Advice on Buying a Bar

For those looking to own a bar, pub, or even a restaurant the following information can be helpful.  You will definitely want to talk with a lawyer regarding the purchase of the business and as always get professional advice.  The following information is helpful, but not meant to be used as a “gospel” to purchasing and running a bar or restaurant business.

Typically someone looking to own a pub or other establishment wants to get out from under a boss.  If you are someone who has the entrepreneurial skills to succeed in your own business you are in the right place.  Not everyone is able to run their own business.  It does take discipline.  You have to be able to be the boss and make a profit.  You will always find running a pub or bar satisfying and rewarding, even around the hard work.  That is if you are into running a pub.  Basically, running a pub is not for everyone.  You have to be professional, sociable, and have the business skills.  If serving drinks is not your idea of fun a pub is not for you. 

Here are a few things to consider:

1.How much can you or do you want to invest?  You will need to figure out if you can afford the place you are looking to purchase.

2.Is there a lease on the pub?  If you are buying the property outright it can be a little less expensive over time than when paying on a lease.

3.You will need to decide if the pub is doing a good business.  If the area cannot support the pub then it is not worth purchasing.  However, if you are starting your own pub you get to pick the location.  You will still need to research the demographics, location and other important aspects of the area to make sure a pub is welcome.

4.Always have a professional evaluate the value.  As with a home a professional can evaluate the business value based on yearly tax returns, equipment, locale, and the lease.  This way you know if you are getting the right deal.

5.You will need professional training if you want to run your own business.  You should have training in all aspects of business as well as bartending.  You may have to serve drinks, so knowing how to make them and being quick is imperative.

The pub business often has long evening hours.  You may open for lunch and close at 2am, so you have to make sure you are an evening worker.  You also have to be able to remain sociable even in the wee hours of the morning.  You want your clientele to feel comfortable, and you also want them to come back.  In purchasing a bar you have freehold, franchise, and lease options.  You can lease the business, buy a private business or open a franchise if the franchisor is willing to work in your area on setting up the business.