Restaurant/Business Owners, alittle help please!

[Blue CRX]

Hello,

First off, i have never owned a small business and i know little about it.

There is an opportunity at a great location, decent price too. It's for a restaurant/cafe/lounge type establishment. I am a culinary arts graduate so at least i know food.

I am meeting with the owner tomorrow. I was just wondering what kind of things I need to know or ask, such as hidden things that people like me (with no knowledge or experience) wouldnt think about?

I know about lease, licenses, ability to build, just the basics pretty much, but what kind of questions NEED to be asked?

Any advice would be appreciated

[Amysicle]

So you're thinking of buying a currently existing business? Maybe you should also talk to an accountant to look over the business's financials together.

[Blue CRX]

yes, its an existing business. The location is very very good. best in the city i believe (not in alberta). of course i would like to see how much it makes monthly and why they are selling. i went to see it today and it was dead! reason being that it is not catering to the right crowd