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 Post subject: buying a bar
PostPosted: Sun Oct 13, 2013 10:53 am 
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Joined: Sun Oct 13, 2013 10:33 am
Posts: 4
hi all ive been looking at buying a bar in lanzerote does anyone no of any reputable agents to use or ones to run away from


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 Post subject: Re: buying a bar
PostPosted: Sun Oct 13, 2013 11:40 am 
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Joined: Thu Jun 14, 2012 7:30 am
Posts: 541
Hi
Given the current economic climate. :shock: .....and the fact that almost EVERY bar on the island is up for sale,save a few that given their locations/unique selling point/repeat customers etc that are not......if I were you I would run far far away at the moment :? .......most new bars (run by new ex-pats who have no idea how the island works)open and close within 6 months max .due to the harsh economic and business climate here. :roll: .....however if you wish to proceed and potentially add to the list of failed bars I wish you the best of luck 8) (spoken as a former bar owner who had the sense to get out whilst the going was good ,a few years ago ,and at the moment would not even entertain the idea of opening another :D :D )
Always remember an estate agent is ONLY interested in selling a business.....its his only way of getting paid......it is not his problem whether you make a go of it or not(in fact, if not, he will have it back on his books within a couple of months :!: :!: )... so expect vague figures,accentuating the positives......oh and completely forgetting to point out the negatives :evil:


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 Post subject: Re: buying a bar
PostPosted: Sun Oct 13, 2013 1:11 pm 
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Joined: Sun Oct 13, 2013 10:33 am
Posts: 4
I know as a novice im open to the elements and im aware danger may be in my path but success cant be impossible are there any positives to take on board


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 Post subject: Re: buying a bar
PostPosted: Sun Oct 13, 2013 1:22 pm 
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Joined: Thu Jun 14, 2012 7:30 am
Posts: 541
Hi
Suggest you put a month or two aside and come over on an extended holiday/inspection trip......that way, anywhere that catches your interest ,at least you can sit outside or nearby and get an idea of the foot-fall/passing trade/plusses and negatives of your potential purchase.......without really doing your homework as regards licences,staff costs,stock replenishment,opening hours,profit and loss calculations ,rent retentions ,community charges,income tax bills and the new 7% IGIC tax on everything,etc.(not to mention your residencias/empadronamientos/social security registration costs to you personally) then you risk ´´falling at the first fence´´as many do here.
As I said best of luck with the average working week of 12-14 hours per day,7 days a week......all for a measly wage initially (if at all) .....sorry to sound so negative but that is the reality of opening a new business here at the moment.....and the fact that ,on the whole, nearly every person in authority who you will deal with will speak ONLY Spanish to you....makes sorting things out really difficult. :? :?
If it were me.....whatever you have been quoted to buy, TRIPLE (at least) that figure in order to begin trading :oops: :oops: AND ensure you keep enough money set aside to leave if it all goes ´´bottom-up¨´
PS........If the business was successful ....why is it up for sale in these difficult times????? not every bar owner is up for retirement :lol: :lol:


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 Post subject: Re: buying a bar
PostPosted: Wed Oct 16, 2013 12:17 pm 
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Joined: Sun Oct 13, 2013 10:33 am
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gonna pop over on nov 27 anyway just to get a feel for the place but thanks for your advice


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