Do you want to buy a record with a coffee stand but you have no experience? here are 10 essential questions to ask when buying a drive through a coffee stand for sale.
It is a generally accepted fact that coffee is a good deal because it is the drink that people consume on a daily basis. base, and some rely on it to work well. You can sell your coffee in a regular coffee shop, drive a car, truck, or cart, and you will still earn enough income to run the business.
Suppose you are thinking about If you open a drive through a coffee stand and you can’t afford to go through all the difficulties of acquiring and opening a new stand, you have another option – buy an existing drive through a coffee booth from someone who wants to sell it.
Why buy an existing record through a coffee stand?
In truth, buying an existing drive through a coffee stand is an easier way to start a business because you don’t have to start looking for real estate, talking about rentals, permits, inspections and myriad of other things that go into starting a new business.
But that doesn’t mean you have to go out and invest in a sales drive through the coffee stand you see. You must conduct the necessary investigation and ask the necessary questions to avoid financial loss or even damage to the owner who closes the store, leaves town, or just wants to withdraw money.
When buying a business like this, you should never hesitate to ask the necessary questions of the current owner. Never take their word for it. It doesn’t mean you don’t trust them; you just don’t know them and you try to be careful with your money.
You need to see the numbers, you need to see the tax records, you need detailed data tables, and you need to do your own data collection. Getting the facts and taking the time to digest the information will help you make the most informed decision about your purchase.
When asking the owner of a reader through a coffee stand that interests you, there are several things to look out for, things that could raise a red flag if they arise. First of all, you expect the seller to honestly answer your questions. In addition, they should be ahead of you and they should calmly answer your questions; and more importantly, they should be prepared to show you the books.
If the seller isn’t interested in any of them, it might be in your best interest to forget that you are walking through a coffee stand and looking outside. for another. In this case, it is better to be safe than sorry.
Because of the importance of asking the right questions before deciding to put money on a road trip to a coffee stand, we’ve listed ten very important questions you should ask when going through a coffee stand salesperson. coffee before you start thinking about buying a business.
Buying Coffee Coasters For Sale 10 Important Questions To Ask
- Why are you selling a business?
Perhaps the most important question you can ask yourself is why a coffee business owner wants to sell a stand. This is because there are a lot of things that can cause a person to sell a business. Maybe he or she is tired of business and wants to do something else, or wants to retire, or for some reason he or she is leaving town. It may also happen that the business is no longer profitable, so the owner wants to sell it and calculate his losses.
This is why you need to know why a business is for sale. If the owner wants to retire or leave town, it can be safely purchased, but if the business is no longer profitable, you need to ask other relevant questions to find out why and if it is something that you can straighten. bringing new ideas. Please note that before making this decision you should consult with experts so as not to go wrong.
- How many years have passed by a coffee stand?
The question of the opening date of the drive through the stand does not mean that you only need the exact date, this question will also help you discover the history of the business you are trying to open. buy. It is important to become familiar with the history of the coffee table business you want to capture, if not for something else, so that you can keep it in mind; although this information may come in handy someday.
While you can get the exact date a business was started, you can also collect more information that would not have come to light otherwise.
The business owner should present proper history (and accompanying financial data) to help you decide whether or not to buy the business. When asking this question, seek out as much information as possible, and you should also get clarification on things that seem confusing or unclear.
- What is it like to do business in this place?
Experience says a lot about something, and the same can be said of driving around a coffee stand. When buying this type of business, you should try to find out the experience of the person selling it. Assuming you intend to keep your coffee table in one place, it’s important to define what it is like to do business in a specific location.
What quality factors can influence your decision to buy a coffee stand in this location? What is the surrounding community? Who are the customers? How will other factors such as foot traffic, crime, and competition affect your day-to-day operations and bottom line ?
While you should ask these questions, you should also check Visit the booth for several days during the day, including when the business is closed You should try to get out of your car and walk around the cafe business – and see how it looks and feels area.
Do your observations and instincts match what the owner and barista are telling you? When it comes to retail, location is everything. Spend time researching and using your knowledge in this area before making any decisions.
- Is the coffee table business profitable?
No entrepreneur wants to buy a business that is not profitable, so you need to ask the seller if the business is actually profitable. You can have solid sales numbers, but that doesn’t necessarily mean the business is actually making healthy profits to keep your coffee business self-sustaining. You can only stay in business if you make a profit.
You should know that a coffee business that goes down won’t even last long because the owner won’t be able to live on and pay other personal bills related to that income level. While you should definitely check a business’s profitability based on receipts and tax returns, you should also listen to what the owner has to say about its profitability and potential for future income.
Asking an “open” question about profitability lets you know the current owner’s concerns firsthand, and you may even uncover things that remain unsaid. Remember, it’s in their best interests to present your business in the best possible light to improve your position. in negotiations. Cost-effectiveness is the “factor” that governs all other determinants and should be carefully considered and rechecked.
- How many clients do you have per day?
Your success in hosting cafe will depend on the number of your customers. While you should ask to see “Profit and Sales Reports” as well as “Count Customers” yourself, you should also just ask how many customers visit the business on average per day. This can give you a single measure of the activity level you will be working with.
Additionally, this seemingly open-ended question can give you valuable insight, such as the owner’s perspective on ebbs and flows. flow of customer numbers. Of course, you will verify this with your own customer count data.
Owners often give advice on what to do to make the business profitable for you. Sometimes they have this knowledge, but they have neither the time nor the desire to realize it. So even if there are no suggestions for improvement, you can ask for them yourself.
- How many employees do you have?
This seemingly innocent question can provide a wealth of information; for example, it can help you determine how many employees (baristas) you will need to hire (or fire). This can give you an idea of the level of traffic (or sales) being generated. For example, it is very common for busy coffee counters to have two or three baristas working at the same time, especially during the morning rush hours.
Depending on your time, you can have 2 or 3 different shifts each day. Typically, up to 10 part-time baristas work at a single coffee stand. Now, of course, you’ll need to review the current hours of operation and analyze them with average sales and variable costs to determine whether your coffee business justifies increasing or decreasing the number of employees hired.
Ultimately, you’ll have to meet each of these baristas and figure out who will stay, who wants to stay, and which ones you may need to let go – either for financial reasons or for efficiency reasons.
- Do your employees know that you are selling a business?
Many coffee shop owners don’t like their baristas to know that they intend to sell the company’s coffee stand, and for good reason. This information can obviously increase the barista’s levels of anxiety, productivity, and dedication to coffee.
While you are communicating with the staff, it can also be helpful for them not to know that you are interested in purchasing a coffee business – as they can be more outspoken, relaxed and natural in their customer service when you observe them. A barista can reveal a lot of information about the state of a business. This is often not due to negative feelings towards the business owner or the business itself.
Maybe it just has to do with a unique point of view or that of the barista. In some cases, baristas are the ones who spend most of their time in business during office hours and can gain a better understanding of what’s going right and wrong.
However, you must respect the owner’s desire to keep the current transaction secret. However, building a good relationship with a barista, asking questions in a non-aggressive manner, and being honest can allow you to learn a bit more about a particular coffee business.
- What mistakes have you made and how can I avoid them?
Starting a new business is never easy and has many ups and downs. There are many decisions to be made when starting a business – and a cafe is no different! Since there will be hundreds and hundreds of small decisions to be made, there is a good chance that you are not doing it right.
That is why it is very important to ask the seller about the mistakes they have made and how you can avoid these mistakes yourself. Note that in this business, the more informed you are, the better it is for you. Why do you want to make the same mistakes as your predecessor, when you have the ability to avoid them altogether?
Learning from experience is recommended at all levels and in all areas. Studying the experiences of current and former cafe owners can help you avoid some mistakes.
- Do you like working in this place?
As with the previous question, this question is more precise. By asking if the owner enjoys working here, you can get positive points about the actual location. Plus, you can get a few negative attributes and possibly get some great advice on how to deal with the negative that is currently bothering the owner or whatever may be on the horizon.
Consider asking this question of several baristas and customers. It may seem prudent to ask this question of baristas or customers who may not know the business is for sale, but here we are talking about the future success of your business.
Now is not the time for you to be shy. For example, customers may not like the parking situation, nearby businesses or baristas may want more street and side street lighting for their safety, etc. These are important factors to consider.
- Who is the owner or owner of the property?
It is very important to have an honest idea from the current owner of the business on what a property owner or manager looks like. How does it feel to deal with him or her? What is his personality? You must do this in addition to reading your existing lease. Are there grievances, misunderstandings, personality issues or fights going on?
The current coffee stand owner may wish to present a positive outlook for the property owner / manager, even if things are not rosy. Remember that the current owner can be tricked into painting a bad picture, so try to get as much information as possible to form an unbiased opinion.
Also, to get the owner’s opinion on the owner, remember that you will need to meet the owner yourself. Why? Because a real estate owner can really have a negative or positive impact on your business. Having a professional yet very positive relationship with your property owner / manager will lead to your business stability, potential growth, and value (if you end up selling).
Meet him or you can’t tell yourself the “whole story” or predict your professional relationship – but you can at least get a feel for the type of person you’ll be working with. At the very least, it will give you a clearer picture of him or her.