The acquisition of a bar can be quite a bold investment step especially if this is your first time. This will leave you self-employed with a business that attracts a good range of customers. However, when purchasing a pub, there are certain things you have to consider. These will ensure that you get the best deal and your business runs smoothly without any interruptions. The key considerations are outlined below.
1. Lease Documents – One of the most important things to consider when facilitating such an exchange is the contract documents. These feature the leasehold as well as the business purchase documents. When looking to buy a leasehold pub, you will have to purchase either an existing lease from the seller or a new lease from the owner of the property. Getting a longer lease is quite advantageous as this offers tenure security. When you also wish to sell the pub, a hotel broker will locate some prospective buyers who will offset the balance on your lease duration. A lease agreement stands as a legal document which explains the rights as well as responsibilities of the holder. When taking one, it is paramount to contact a licensing lawyer to help you out.
2. Hotel Broker – A hotel broker is a professional who can be employed by a vendor to draft an information memorandum about the pub in question. This memorandum includes all the necessary information as well as financial data which will assist you in making an informed purchase decision. Having a hotel broker is quite essential mostly for first-time pub buyers. They will offer all the help required to ensure that you get the best from all the available listings.
3. Finance – It is important that before you start looking at the available bars for sale on the market, you first get your finances in check. When you are considering financing from a bank, then walk around and observe the different funding criteria offered for the pubs. It is also quite important that when going through pub listings, find the ones which can adequately match your finances. This will help you avoid the disappointment which may come once the bank refuses your application. In spite of their policies to assist customers, they also have strict lending criteria that you have to be prepared for. It is also worth noticing that other financial institutions like the credit unions do not finance the purchase of pubs.
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