Hey everyone...This is my first official post, so please be gentle on me.
Finally after 3 years of looking I found a bar/venue that I am interested in purchasing. I considered the new buildout route but it's hard to find locations willing to accept a bar and even harder to get a caberet license.
I found a place that has everything I want. It has a music stage, it has a good size kitchen, and it has 2 amazing patios. It's in a nice section of town that is growing fast, it even just got it's new hip lable, as bars and restaurants continue to open and flourish in the neighborhood. Plus there are 2,000 Urban condos going in 3 blocks away.
The one thing it doesn't have is a lot of profits, however it's easy to see why. The place is totally mis-managed if managed at all. The owner bought the place because he loves music, he put some money in to fix it up and then stopped there. He shows up once a week and does nothing to improve the place or advertise for it. The bartender is leaving the bar to cook food, there patio is not open during the day on the weekend when tons of foot traffic goes by and I'd imagine the employees are stealing or giving away fifty cents on the dollar. Even with all that there is still a pretty consistant crowd.
Now comes my job, the place needs a manager to come in, be there 14 hours a day, 7 days a week and start kicking some ass.
This weekend I'm going through to do a detailed inspection before I make an offer. What questions do I need to ask and what should I be on the look out for? I've worked at bars so I know who to get a beer out of a cooler but it's never been my responsibility to pay for their repairs, so I need to look at things in a whole new way. I'm getting a copy of the lease, as much information as I can on the equipment, etc etc. What else do I need to know?
Any suggestions would be appreciated. Than ks