![]() ![]() With asset sales, the seller retains responsibility for the liabilities and sells only certain assets. In a stock sale, the deal consists of the entire legal entity. Next, you’ll need to establish whether the transaction is a stock or asset sale. Is the current owner merely renting the space? You’ll need to review the lease agreement and conditions for transferring the lease. ![]() If the current owner purchased the building, ask if they are willing to sell the real estate. To evaluate the bar’s financial details, begin by asking whether the building is owned or leased. So, it is important to determine what the sale is comprised of during negotiations. Type of Saleīar equipment, including coolers, ice machines, and draft beer systems, can cost owners a pretty penny. Is your location surround by beer pubs and sports bars? Differentiate your bar by creating a nightclub or cocktail lounge atmosphere. If the nearness to similar establishments doesn’t put you off, you’ll need to develop a strong marketing plan to stand out from the crowd. If the bar is within proximity to lots of other pubs and taverns, you’ll want to consider this before finalizing the sale. ![]() Not only are bars competing against other bars, but they are also competing with other forms of entertainment.īefore buying a bar in Boston or Providence, research the local market. In most places, including the Boston area, competition is tough for bars. Here are few things to consider before buying a bar in Boston and the surrounding areas. If you’re a first-time buyer, be aware that purchasing a business is much different than other investments like houses or cars. According to the Distilled Spirits Council, a national trade association, in the U.S., the distilled spirits industry generates about $100 billion in economic activity every year. But it can be a lucrative endeavor if you know what you’re doing. It’s hard work in a competitive industry. Being a barkeep isn’t just about creating craft cocktails and knocking back a few rounds with your friends. Purchasing a Providence or Boston-area business is a serious decision with many factors to consider, especially if you’re interested in buying a bar in Boston or Providence. ![]()
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