1.  Realize that the advertised asking price may not be the only asking price.
R
estaurants are usually seller financed. Most sellers would jump at $170,000 cash
rather than $200,000 with terms.

2.  Look for missing pieces - such as the absence of long term employees..

3.  Analyze the owner/manager.  If his/her management style is abrasive or non-
involved, start discounting your offer...because the owner's personality will probably
limit the buyer pool.

4.  Acknowledge that people are generally consistent.   If the financial materials are
"shaky", you're probably looking at a "shaky" business that will eventually sell at a
discount.

5.   Give a $ value to the lease.  Will you be working for the landlord or yourself?  If
needed, plan to renegotiate.

6.   Observe all similar restaurants in the area.   Determine whether your restaurant
is  “maxed out” and where it fits with customers.   Hopefully you’ll have room for
improvement.

7.  Ask money questions.  “Is your price firm?" "Will you finance?" 'Have you had any
offers?" "Why are you selling?”

8.  Obtain professional  advice. Then quiz the owner.  “My accountant says the cost of
goods is high. Is this due to spoilage or theft?” “My attorney says the lease needs
options. Can we negotiate with the landlord?”

9.   Realize when it is time to walk.
Look elsewhere when the price is too high and you are told that there are many
potential buyers. Call back in a few weeks. If the business is under contract, put in a
back-up offer.  (Initial contracts often “fall-thru”.)

10.  Plan with your attorney for the “bumps” that can be caused by an unpredictable
seller.

11.  Call Wujek & Company  813-978-1191 for consultation or help in negotiations.
Tips On Buying a Restaurant