Eric Hall wrote:If i were buying (another) business, i would pay more for the established location and theme than a new startup with a new theme. Traditionally, a turnkey business is more valuable than one requiring significant renovations and maintenance.
But in this case, I agree with you. Every minute (Lynns) Paradise Cafe is closed, it is losing value. It is no longer a turnkey.
Yep, I agree with both points.
To the first, I know of a small, independent restaurant that changed hands three times in fifteen years.Each time the name stayed the same, and the new owners operated it as is for a while before putting their own mark on it. It was and remains very successful. Besides the known entity of a good location and running kitchen, the goodwill (aka the "intangibles") that went along with the purchase allowed the new owners to start turning a profit more quickly.
As for Lynn's, those intangibles have likely flown the coop, thanks to time and circumstance.