Buying a Restaurant in Ontario, Canada
NOTICE: The information in this video is intended only to be merely informative and is NOT intended to be legal advice to any person, company or entity. Never rely solely on the information contained in this video. Information may not apply or be appropriate to your situation and/or may be out of date. Any person with a specific legal question or legal problem should always consult with and seek the advice of a qualified lawyer. Peter Cusimano is a licenced member (lawyer) of the Law Society of Ontario. All legal services will be provided by a licenced lawyer. Not intended to solicit anyone who is represented by a lawyer or paralegal. E.&O.E. (c) 2018 Peter Cusimano, www.PeterCusimano.com
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52-page Guide and Step-by-step To-do Checklist
My free downloadable introductory legal Guide "Buying a
Restaurant in Ontario, Canada" is packed with useful information.
This beginner's Guide is written for restauranteurs, business owners, beginners, and non-lawyers.
In my Guide, I discuss the following important topics:
- Introduction
- Six Keys to a Successful Restaurant Purchase Transaction
- Obtaining Professional Assistance
- Allowing Sufficient Time
- Financing
- Do Your Research / Due Diligence
- Will that Be “Assets” or “Shares”?
- Identify What You Are Buying and What’s Being Excluded
- Get it in Writing: Purchase and Sale Agreement
- Get it in Writing Alternative: The Letter of Intent
- Special Issues: Licences
- Special Issues: Representations and Warranties
- Special Issues: Covenants
- Special Issues: Conditions
- Special Issues: Non-Compete / Non-Solicitation / Confidentiality
- Special Issues: Indemnity
- What to Expect from the Seller
- Being an Entrepreneur
- The Steps Involved
- Conclusion
- Checklist & Worksheets
Video Transcript
Buying a Restaurant in Ontario, Canada
by: Peter A. Cusimano, B.Sc., LL.B.; Toronto Business Lawyer
I had a gentleman sitting in my office.
He worked at a restaurant as a chef for several years.
One day, he decided he was tired of working for the owner.
He had a dream. He wanted to own and operate his own restaurant.
He noticed from time to time restaurants for sale. But he had no idea where to start, what to do.
Now, he knows how to prepare a delicious meal.
But, buy a restaurant?
That was way beyond his skill and knowledge. It's scary. He's heard of the stories of restaurants failing all the time. He did not want to become one of those statistics.
Then he read my website and came to see me.
I helped guide him step by step until he finally purchased the restaurant of his dreams!
He's now his own boss, running the show, running a fantastic restaurant.
Do you have a dream to have your own restaurant but you just don't know where to start?
So what's actually required to successfully purchase a restaurant?
I have been practicing business law for 20 plus years.
In that time, I noticed over and over the same issues coming up in buying a restaurant.
From my experience, I have identified six keys to making the purchase transaction successful which I'm going to share with you now.
These keys are:
1. examining the operations of the restaurant to understand exactly what you are buying and to identify the particular issues and any problems of this particular restaurant;
2. ensuring that all obligations of the parties, promises made, and representations and warranties made by the seller to you as the purchaser are written down in a written legal document;
3. and I cannot overstate this next key: obtaining professional assistance where required; Practically, you cannot purchase a restaurant on your own.
You're going to need a business lawyer, you're going to need an accountant, a banker, a real estate agent. And that's just to buy the restaurant! Then you will have to deal with others, such as an insurance broker, the landlord and suppliers, and on and on.
4. allowing sufficient time to do research and to allow the professionals to complete their job;
5. obtaining adequate financing to complete the purchase and to operate the restaurant; and
6. understanding the character traits of being a restaurant owner and operator.
Does that make sense?
So are you ready to make your dream come true?
Now, I know what you may be thinking,
"But Peter, that's all great what you said, but what exactly do I do now?"
Well, that's a great question!
I am going to send you my own personal checklist that I personally use in my law practice for the purchase of a restaurant.
The checklist has been based on 20 plus years practicing business law and will help you start the process of realizing your dream of owning your own restaurant.
To get my checklist, just fill in the request box and you will get instant download of my checklist. There's no obligation.
I only want to help people who are serious about making their dream of owning a restaurant come true.
Whether you're planning on buying a restaurant now or you are still researching, you will find my checklist useful.