BUYER'S CHECKLIST

Checklists are handy prompts that keep us on track and make sure we don't miss important appointments or neglect significant tasks. Buying a restaurant is a complicated process – and one of the most important decisions you'll ever make – so a checklist to guide you through the process is a good idea.

And, we can help you structure that checklist. We know the myriad details involved in purchasing a food-service business. The following is a small sample of items that should be on a buying checklist:

• Copy of building lease
• Sales history for past year
• Seller's financial information
• Confirmation that equipment works properly
• Valid, effective non-compete agreement

This small number of checklist items illustrates the complexity of purchasing a restaurant. Buying a franchise adds additional items to the list, such as:

• Initial franchise information
• Current franchise agreement compared with seller's franchise agreement
• Accurate and up-to-date royalty payment figures
• Franchise transfer fee requirements
• Upfitting requirements for new franchises

And, never forget the all-important To Do list. Here's a sample list:

• Obtain federal I.D. number
• Secure necessary licenses (can easily involve multiple government departments and numerous documents)  
• Purchase insurance
• Establish utility services
• Secure necessary licenses and inspections

Buying a restaurant is complicated — but we help people do it every day!