With respect to ^redacted‌, #1 and #3 are likely already reflected in the financials. If it is not doing enough revenue or profit, don't buy it unless you have done one before and it is in a decent location. If you are looking solely at financials:
1. Food Cost
2. Labor Cost
3. rent/lease
Again, crediting ^redacted‌, those are all important as well.
1. Location
2. Health inspections
3. Reviews
4. Average compensation of hourly workers and managers
5. Turnover/tenure of staff
6. Age of equipment
7. cleanliness (should be higher)
Restaurants can be a great business or a horrible business. You will never get multiple expansion unless you come up with a concept and buildredactedlocations, but they can be incredibly steady cash flow businesses. They can also be a battle every day. Hire right!
I have been involved in the acquisition/building of about 30. But my brother would be the one to ask. He has about 7K employees, all in the restaurant business.

I do not know nearly as much about bars. But I know you need to watch overpouring and weigh your bottles.

Assuming this is a new operation and you are either acquiring an existing location and changing the branding or opening new, below are what I think you need to consider. Please keep in mind if you are buying an existing business, the historical financials can tell you a lot of what you need to know about the operation:

1) Experience. If you do not have experience running and operating a bar / restaurant, then you better have a quality partner you can bring in to help you. It is not easy work. Lots of staff turn-over, you have to watch for stealing (although easier now that most things have gone to credit cards), managing inventory, menus, what liquor to sell, dealing with the liquor authority, etc. Many people think it is easy to run a bar / restaurant, but it is not and we have seen many people fizzle out and those lacking experience tend to fizzle out the fastest.

2) As already said, location is key. Not only do you want a location that is easy to find and get to, but you also need amble access to parking (unless an inner-city location with public transportation). The concept today is for restaurants to group up in certain areas, which tends to draw lots of customers to those areas. Restaurants off hidden by themselves can be harder to keep busy as they get forgotten as people are looking to head to locations with multiple restaurants and activities nearby.

3) Build-out cost. It is very expensive to build-out a new restaurant or bar. Be sure you higher the right architect and you budget appropriately. If you are redoing an existing building, expect to find issues when you open up walls. Also consider all of the costs of compliance with local codes. Keep in mind the attractiveness of your restaurant / bar will have a lot to do with how successful it will end up being.

4) Do not under-estimate the start-up time frame and the need for working capital. It can be hard to hit the ground running from day-one and can take time to build up a loyal following. It also takes time to get staff trained appropriately and to determine the menu.

5) Have a good chef and good mixologists help you determine the menu and the drinks. You want quality for both.

6) Keep in mind you will need to constantly refresh your menu, drinks, and servings to stay hip and popular.

I hope this helps. We have financed a lot of bar and restaurants over the years, the vast majority of which have been successful fortunately, but it is a tough industry and I always warn people going into it to be cautious. You can reach me with additional questions at redacted