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Purchasing a Business, Welcome
Who are you?? Where are you?? What kind of business are you planning to purchase??
Do you have an Accountant?? A Lawyer?? Have you seen prior years tax returns??
Do you know about SCORE. SCORE is FREE and can help you.
Good luck, LUCKIEST
Thanks for your quick reply! I am in Washington, I would like to purchase an existing restaurant in a small Idaho mining town. I have yet to see the tax returns..I would like to see if there are any options out there for me before I start talking with the current owners. I have done extensive in-house restaurants in a prevoius job, I don't believe I will need an accountant. I really never thought about an attorney... I am not familiar with SCORE at all..
oops..extensive in-house books for a previous restaurant employer..:)
Hope all is well. Congratulations on taking the leap into owning your own business. Tell us a bit more. Do you have a business in mind? Will it be homebased or are you looking for a location? Have you tried to get financing already?
I have really answered your questions in my above postings... Would like to purchase an existing restaurant that has been in business since the 1930's..current owners bought it in 2005. He just isn't cut out for the restaurant business. I have not yet tries to go through a bank..this is my first step..I wanted to find some advise!!
Would you keep the same name, theme and food at the restaurant or overhaul it?
Is there a lease for the property? How much longer left on it?
Do you know that the owner is willing to sell?
Most small businesses require some seller-held financing to get the deal done. Have you asked the seller to see if he'll take back a note for the whole thing?
Are you sure it's that he's just not cut out for the business, or does he know more about it than you think, and he's just trying to find some sucker to take it off his hands?