TLDR: Company wants to sell me a currently closed coffee shop and while i have researched small businesses for sale in the past…I'm not sure where to start or what to ask.
Cross-posted in r/entrepreneur for multiple styles of feedback. So, I work for a large family owned restaurant group on the east coast. I am a General Manager for one of the busiest locations.
My company purchased another restaurant group due to that owner dying. Included with that deal was some real estate, 3 restaurants and a coffee shop.
The coffee shop was closed for "renovations" a couple years ago and the owner had health problems. They had announced upwards of a year ago the intent to reopen soon. That never happened as the owner passed away a few months later.
My company doesn't seem to have interest in running the coffee shop and they know i have wanted to run my own business for a few years now. I have come close once before with a better burger franchise that was already running but the franchise was not being run well and ultimately i decided to not purchase.
I was recommended to "buy" the shop by a co-worker of mine based on my comments of always wanting a small cafe type business. This co-worker was at a retreat with higher ups and the topic came up. It is not widely discussed among our company.
My owner reached out to see if i was in-fact interested and we have a meeting set at 12 on Tuesday to talk about it more.
Questions I'm planning on asking:
- Why dont you run it yourself?
- What is the value of this property/business based on your aqusition of the whole company purchased?
- Would i buy the building or is renting an option?
- This coffee shop is connected to one of the 3 new restaurants they are running so i know they are looking to "share" a kitchen…what would that look like?
- Who else have you talked to about opening up here and what did they say?
- What questions would you be asking if the tables were turned?
Financially, I am well off for my age. I am 30 yrs old, single but planning to get engaged soon. I have 180k net work, mostly in index funds, 40k in cash.
Appreciate you reading this far. Any advice, feedback or questions are welcomed!