Prenders88 wrote:You're also buying the goodwill and the hordes of customers that fill the place every night.
I've heard that line before.
I don't buy it. Goodwill? From whom? The ice delivery boy?
There is nothing that says a patron will remain loyal to an old bar under new management. Most bars would be thrilled with a trickle of customers. How do they value the customer base? Why not charge extra for potential?
What is the value of even the "name" and reputation of a bar if the new manager (not an owner, is he?) wants to slap on a fresh coat of paint and maybe change the name of the bar ... ziltch. You can't sell somebody your reputation.
No, the bar ware is what's actually being sold. The rest is magic beans with the promise of ... well, nothing.