Purchasing a pizza joint....HELP!!

So in these tough economic times I thought it may be a good time to chase my dream of owning my own business. I figured I might find someone desperate to sell. Well I found one.

Its a little pizza place in a great location. Its been around for 15 years. I’m new to the area but I’m told it had the best pizza in town for years but business has kinda gone dry since some new owners had purchased a couple years ago. Basically it’s been neglected.

It has a liquor license as well.

I have never ran my own business before but I have a lot of experience in retail, both selling and management.

Anyone with helpful advice for someone in my situation would be greatly appreciated.

Thank you in advance.

Have you purchased the business or are you looking into purchasing the business?

Watch out on the liquor license. My state does not allow them to be transferred. In fact, you’ll probably have to get a new food license under your ownership as well.

If its been neglected, clean it up, get an excellent staff in there, get them all trained and doing the jobs perfectly, get the product under control and just right, and once all is settled in, have a grand opening with some specials to get people in the door to see your work.