It always amazes me when someone comes here, buys a business that is loosing money, then change the name and opens the doors thinking they will be successful in a property that has not done well and is only leased.
What do people think they are buying? Goodwill? Inventory? For instance; The Stained Glass Pub was a successful restaurant for sometime – until the owners split up and went back to the states. The building set empty for over a year and finally was sold (I was told for about half the asking price). The new owner promptly changed the name and the menu. It was a disaster. The same location has gone through any number of owners since then, always with a name change.
I would challenge any prospective buyer to ask around and find out what you are actually buying.
A recent littler operation was a fellow who ran a good restaurant, but not making money, solicited for partners to open a new restaurant. He got two new partners then started selling out his 50% to one of them until he was completely out of the business. So, what dud these new people buy?
I’ve been watching to see when someone would recommend our favorite Caribbean tale; Don’t Stop the Carnival. DO NOT ATTEMPT A BUSINES HERE UNTIL YOU HAVE READ AND UNDERSTAND THIS.
The culture here is very different from most of the US. There seems to be no shame in being caught stealing or lying. I have seen people caught red-handed stealing – getting fired – and coming back in two weeks asking for a job. The USA has entitlement programs – there are special ideas of entitlement here.
Don’t get me wrong – I love it here – I just live in reality and know when I ‘loan’ someone something I have ‘given’ it to them.
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