So you think you're ready to buy a bar?  Better ask yourself these questions first to avoid heartache and headaches on the home front after the fact.

Question One:  If I’m in charge of my own destiny by owning a business, what days and hours do I want to operate?

Are you ready for those late nights and weekends when 2AM is an early close?  This choice may mean the difference in keeping your marriage on track or heading for divorce court.  Ask yourself and your significant other how they feel about the hours surrounding a bar. 

Question Two:  What is the alcohol level I’m comfortable serving? 

Are you on tap for high alcohol levels?  Think before you answer this question.  While high alcohol levels can lead to greater profits (usually), it also comes with the associated problems.   Underage drinking, theft by your staff, liquor license costs, late nights and drunken customers you may need to shuttle home to avoid a lawsuit are all part of the mix.  These aren't matters to be taken lightly when you're starting your search to buy a bar.

Question Three:  What’s my relationship status for the foreseeable future?

Are you single?  That's great if you're buying a bar since you can work any hours.  Just remember, it will seriously cut down on dating since it's hard to date if you're always "on duty" on the weekends.  If you're already married, do you have children or responsibility for others like aging parents?  Maybe your significant other has a "regular" job.  That could lead to conflicts if you're getting home at 3am and she's getting up three hours later to get ready for work. Do you have children or want them in the next few years?  Buying a bar and toddlers don't go hand in hand so give this some serious consideration.

Question Four:  Where am I going to get the capital to buy a bar?  

If you are sitting on a pile of cash, you're in great position to buy.  If not, you could face a struggle obtaining any form of financing.  Bankers and bars don't go hand in hand for lending under the best of circumstances.   Owners may be willing to finance with a substantial down payment but they may "up charge" over the actual value of the restaurant if they are holding paper to make the deal work.

Question Five:  How much money do I need to make to support my family?

If you're independently wealthy and don’t need an income, this question may not matter.  For most people buying a bar this comes into play. Often bar owners will not report all their income or attempt to tell you that they take money "under the table."  That significantly increases your risk in buying a bar.  As restaurant brokers, we tell those owners the business isn't priced to include those earnings.  They already got the benefit form that undeclared cash and we can't sell it if we can't see it.  Not all brokers take this position however so make sure you understand exactly what you're getting and verify you'll have enough to live on once you buy the bar of your dreams.

Question Six:  5) How much restaurant experience do I have?

It's not a deal killer if you don't have any restaurant experience, but it may make it more difficult to get a seller to finance a deal.  Also remember that buying a bar (in almost all cases) will mean that you will be serving food.  Some experience as a manager, or back of the house (kitchen) will be helpful.

That's it.  Those are the questions to ask yourself.  Once they are answered, call the restaurant brokers and we’ll help you buy a bar. 

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