Because one of the most important pieces of the purchase is the location of the restaurant, you need to make sure the seller's lease can be transferred to you. To do this, look at the seller's lease and have your lawyer look for "assignment" language. In a lot of contracts, the lease will not be assignable without the approval of the landlord. Landlords can be hesitant to assign a lease to someone else, especially if you do not have prior experience running a restaurant. If you cannot get the lease assigned, you will have to negotiate a new lease or find another location. Before you purchase a restaurant, you need to make sure it is in good shape. Hire experts to inspect the physical building, plumbing, heating and air conditioning, and equipment. If you have hired a real estate agent or another professional to help you, they should be able to line these experts up for you. If you are on your own, conduct a quick internet search for possible help. There are often consultants available for hire.  When each inspection takes place, make sure everything has been maintained properly and is in good working condition. If equipment is faulty, require that the seller fix it before any sale proceeds. If you fail to inspect everything and buy the restaurant, you may have to pay for repairs on your own. Alcohol sales often drive profits in the restaurant business. Additionally, most states and cities only offer a fixed number of liquor licenses. Therefore, you will want to make sure that the seller's license can and will be transferred to you when you purchase the restaurant. In addition to negotiating this with the seller, you might also have to ask your state's liquor control board whether this is allowed. You will need to do everything in your power to uncover liabilities the business currently has. Liabilities can be as simple as leases and other bills that are still being paid off. When you buy the restaurant, those debts will be transferred to you. Less common, but maybe more importantly, you also need to look for unpaid taxes, pending lawsuits, and health code violations that the restaurant might have hanging over their head. If you find any serious liabilities, you should cancel the purchase. A restaurant's reputation can make or break its business. If customers love the food, atmosphere, and employees, you might have a recipe for success. However, if the restaurant has a reputation for bad service, bad food, and cleanliness problems, it will be hard for you to make a profit. Ask around town, ask current restaurant employees, and ask ownership about the restaurant's reputation.  If the reputation is good, you can usually purchase it without changing much. This way, customers will not recognize the change in ownership and will continue to go.  If the reputation is not so good, but you still think the purchase is worth while, you will need to work hard to change the reputation. Changing the restaurant's menu and name are two things you can do to help. Ask the restaurant owner to send financial statements and tax returns, for at least the past five years, to your lawyer. You will need to look these over and make sure the business is profitable and that taxes have been paid. If the business has not been audited by a CPA recently, ask the seller to have this done. Do not rely on the seller's promises that the business is doing well. Follow up and get the evidence you need to confirm. If you are planning on purchasing the business and continuing to operate it as is, you will need to know who you will work with and what they are making. You can do this by examining employee contracts. Look to ensure everyone has the skills and experience necessary to help you succeed after you buy the restaurant. Also, make sure the contracts comply with the law. You do not want to inherit a possible employment lawsuit because of a contract you took on. This is especially important if you are going to keep the menu, restaurant name, and overall brand. A lot of restaurants will have their name trademarked and might have their recipes protected as a trade secret. Make sure you will take over all of the intellectual property and gain sole ownership over it.
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One-sentence summary -- Examine the business's lease. Have the restaurant inspected. Verify that any liquor license will be included in the sale. Ask about existing liabilities. Evaluate the restaurant's reputation. Look through the restaurant's financial records. Analyze employee contracts. Determine what intellectual property will be included in the sale.


A quality model can be an investment lasting for many years. Some modelers have models that have been passed along for a couple of generations. How will you transport it to the water's edge? What is involved in your launching it (depth of water required, the weight of the model, bulk of model, etc.? The same considerations must be given to the spars for your model. They may have left answers in Internet resources or model club newsletters.
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One-sentence summary -- Take care of your model sailboat. Consider where you will store the model when not in use. When you have a question and seek an answer, turn to those who have already faced the issue.


Take these factors into consideration when choosing your brokerage:  Look for someone who has been in the industry for ten years or more. Experience indicates that the company knows what it's doing and knows how to take care of clients. Check to see that the brokerage is regulated by a major oversight body. If your broker voluntarily submits to government oversight, then you can feel reassured about your broker's honesty and transparency. Some oversight bodies include:  United States: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) United Kingdom: Financial Conduct Authority (FCA) Australia: Australian Securities and Investment Commission (ASIC) Switzerland: Swiss Federal Banking Commission (SFBC) Germany: Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN) France: Autorité des Marchés Financiers (AMF)   See how many products the broker offers. If the broker also trades securities and commodities, for instance, then you know that the broker has a bigger client base and a wider business reach. Read reviews but be careful. Sometimes unscrupulous brokers will go into review sites and write reviews to boost their own reputations. Reviews can give you a flavor for a broker, but you should always take them with a grain of salt. Visit the broker's website. It should look professional, and links should be active. If the website says something like "Coming Soon!" or otherwise looks unprofessional, then steer clear of that broker. Check on transaction costs for each trade. You should also check to see how much your bank will charge to wire money into your forex account. Focus on the essentials. You need good customer support, easy transactions, and transparency. You should also gravitate toward brokers who have a good reputation. You can open a personal account or you can choose a managed account. With a personal account, you can execute your own trades. With a managed account, your broker will execute trades for you. You can ask for the paperwork by mail or download it, usually in the form of a PDF file. Make sure to check the costs of transferring cash from your bank account into your brokerage account. The fees will cut into your profits. Usually, the broker will send you an email containing a link to activate your account. Click the link and follow the instructions to get started with trading.
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One-sentence summary --
Research different brokerages. Request information about opening an account. Fill out the appropriate paperwork. Activate your account.