Sale Of Restaurant Agreement

c. Sellers are responsible for all capital gains, taxes, turnover taxes, income taxes and similar taxes payable as a result of the execution of the transactions provided for in this Agreement. Inventory is not a small amount. At We Sell Restaurants, we estimate that stock accounts for about 1% of turnover. For a sandwich shop that generates $500,000 in revenue, this means that about $5,000 in inventory can be taken into account at closing. The list of devices reflects the assets transferred from the seller to the buyer and must be correct, otherwise you will be held responsible for it when selling a restaurant. 2.1. Conclusion. The conclusion of the purchase and sale of the assets (closing) shall be carried out on [date] at the same time as the execution of this Agreement (hereinafter referred to as the closing date). Landlords often charge an assignment fee to transfer a lease to a new party.

These can range from $500 to a percentage of the purchase price, a surprisingly high number. Who will pay – the buyer or the seller? If this is not defined in the sales contract, he can enter into an agreement to derail. An owner will often not continue with an order until the fee is paid. This results in delays. Delays mean that there is no business. Don`t let that happen to you. Make sure that your agreement for the sale of a restaurant contains exactly who pays. Know in the language that the seller will pay 50% and the buyer 50% or that the buyer will pay the transfer fees that do not exceed 1500 $US, but especially in a language that addresses this problem. The same applies to all other costs related to the transaction.

This is where our “No Surprises” rule comes into play. Neither the buyer nor the seller should discover at closing anything that was not known at the beginning of the transaction. This means that attorneys` fees must be defined in the agreement. The same goes for transfer fees if you buy or sell a franchised restaurant. Who is responsible? What is the amount? When do they have to be paid? Don`t have two slicers anymore? Do not put two on the list of devices or the buyer has the right to request the second on the day of closing. The ice machine is rented, isn`t it in possession? Be better prepared to pay for the rental agreement for this device….