by herself.

      Thank you for listening any and all suggestions will be considered!!!

      Thanks
        • Re: already established restaurant.... i need help and advise
          islandboy9 Wayfarer
          Are you already helping them or involved in the restaurant at all? YOU and your Mother needs to know EVERYTHING that involves running the restaurant. That means how many employees, how they are paid, who handles payroll, taxes, insurance, health benefits etc., annual licensing, vendors, accounting, how the food is prepared, how to keep existing customers happy and attract more. At some later date, you can contact City Hall to find out how to change ownership from your grandparents to your name. On another note, are you and your Mom responsible with managing money and personal finances? Does your grandmother see you and your Mom as being responsible enough to carry on the business name? What state are you in?
          • Re: already established restaurant.... i need help and advise
            Tracker

            Daughy18:

            I sold a restaurant last year that I owned and operated so I have some experience with your questions.

             


            Why do you want to buy the restaurant? Primarily to keep it in the family? Do you have restaurant experience? If not, I seriously recommend that you see if there is an opportunity to work for your grandmother at the restaurant before buying it. This will hopefully allow you to keep the restaurant in the family while gaining experience to know if you want to buy it and have the skill to make money with it. Restaurants take serious dedication and aren't as easy to run as most people assume.

             


            If this option doesn't exist or if you have restaurant experience, I recommend that you and your mom sit down with your grandmother and explain what you would like to do. If she needs you to buy the business outright, you will need to do a thorough review of her books to make sure that the restaurant is making enough money to pay you.

             


            You will have to decide how much legalese your go through to transfer the restaurant into your name and exchange money with your grandmother.

             


            You will need to get with your local health department (or what equivalent your state has) to get your food manager / handlers license. If the restaurant sells alcohol, you will need to get with the city for the transfer of the alcohol license, too.

             


            I hope this helps.

             


            Doug Dolan

             

            The Solopreneur's Guide

             

            http://thesologuide.com/