Buying an established Bar/Grill - What to look for?

Hi all-

Not sure if this is the appropriate forum to post in but I couldn’t find anything more likely so here goes… ;D

Location is WA State. We are looking at a possible Bar/Grill purchase. Terms are good, with owner financing.

Books will be made available after submitting an offer.

We currently own our own business (we started it), so are familiar with business management principles and that kind of thing, but have never purchased an existing business before, NOR do we have any restaraunt/bar experience.

The business DOES have a manager, don’t know specifics yet as to how long manager has been there, what experience he has, etc. but will be finding this out.

Business has been established 10 years, is in an Excellent location, with established clientelle. This is a nice place.

As far as making an offer, would we be correct in making one "contingent upon buyers inspection & approval of existing books, & buyers ability to obtain liquor license transfer " as our escape clause should the positive cash flow not turn out to be as “positive” as needed & we were unable to obtain the license transfer?

Also, does anyone know what it takes, how much it costs, & how long it takes to transfer a liquor license in WA State? What are the requiements for a liquor license transfer?

Anyone have any suggestions as to what to look for, what to watch out for etc etc…

All thoughts & comments are, as always, much appreciated!