Buying a Restaurant Business - Need Help & Guidance Please HELP
by rainbow9, Window Shopper
- Created: November 11, 2013, 11:08 am
- Updated: November 11, 2013, 11:20 am
I am in the process of buying an established restaurant business. However, I need help to determine what I need to do first. The owner is selling the restaurant, she still has 1.5 years on the lease and if I buy her business, I assume those terms pass on to me as the new owner. But, I found she has a lien on the business. Where do I go from here? I am serious about the business but should I talk with the landlord who she's renting from, do I find a lawyer to discuss the buying of the business with the business owner or the landlord? How much does it cost to get a lawyer to handle the purchase of the business? How do I determine the value of the business is worth the amount she's asking? When do I ask for her proof of the money she makes to ensure that I am not buying a lemon? What other things do I need to ask to be aware of before making such an purchase? How do I find information out about a liquor license in Michigan? How much does it usually cost for a license for beer and wine? Do I contact the federal, state, or county for information? Any insight would be greatly appreciated. If I buy the business and register it under a different tax ID and name, would I still be liable for the lien? How much does it cost to register a new tax ID and name?
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