When it comes to restaurant statistics, Chad Clift usually isn’t
paying too much attention. He knew his own odds, and there wasn’t
anything that could have stopped him from achieving his goals. With that
said, having an immense amount of self-belief doesn’t have to translate
to being reckless. When someone is contemplating the idea of buying a
restaurant, there are certain factors they should always factor into the
equation.
Due Diligence
Just because a restaurant looks good, it doesn’t mean that it is a successful restaurant, not even when it’s actually famous for its food. The success comes down to a variety of factors, and these two are only part of the whole picture. Location is obviously another important element, as well as the quality of the management. If you are buying an empty venture, you should still make sure that you know any information that could be relevant. If you take over a restaurant that did not do well, you have to appraise its assets to determine how much you have to pay for them.
The Importance of the Location
Yes, mentioning the location may sound like a cliché, but it really isn’t. Instead, it is more like a general truth that’s pretty much suited for any businesses (in any field) you could potentially buy. Location is that important.
Don’t Do it Alone
Two heads are better than one, if you can rely on the expertise of another person, don’t let the opportunity go to waste. As a master chef and successful businessman, Chad Clift is always interested in hearing the opinion of his employees.
Sources:
http://www.gourmetmarketing.net/buying-a-restaurant-tips-for-first-time-owners/
Due Diligence
Just because a restaurant looks good, it doesn’t mean that it is a successful restaurant, not even when it’s actually famous for its food. The success comes down to a variety of factors, and these two are only part of the whole picture. Location is obviously another important element, as well as the quality of the management. If you are buying an empty venture, you should still make sure that you know any information that could be relevant. If you take over a restaurant that did not do well, you have to appraise its assets to determine how much you have to pay for them.
The Importance of the Location
Yes, mentioning the location may sound like a cliché, but it really isn’t. Instead, it is more like a general truth that’s pretty much suited for any businesses (in any field) you could potentially buy. Location is that important.
Don’t Do it Alone
Two heads are better than one, if you can rely on the expertise of another person, don’t let the opportunity go to waste. As a master chef and successful businessman, Chad Clift is always interested in hearing the opinion of his employees.
Sources:
http://www.gourmetmarketing.net/buying-a-restaurant-tips-for-first-time-owners/
