Taking over a lease and turning an old place new? (old family photolab into a artist friendly coffee/juicebar?)

[Oceana]

Hello! I'm Oceana I'm new to the boards! I'll start with my situation and then to my question.

My parent's have owned this one photolab for over 13 years. It's been very very successful until the last couple of years (boom of digital and home printing, slight downfall of tourism). After all the years we are thinking of closing the shop very very soon, probably by the end of this year. I, on the other hand have been pondering the idea of a "art space" juice bar type place. I feel it can be successful providing good atmosphere, good beverages, personality and really good promoting.

My question is, is it a good idea to try to take over their lease for rent of their location? I don't know much about starting a business so I am not sure how it works. Would it save me money to just take over their lease? It could still be under my fathers name but it would be my place?

Because photography is a very big part of my life I'd like to create a very artist friendly place, selling coffee, juices, dessert and art, where artists and business professionals can network, experiance and trade business cards (or art!) over a tea (or another beverage of choice!)

I just hate to see our store gone and I'd have a photo printing equipment at my disposal. But then again I would have to look up the laws with having juice and coffee available where photo chemistry is. I would obviously have the photo printing machine in a back room away from beverages if laws would permit.

I'm aware of the whole percentage of failing new businesses, I know it would cost a lot starting and I know good marketing alway helps a lot. Plus people love coffee and smoothies and art! Any advice/answers is appreciated!

[Oceana]

Also I forgot to mention why I thought it would be in my best interest to use the property they are on. I'm pretty sure with new business owners they don't just rent out to just anyone. I would imagine you would have to go through some sort of credit check and interview or application. Don't mind me if I'm wrong I'm not too sure about this stuff. I'm only 21 and I am still building up my credit, so wouldn't it work out better if my parent's keep the lease and I just run my business under them?

[EMC-NJ]

Another thing, your parents might not want to be on the hook for the lease if it doesn't work out. Your parents could be on the hook 1-5 years of rent depending how the lease renewal is written. The lease may also state "if" the business can change a certain percent, if at all. It could say, new business ~new terms. Some leases are vague, some are very specific. Read & understand the lease first.