Advice re purchase and changing the name of an existing coffee shop?

[Jakk]

Hello, I'm Jakk from Saskatchewan Canada. I found your forums a few months ago, and hope to be more active as I have "more to offer" over the coming months and years.

I am in the final stages of purchasing an existing coffee shop. It's been around for about 15 years, under the same name and until the past few years, has enjoyed a, loyal following, excellent name recognition, etc. I was initially planning on keeping the name for those reasons, but because it is so *tired* and having had recent conversations with the property manager, I'm re- considering that now.

So, your advice? When is it best to retain a long standing name? When is it well advised to change?

Thanks so much.

 

[PinkRose]

It's been around for about 15 years, under the same name and until the past few years, has enjoyed a, loyal following, excellent name recognition, etc. I was initially planning on keeping the name for those reasons, but because it is so *tired* and having had recent conversations with the property manager, I'm re- considering that now.

Hello Jakk,

What kind or reputation does the existing coffee shop have? What happened in the past few years that changed? What did the property manager say to you that indicated that things weren't right????

You are starting fresh and brand new. Why keep the old name? Why not give it a new name and make it yours?

I recently drove past a small restaurant, that I tried once and swore I'd never go back there again. I noticed that it has a new sign, new name, and a new look. I'm planning to go there one day soon to give it a try. The new name and the new sign got my attention.

It sounds like it's time for a change for you, too.

Rose

 

[Jakk]

The shop has a "was really great, now needs a bit of sprucing up" reputation. The past 3 years has seen a new owner who has not kept it as clean as before and the food offerings have gotten a bit stale, both literally and figuratively. The property manager has a bit of a bee in their bonnet (my thoughts) and has gone from suggesting to me that it needs a total gutting (it doesn't), to agreeing that it's just the entire combination of things that have contributed to it's gradual decline - cleanliness, tiredness of furnishings and decor, food, coffee being meh, and so on.

Talking to folks here, they figure that I should keep the name and just ensure there is a "under new ownership" on the door and in social media etc. I'm just not sure.

I appreciate your input Rose, thanks!

 

[chast]

In this state if you buy a business and it's name you take on all previous debts, problems and so forth. I would change the name as soon as you sign the lease. Have a sign saying something like New owner! new Name! Same great service! Unless it is a franchise, keeping the original name does mean it will be the same place as far a service and quality. Could be worse and hopefully a lot better.
JMO

 

[slurp]

If the current owner has ran it into the ground then a name change and rebranding might be a good idea. People remember the old days but make their decisions on the last time they were there. If it sucks rebrand it, that includes a name change, refreshing the inside and new friendly staff if needed. Offer new things that the store does not have now such as poor over. Renaming it is a good start but rebranding and chaining it goes along with it.

 

[PinkRose]

The shop has a "was really great, now needs a bit of sprucing up" reputation. The past 3 years has seen a new owner who has not kept it as clean as before and the food offerings have gotten a bit stale, both literally and figuratively. The property manager has a bit of a bee in their bonnet (my thoughts) and has gone from suggesting to me that it needs a total gutting (it doesn't), to agreeing that it's just the entire combination of things that have contributed to it's gradual decline - cleanliness, tiredness of furnishings and decor, food, coffee being meh, and so on.

Talking to folks here, they figure that I should keep the name and just ensure there is a "under new ownership" on the door and in social media etc. I'm just not sure.

I appreciate your input Rose, thanks!

Considering what you wrote, I think you should seriously consider changing the name.

People who were unhappy with the old place will remember their experience, and they probably won't give it another try, even if you advertise that it's under new management. The people who were okay with the place will return to see how you do with it. The business was failing because there were too many people who didn't want to come back. You need to concentrate on getting those people to walk through your doors.

Changing the name would be a step in the right direction.

Rose

Rose

 

[Jakk]

Thank you all for you input, I really appreciate it! The sale is going through effective next Monday, October 6, so I've got a week to decide re name! We have an extensive legal document regarding the sale, so retaining the name in and of itself will not ensure or exclude any legal action, but the legal agreement attempts to do that, insofar as far as legal agreements go!

 

[PinkRose]

Hello Jakk,

Thanks for the update, and congratulations on your new business adventure!

It sounds like you're being very careful with the legal arrangements. I'm sure you have a reliable lawyer who can read in-between the lines and decipher everything for you.

Now, you can concentrate on creating a new name.

Best wishes to you in the days ahead.

Rose

 

[ffarl]

Having been there, let me offer a bit of advice: If this is your first time owning a foodservice business, don't assume that you're going to do everything right immediately. Keep the name for six months and see how you're doing. If you change your name immediately, you're giving away the best card in your hand right away. Make sure all your ducks are in a row before you start establishing a reputation for the name of your choosing. See if you can make improvements that the customers notice without making a deal out of the change of hands. Unless of course you plan to make a lot of physical changes to the building itself.

The ultimate deciding factor will be all of the things you do or don't do as the owner of this place, and in the end, the name won't matter a whole lot, but a well-timed name change can draw you a bit of attention if you're ready for it.

 

[Jakk]

I wanted to check back in, and thank you. I've a month under my belt, and aside from sleeping about 3-4 hours a night, a sewage flood in my store room, and other minutia, all is well! Thanks ffarl for your ideas re keeping the name initially and making changes that customers notice. I'm happy to say that customer feedback has been excellent (cleanliness, leasehold upgrades, staff working harder, happier) etc. Some say it just smells better! Some can't put their finger in it but just that there's a distinct change. So, I'll give it some more months to see what else happens! That said, I hear from more and more folks about this almost 20 year old place being a community icon p, so I worry that changing the name might upset the apple cart. Anyway... Thanks!

 

[PinkRose]

Hello Jakk,

Thanks for the update. It sounds like things are moving along nicely for you.

Rose