Running a Restaurant/New in the restaurant industry
I am very interested in buying a restaurant/bar that already as an owner. I talked to the owner and hopefully I convinced her that I am extremely interested. She said there are other four buyers that are also interested in buying her business but she does not want to give me the amount that she wants for the restaurant, she wants me to make my own offer so I have no idea what I am competing with the other interested buyers. She said she is also open to partnership. I know and understand that any business is competitive and can also play dirty and as a business owner you have to take risks but I am not sure what her intentions are with the partnership. I offered the owner that I am willing to pay off the loan she has at the bank for her restaurant and to also give her a certain amount of money so she can walk away with some profit. I have no idea what to do, please give me your good advice. Thank you.
The only advise I can give is to get an attorney involved when you are serious to buy.
The partnership....anything is possible.....typically they do not work out though.
Make sure you are prepared to own a restaurant...it will consume your life and that of your family.
Best of luck to you