Taking over a restaurant requires some preparation and an analysis of the old business .
Hundreds of questions will arise: Is the restaurant located in a busy area? Will you need a lot of new equipment or will you keep the old ones? Is the restaurant’s clientele compatible with the new concept you want to introduce? What licenses will you need? Who are your competitors? How are the balance sheets doing?
The Modern Restaurateur’s Guide: Reinvent Your Restaurant’s Online Business
Discover in this free guide how to prepare your engineer data restaurant for short- and long-term success, whatever the circumstances.
1. The business assets
The business assets represent all the movable property and rights belonging to a trader that allow him to practice his profession. It is in a way the value of the company . When you take over a restaurant, you buy the business assets.
What constitutes goodwill?
- the materials, furniture, equipment, cash register system ;
- administrative licenses and authorizations (very useful for the sale of alcohol, for example);
- employment contracts;
- the clientele;
- the right to a rental lease;
- the brand name;
- accounting documents (financial statements, accounts), etc.
Note: Debts are not generally use instagram to generate inbound s transferred with the business and remain with the trader/seller. You can request, or even demand, a certificate guaranteeing the absence of debts for peace of mind.
It is therefore essential for you to know what constitutes the business assets of the restaurant you are considering taking over. What will be transferred to you?
2. Diagnosis of the establishment and its equipment
Assess your current restaurant by researching its brand and perceptions. If the restaurant’s reputation is particularly poor, it could impact your new business. You can easily search the web and read various reviews posted by previous customers.
Next, is the establishment compatible with your project? Does the restaurant’s layout suit you? Will you have to budget for a large amount of work? And is the equipment you’re being given—for example, the tables, counter, chairs, and kitchen equipment—everything in good condition?
You could also study and analyze the taiwan lists restaurant’s current offerings. What are the menu items, their profitability, margins, and price range? What is the inventory status? If it’s a vegetarian restaurant and you’re planning to turn it into a burger bar, your offerings may not match demand.