1908 The Hoffman House Bartender's Guide by Charles S Mahoney

BUYING AN OLD PLACE

The previous chapters have to do with an entirely new establishment, and it seems fitting that some thing should be said here about the purchase of an established saloon, although the buyer frequently dis covers, when his money has been paid, that he has made an exceedingly bad investment and that the "good old stand" is a gold brick of the worst kind. The best and safest way is to take nothing for granted, and look upon the proposition from the worst possible side. As with a new place the locality must be first taken into consideration, and the value fixed accordingly. Then the question of mortgage must be considered— and it is very likely that the business and fi.xtures will both be well blanketed by a mortgage, held prob ably by a brewer or wholesale liquor dealer. Now, before you go any further, find out this one vital point: If the property didn't pay the original owner, how is it going to pay you?

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