The restaurant industry can be a challenging industry to enter but if you have the passion, fire and the drive you can find success. Find a business that you can truly be passionate about. It’s easier to turn an average business into a great one if you can be passionate about it, than it is to maintain profitability of a business that you really do not enjoy.
Do your research! Consider your skill set. Seek the advice of friends and advisers. Open your mind to different options. Conduct a detailed and professional due diligence on any investment that you are considering. Find a business you can be truly passionate about.
Once you have found a great business and are ready to make an offer, keep this Legacy Tip in mind. “Buy based on potential, pay based on performance.”
Buy a restaurant you believe you can improve and grow. But never overpay for that opportunity. Don’t try to beat the Seller down either. When you find something you like, move forward. Offer a fair price. Spend your energy on getting ready to take it to the next level.
Opportunities are relative to the buyer. Just because someone you know thinks a particular business is a winner or a loser, you need to decide for yourself in the end. What might be a terrible investment for one person, can be a great opportunity for another. You are buying an existing operation but you are getting an opportunity to take the restaurant to the next level. When you find something you can be passionate about, go for it. Good luck on your venture to great business ownership.