Take over an existing local bar or tavern

The bar's existing regulars, local residents, and new customers you attract with better drinks, food, events or service.

Drink and food sales and events, the same as any pub. You often skip the long build-out, but you pay for the business up front and may need to repair or update the space.

• Customer service and hosting
• Reading financial statements and negotiating
• Managing staff, including keeping good existing employees
• Inventory and cost control

• Liquor licenses may or may not transfer to a new owner. Rules differ by state and city, so check before you sign anything
• Unpaid taxes, debts, liens or past violations tied to the business or premises; ask a lawyer to do due diligence
• Lease terms, transfer rights and landlord approval
• Condition of equipment, plumbing, ventilation and fire safety; get an inspection
• Liquor liability and general liability insurance, plus workers' compensation once you hire
• A reputation you inherit, good or bad, and regulars who may resist changes

Startup costs are typically around $80,000 to $350,000, depending on whether you buy or lease the premises, the equipment included and the price agreed with the seller. These are estimates, so get a proper valuation.

Monthly revenue is typically estimated at around $25,000 to $100,000, depending on the existing customer base, location and any changes you make to drinks, food or events. Ask to see the seller's records.

Check whether the liquor license can transfer, since rules differ by state and city. Also check for unpaid taxes, debts, liens or violations, lease transfer terms, equipment and fire safety condition, and insurance. Ask a lawyer about due diligence.