Hi Guys,

Im looking to purchase/invest in an extablished bar and need some words of wisom.

I recently came across a business for sale site which stated a $200,000 AUD investment price for a bar in a fast paced metropolitan area a 1.5 years old. This is an exeprt from the sale listing:

"The current owner has spent over $300,000+ on the fit out and kitchen. They have built up the turnover to $800,000. The return to owner is $250,000+......
The current owner has been extremely organised with all systems in place and there is literally nothing for the new owner to do, but to walk in and start taking profits."


Now, truth is I haven't any idea how to run a business... will I need to do anything more than put some money in and manage the place if everything is pretty much there? I'm thinking of getting a business loan, does anyone have any good advice that can help me out?

Thanks

They can say anything in a add, you need to see copies of invoices, copy of there last year tax filings, have an accountant review their books.

Did the do the upgrade because the health department amost shut them down or to help business , it all matters

Then you will need a business plan and understand this is often a high risk business, it can be a high profit, but it also can just as fast be a desert if a new place moves in, or if something happens in the area

Fr. Chuck made a lot of good points. In addition, the restaurant/bar business can be difficult if you have no experience. Be sure you are well versed in your state's dramshop laws. Also, being a cash business, you should not trust anyone else to close at night - at least not for a long time. This means late nights - figure an 1 - 1 1/2 hours after last call. Also, be ready to work EVERY weekend.

Thanks for the advice guys,

You're both right and I definitely need to do a whole lot more research.

Would taking a course in owning business and bookkeeping help me or are there other means?