How to Become a Landlord of a Pub
Being the landlord of a pub or bar may seem like a dream job. Going to work to hang out with friends and serve libations to the masses is not all that is expected of a pub owner. Inventory control, high insurance premiums, fights and robberies can all prove to be too much for many independent business owners. Hiring the right people to help you protect your pub will get you started on the right track.
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Instructions
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Hire a reputable attorney and set up a Limited Liability Corporation. It is vitally important to protect business interests in a pub and personal interests separately. Hire a business attorney who specializes in pub ownership.
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Hire a reputable business real estate agent to look at the properties for sale in your area. You may choose to find your own property, but you will need a licensed agent for purchase.
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Check with the city council in the township the property is located in. Even if the property was a pub prior to purchase, the council may not want a new pub in the neighborhood.
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Take all purchase contracts to your attorney prior to putting any money down on a property.
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Install any necessary upgrades to the pub prior to leasing it. By contracting to have the upgrades done prior to leasing, you can ensure they are done to legal requirements.
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Advertise for a tenant in the local newspaper and through a real estate agent or small business broker.
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Draw up an iron-clad lease through your attorney. This should include all of the basic business lease points as well as insurance requirements.
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Insure the property against any lawsuits that may crop up from serving alcohol. You will be personally covered if you set up an LLC, but the building will still need to be fully insured by you.
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Tips & Warnings
If you intend to lease the pub, check references on any lessees including credit check, criminal background check and personal references.
Setting up an LLC (Limited Liability Corporation) is a must for any pub owner. Not doing so puts all of your personal possessions, including your home, in jeopardy in case of lawsuits.
