Home – New Forums Starting your journey Buying an existing restaurant

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  • #994129
    MYSRH
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    • Total posts: 8
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    Hi guys

    I’m planning to buy a restaurant (Malaysian cuisines) from a friend who has been running it for the past 13 years. He feels it’s time to do something else.

    I come here to ask for the sale process I need to take in acquiring the restaurant.

    I’m going to see the owner next week to get some ideas how the business is being run. I will ask for the financial statements from her as well.

    Thats all for now. Till the next questions. -thank you so much =p

    #1195294
    Angela Stackelbeck
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    • Total posts: 26
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    Hi MYSRH.

    I think that your best option is to hire a lawyer and an accountant to go through the purchase process with you.

    The lawyer should conduct ‘due diligence’ enquires to ensure that the business is sound from a legal perspective and there are no outstanding legal/regulatory issues with the business.

    The accountant is there to ensure that there is good evidence to show that the seller is representing his financial position accurately.

    One thing that I learn’t at law school was that transactions between family members and people and their friends can go very wrong. From my perspective, you would be wise to not cut any corners in investigating the viability of the business, just because you are purchasing from a friend.

    I hope that this helps and best of luck!

    Angela

    #1195295
    MYSRH
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    • Total posts: 8
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    Angela

    Thank you for your reply. That certainly gives me a guide whom to see next.

    Does the lawyer need to be a business lawyer?

    I’d better start browsing for a lawyer =)

    Kind regards
    Yonas

    #1195296
    Angela Stackelbeck
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    Hi Yonas

    Yes – you would need to find a property/business lawyer. I can assist you if you need assistance.

    Kind regards

    Angela

    #1195297
    NickKaro
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    • Total posts: 226
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    Hi Yonas

    I agree with Angela.

    I’m also happy to assist if needed (I’m a lawyer and accountant). Email is [email protected] and direct number is 0401 154 313 if you would like to get in touch.

    Regards
    Nick

    #1195298
    MYSRH
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    • Total posts: 8
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    Thank you for your responses and offers. I’m seeing my accountant next week. Im preparing all the documents and questions to ask at the moment.

    #1195299
    Angela Stackelbeck
    Member
    • Total posts: 26
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    You’re very welcome!

    Cheers

    Angela

    #1195300
    Warren Cottis
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    • Total posts: 807
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    Hi Yonas

    I see you are posting here as well as your other thread where I told you to reduce your Urgency.

    If you wish to make contact I do know Stuff about the restaurant business.

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