Buying a restaurant in Tuscany: what the listings don't tell you

Short answer, for those in a hurry: in Italy you never buy a restaurant "licence" — that closed-number permit was abolished in 2010. What a listing calls cessione attività is the sale of a going business (azienda): the lease, the equipment, the staff, the supplier contracts and, unless you check, part of the debts. The price is mostly goodwill, and goodwill is only worth what the tax returns prove.

We are IOD21: we open and run restaurants in Tuscany, including our own in Punta Ala (ART, €100,000+ in revenue and 1,300+ covers in its first 80-day season), and we act as operating partner for foreign owners. We read listings for a living. Here is what they leave out.

What the listing says vs. what you must verify

| The listing says | What it usually means | What to ask for | |---|---|---| | "Licenza inclusa" | Nothing: the SCIA is a notification, not an asset. The professional requirement (SAB course or a qualified manager) is yours to satisfy | Proof the activity is correctly registered with the Comune and the health authority (notifica sanitaria) | | "Fatturato €300k" | A number the owner tells the agent. Often cash-heavy, often a good year, rarely audited | The last 3 years of tax returns (dichiarazione dei redditi) and the daily receipts register (corrispettivi) | | "Avviamento ventennale" | Twenty years of history, which may mean twenty-year-old equipment and a loyal but ageing clientele | An equipment inventory with ages, and a week of sitting at the bar counting covers | | "Contratto di affitto 6+6" | The standard Italian commercial lease: 6 years plus 6 renewal, but the landlord can refuse the first renewal with 12-18 months' notice for specific reasons | The lease itself, the years left, the rent step-ups, and whether the landlord has already consented to the transfer | | "Personale già formato" | Under Italian law (art. 2112 c.c.) employees transfer to you with their seniority, contracts and accrued severance (TFR) | Each employee's contract, seniority and accrued TFR; the money owed to them comes out of the price | | "Nessun debito" | Buyers of a business can be held liable for debts recorded in the seller's accounting books (art. 2560 c.c.) | The seller's books, a tax-compliance certificate from the Agenzia delle Entrate, and a price portion held in escrow |

The six checks that decide whether to sign

1. Walls or business? Most Tuscan listings sell the business and the lease, not the property (muri). If you want to own the walls, that is a second negotiation with a different owner, at a different price.
2. The lease is the real asset. A restaurant with four years left on a lease and a landlord who wants his son to take over is worth a fraction of the asking price. Read the lease before you read the menu.
3. Seasonality. On the coast and in the hills, 80-120 days make the year. Ask for monthly receipts, not annual totals: a place that does 70% of its revenue in July and August needs cash to survive February.
4. The kitchen you cannot change. Historic centres and listed buildings restrict extraction flues, outdoor seating and signage. If the current set-up is tolerated rather than authorised, the problem transfers with the business. Our guide to permits: restaurant licences in Italy.
5. Goodwill vs. refit. Compare the goodwill asked with what a fresh opening would cost: the ranges are in what it really costs to open in Tuscany. We are currently overseeing roughly €184,000 of construction works on a new opening; sometimes buying is cheaper, sometimes it only looks cheaper.
6. Who will run it. If you live abroad, the plan needs an operator on the ground before the purchase, not after. How that works: owning a restaurant in Italy while living in the US.

How the purchase actually works

A business sale in Italy is a notarial deed (cessione d'azienda), registered with the Companies Register. Typical timeline: 4-10 weeks from accepted offer to deed, if the lease transfer and the due diligence do not stall. Taxes on the buyer's side are mainly registration tax on the price, split by asset class, so how the price is allocated between goodwill and equipment matters: have it structured, not guessed.

Foreign buyers usually purchase through an Italian S.r.l. they own 100%; the full path (company, visa, permits, timelines) is in our guide: how to open a restaurant in Italy as a foreigner.

Quick questions

How much does goodwill cost for a restaurant in Tuscany? Listings range widely, from a few tens of thousands of euros for a small bar to several hundred thousand for an established place in a prime location. The only honest benchmark is a multiple of documented profit, not of declared revenue.

Can a foreigner buy a restaurant in Italy? Yes. 100% foreign ownership of an Italian S.r.l. is legal. The professional requirement is satisfied by a qualified manager (preposto).

Do I need to be in Italy to run it? No, but someone you trust must be. We serve as operating partner for owners abroad, with weekly reporting on revenue, food cost and break-even.

Is it safer to buy or to open from scratch? Buying saves the 4-8 most unpredictable months (permits and works) and gives you a real revenue history. Opening gives you a clean lease, a kitchen built to your menu and no inherited liabilities. We run the numbers both ways in a feasibility study, on your specific location.

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IOD21 opens and runs restaurants in Italy — for ourselves and for investors. We first tell you whether and where it makes sense, with real numbers from your area; then we build it with you. Tell us about your project: we reply within 24 hours.