Bought an Existing Restaurant

When a restaurant is sold there is a great opportunity for the new owners. There are two common approaches to this opportunity both with the anticipated end result of success. The first option is a completely fresh start. Change everything, name, concept, employees, menu selection and best practices. The change in name and concept would prevent the reputation of the previous restaurant from affecting the new business. The success of the restaurant is entirely dependent on the owner’s vision and leadership.

The other option would be to enhance what has already been established. Take advantage of the current employees that know the establishment, the clientele, the area and could be invaluable in identifying the restaurant’s strengths and weaknesses. This approach allows the new owner time to understand what they have, what works and what needs revision building on what is already in place. What approach involves the least risk?