Thanks for the responses. My boss has been telling me he wants me to buy the restaurant eventually, but wont give me a price or a time frame. He's in his sixties, so I think it will be soon. I'm thinking of putting together funding and making him an offer. The sales have been increasing consistently since we opened, and I haven't tapped into other potential revenue streams.
Since he hasn't discussed the details (price, terms and time frame) he may not be ready to "let go". It could be very difficult for you to put together the financing without his involvement- since most sources will want to see some hard data on the performance along with the specific details on things like the property and equipment. Coming up with an offering price could be difficult as well.
I would recommend having a serious talk (not a casual conversation at the restaurant) with the current owner to determine his needs, concerns, issues and time frame.
If you want to discuss your situation - feel free to drop me a Pm or contact me directly.
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