Workers working in offices and banks and other fields are fond of having coffee at least once a day. Thus, buying an existing coffee shop would be ideal at busy roads where the flow of people is very high.
On the contrary, if you don’t feel like working in a coffee shop then you can sell your business. Easy Buy Sell Business Hong Kong, a Business for sales portal would be an ideal place to sell your business.
Well, before you buy a coffee shop if you follow the below-mentioned things on time then this will minimize the risk that can arise with the transaction.
Meeting with the owner
You can meet with the owner and ask him briefly about the restaurant and the reason for the sale of the restaurant. This will give you a clear picture of what you are going to get. You can ask for an accounting statement of the restaurant. You should clear all your doubts and other things which you haven’t understood properly. Remember, the owner can easily scam you with the accounting statement and success story of the restaurant. So, it is better to hire professionals and assign a meeting with the owner. You also need to ask about the contract with the landlord, renewal of the contract etc.
Talk to authorities
You need to talk to state or city authorities about the legality of the restaurant. You should ask authorities about permits of the restaurant and ask whether these are legal or not.
Consult with your lawyer
You should talk to your lawyer about the steps you need to take before transferring the lease. Your lawyer will make sure that you won’t be upset with unanticipated claims and unforeseen surprises.
Check for possible lien
You should ask the owner about the debts of the restaurant. It’s your responsibility to buy the asset of the restaurant, not the liabilities or the stock. You should search for a lien on machinery as well and make sure everything in the restaurant is clear of any credit.
You should apply your business plan to this new location and the customers. What you do with the menu, customers, suppliers of this existing business. You should have a clear plan for moving forward.
Learn the business
As you are not expert in this business, you should take your time and be perfect with the execution of the plans. You can consult with the owner about how to move forward. You can ask for feedback from the workers and customers and look for the necessary improvement.
Formulate action plan
A business plan would help you to do well with the business. You should have a clear plan for growing the restaurant. You should Cleary know about managing the business better than the previous owner and solution for the problems that may arise over time.
Set up the business
After you are done with business takeover in Hong Kong you should follow all the legal procedures and set up your business.