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7 Key Tips for Buying a Bar: Insights for Current and Future Bar Owners
Manage episode 394509758 series 3445410
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Unlock the secrets to a successful bar purchase with our essential guide to seven bar purchase considerations on the Bar Business Podcast. This week, we're spilling the beans on everything from navigating the murky waters of stock sales versus asset sales, to dissecting the real fiscal health behind those too-good-to-be-true financial statements. If you've ever daydreamed about owning your own bar or are knee-deep in the process, this episode is your roadmap to sidestepping the common pitfalls and sailing straight into profitable ownership.
Ever wondered how local politics can impact your dream of bar ownership, or what it really takes to get on your landlord's good side? Strap in for a deep dive into the elements that can make or break your bar venture. From the labyrinth of liquor licensing to the ins and outs of lease agreements, this episode is packed with expert advice to ensure you're not left high and dry when it comes to the nuts and bolts of purchasing a bar. Plus, we're serving up the need-to-know on navigating health codes, building regulations, and those all-important inspections.
And let's not forget about the backbone of any bar—the staff. We're breaking down the challenges you might face with staffing changes and dishing out strategies to handle the inevitable turnover. To wrap it all up, we share thrilling tales of caution, like that time the unexpected happened and equipment decided to take a sudden vacation. This episode isn't just about buying a bar; it's about thriving in the aftermath, so grab your notepad and let's raise a glass to your future success in the bar biz.
Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group
Thank you to our show sponsors, SpotOn and Starfish. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.
**We are a SpotOn affiliate and earn commissions from the link above.
A podcast for bar, pub, tavern, nightclub, and restaurant owners, managers, and hospitality professionals, covering essential topics like bar inventory, marketing strategies, restaurant financials, and hospitality profits to help increase bar profits and overall success in the hospitality industry.
Chapters
1. Introduction (00:00:00)
2. Consideration 1: What are you Buying? (00:04:17)
3. Consideration 2: The Book (00:09:04)
4. Consideration 3: Business Licenses and Government Compliance (00:17:53)
5. Consideration 4: Your New Landlord (00:22:39)
6. Consideration 5: Equipment (00:30:22)
7. Consideration 6: Furniture and Fixtures (00:35:25)
8. Consideration 7: The Staff (00:41:23)
9. Final Thoughts (00:46:02)
87 episodes
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