Believe you are ready to buy a restaurant? Here are our best tips and tales of recent restaurant buyers that demonstrate how to get your game on and be truly ready to buy a restaurant.
Tip One – Prepare in Advance and Make sure your Financial Picture is Ready to Roll
When buying a restaurant, multiple parties will be pulling a credit check. That’s why you must prepare up front by doing the same thing. There are two sites you can use for this service that don’t require a credit card: Credit Karma and Credit Sesame. These are two of the most popular free credit monitoring services. Who will be looking at your credit when buying a restaurant? Here’s a short list.
If you are buying a restaurant that qualifies for lending, the bank will pull credit to confirm you are qualified to purchase. For most lenders, this means you have a credit score of 650 or more and no bankruptcy in the past five years. Even if you don’t meet that criteria, you may still qualify for lending but your Restaurant Broker at We Sell Restaurants needs to know. If we identify the situation up front, we can develop a strategy to overcome the deficiency. Knowledge is power. Pull that credit check first so you know what it says.