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Looking into buying a Hookah lounge

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  #1  
Old February 16th, 2010, 03:34 PM
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iMaD
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Default Looking into buying a Hookah lounge

I've been thinking about buying/starting a hookah lounge business. It is very popoular where I live but I need some advice from the "Experts" out there. I can start one from scratch but there is a popular lounge for sale at a good price and it is very nice. The main thing that I am worried about right now, besides running a business, is the proposed 775% hookah tobacco tax that was recently introduced in congress. I'm affraid the effect will be very similar to the Illinois "No Smoking Law" in food establishments passed last year where many places that served hookah along with food either went out of business or lost huge chunk of revenue. Anybody has an update on this tax or is closely watching it, when is it scheduled for a vote and what are the chances it will pass. Any help/advice would be appreciated.
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Old February 16th, 2010, 03:37 PM
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Default Re: Looking into buying a Hookah lounge

i actually looked it up this morning and didnt see any updates my guess is it died in committee
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Old February 16th, 2010, 03:43 PM
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Default Re: Looking into buying a Hookah lounge

not to be negative, but if the business was being profitable and such,why would it be for sale?
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Old February 16th, 2010, 03:45 PM
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Default Re: Looking into buying a Hookah lounge

thanks. Where did you lookit up if I may ask. I tried searching but all I can find is several petitions against it but nothing on the progress.
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Old February 16th, 2010, 03:46 PM
gnuworldorder
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Default Re: Looking into buying a Hookah lounge

Quote:
Originally Posted by iMaD View Post
thanks. Where did you lookit up if I may ask. I tried searching but all I can find is several petitions against it but nothing on the progress.
just google "hr 4439" and its the first 3 or 4 sites
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  #6  
Old February 16th, 2010, 03:49 PM
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Default Re: Looking into buying a Hookah lounge

This is a good question and of course I will be asking it before I buy. The first thing that came to mind was this huge tax increase. Also the ad and it mentioned something about the lease running out in 2 years but I haven't actually contacted the owner about the details. I did go to the place and its nice, looked busy and they had good prices.
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