Purchasing an existing business

[Avery]

So, I'm buying a bar. I've done all my homework, I know it's profitable. It's basically across the street from a large college. It's up for sale because the owner's daughter doesn't want to run it anymore, not because it operates badly.

That said, has anyone ever purchased a business before? I'm curious as to what the typical problems are when someone takes over a business. I'm mostly worried about employees (there are only a few). I don't intend to change anything immediately as I want to earn back some of the cash I'm burning with the purchase, but I have every intention of promoting the balls off that place and packing it on the weekends (the previous manager never did anything resembling marketing). I'm also worried about the existing customers; how do I make changes without losing any of them?

Any advice would be helpful. I'm hoping to avoid any typical pitfalls.

 

[Cassin]

I used to serve alcohol and I have a few friends who do...here is my advice.

Look into their liquor license history with the states Alcoholic Beverage Commission

That will give you a good look into their problems.

Pull the head bar tender aside off the record and off the premises, assure his job and tell him to give you a no BS assessment of the place.

 

[Avery]

Thanks for the ideas, Cassin. I set up a lunch with the most senior bartender.