Should I keep the venue’s name after I buy an event venue?
One option is to keep the name while you learn the business, because booked couples, reviews, directory listings and planner referrals are tied to it. If you do want a new name, make sure the purchase agreement includes the name, website and accounts, and then change it in stages.
A venue’s name is part of what you are buying. Couples booked under it, planners recommend it and strangers search for it. Changing it on day one can make all of that harder to follow. Keeping it for a while costs little and lets you decide with more information. The real work is making sure the name actually transfers to you.
What the old name carries
Clients who signed contracts did so with a particular venue in mind, and some will ask questions if it changes. Online reviews and wedding-directory pages sit under the name too. So do the relationships with planners and vendors who mention it to their own clients. A new name starts without any of that, so weigh what you give up.
Make sure you own what you think you own
Ask your lawyer to confirm that the purchase agreement covers the trade name, the website and domain, social media and directory accounts, and the phone number. Ask who holds the logins today. If the seller keeps any of them, you may be unable to update listings or answer reviews. Your lawyer can also tell you what registrations a name change would involve.
If you want a new name
Change it in stages. Tell booked clients directly and early. Use wording such as “formerly” on the website and listings for a time so people searching can still find you. Update vendors and planners personally. Timing is worth thinking through. Taking over after closing is usually busy enough already.
Related reading
15 pages on the same subject, grouped by topic.
Buying
- GuideBuying a banquet hall and event venue in Canada
- Expert answerHow do I take over a business after closing?
- Expert answerDo I need a lawyer to buy a business?
- Expert answerHow does a banquet hall earn its revenue?
- Expert answerWhat are the biggest risks when buying a business?
- Expert answerCan I buy a business with no industry experience?
- Expert answerShould I buy a wedding venue with its land or only the business?
- Expert answerHow do I find a community newspaper or magazine for sale?
- Expert answerWhat should I check before buying a local magazine or community newspaper?
- Expert answerShould I buy an existing magazine or start one?
Due diligence
Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentAfter buying a business, what is the next step?
- 02Business Development Bank of CanadaGovernmentUnderstanding post-merger operational integration
- 03Business Development Bank of CanadaGovernmentMajor pitfalls to avoid when negotiating a purchase agreement
- 04Government of AlbertaGovernmentRegister a business name
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