Q: What happens when I find a restaurant I want to buy?

Q: What happens when I find a restaurant I want to buy?

A: Once you’ve seen the restaurant of your dreams, talk with your restaurant broker to get answers to your questions. When you’re satisfied that this is the right property, your broker will prepare an offer. This offer, based on price and terms you specify, will probably be contingent on review of books and records to verify figures supplied by the owner. However, this may only be a starting point on the road to agreement. Of course, the offer could be immediately approved or rejected outright; more frequently the first offer will prompt a counter proposal from the ower. Then, you’ll decide to accept the owner’s proposal or to negotiate a counter proposal.

When you and the seller agree on price and terms and your contingencies of sale are addressed, it’s time to schedule the closing and become a restaurant owner.

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