Opening a Nightclub in Morgantown WV. #1 party school

[Dman3]

I had a few questions about opening up a nightclub in Morgantown WV. I have an interview with the club owner tonight to get more info about the place ,but I wasn't sure if anyone could give me some pointers on what to ask. Anything would be great.
Thanks
Dan

[Dman3]

I'm going to be asking the owner for the profit and loss statement along with the items(pool table etc..) already in the club currently come with the sale of the club. I haven't done anything like this before thats why i was asking if anyone could point out some important things to ask for when i meet with the current owner.

[rootsreality]

Are you considering buying the business? That's not an 'interview'. It is a negotiation.

Does it include fixtures, other assets, goodwill, real estate, a lease, liquor license, A/R, or A/P, etc. If you are buying goodwill, you'll want to see P&L and tax statements for at least a couple of years. In most cases owners will not provide this info until you have proven that you are a viable buyer and have the means to actually close the deal. In fact, he may ask you for your financials to validate the potential.

You will need to estimate the current market value for whatever is included in the sale. You will need a clear understanding of the costs in making the transfer. There will be license transfers, insurance, possible construction/code upgrade costs, etc. Vendors generally put new owners on a COD basis so don't assume you get the current owners credit with them.

Good Luck!