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How do we takeover a restaurant that owes debt to local distributors?
I have been recently looking into buying a restaurant with a former co-worker. We have located a great existing restaurant that is having financial troubles. We did some research and found out they owed debt to some local distributors and the place might be going out of business very soon. We want to keep the same name and keep the same feel, but we don't want to take on the debt. We also want to form a relationship with the old distributors without being a part of the old ownership. How can we make this process smooth and successful for us?
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1 Answer
You don't. You buy the rights to the branding elements you want and open your own business. Their debts have nothing to do with you or your new business. The distributors want your business regardless.
I'd be interested to see what happened here.
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