Many people dream of owning their own great restaurant, bar or pub. Generally the most successful people do their research. They create a great plan. They continually innovate. And they regularly take time to understand their customers and their competitors.
Purchasing an existing restaurant often allows you to earn a profit almost immediately.
Many start up restaurants never make it to breakeven point. Franchises are no guarantee of profitability either.
Purchasing an existing business can reduce risk but can not eliminate risk. You still must do your research, follow your plan, continually innovate, and truly understand your customers and your competitors.
Howard Schultz of Starbucks fame did exactly that. Read Pour You Heart Into It for a great story about buying an existing food service concept and turning it into an amazing legacy.
For a list of great restaurants and bars available for sale, please click here.
Since most sellers of existing restaurants strive to keep the fact that they are selling their business from their employees, customers, creditors, suppliers, and competitors, they will often require that you sign a non disclosure agreement (NDA).
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