We represent several restaurants and bars and their owners. If you're thinking about buying a restaurant or bar, you must ensure that you are properly protecting yourself. There are many factors to consider in such a transaction, such as:

Liquor license transfer – Are you going to apply to transfer over the existing owner’s license or are you applying for a new license?

Lease assignment – How many years are left on the lease? Can you get an extension of the lease and can you change any of the terms in the lease that you are taking over? Will the landlord be asking for a personal guaranty, and will the previous owner's personal guaranty remain on the lease?

Taxes – Has the seller of the business paid all of his sales taxes? Are there any other liabilities that exist for which you could be responsible?

Title to the equipment – Are there any liens on the equipment that you are purchasing? We'll advise and assist you in conducting a full title and lien search before closing.

Indemnification of past liabilities – We'll advise and assist you in conducting a comprehensive due diligence investigation to ensure that you don’t get stuck with any past liabilities of the seller.

Buying or selling a business is an important event in any businessperson’s life. There is a lot of money involved, often your life savings, and there are many moving parts to the process so it is critical that you have a lawyer that understands the bar and restaurant industry representing you and protecting your rights as you move on to your new venture. Give us a call at 253.858.5434 if we can be of service.