€550 Screen — practice run. Click to save as PDF.
Provenance DiligenceIndependent buy-side risk screen · Spain & Portugal
Decision Memo · Screen €550
Practice run · anonymised
Target
Café (turnkey business)
Where
Lisbon (PT) — district withheld
Asking
€70,000 · rent €750/mo
Tier
Screen · €550 · 48h
Practice screen on a real public listing, anonymised. Business name, address and seller withheld — it's a real small business. Findings are from public sources only; I did not contact the seller or broker. Retrieved 2026-07-03.
The verdict · Only-If

Only-If

You'd be paying €70,000 for a "turnkey business" whose trading history no public source can confirm — a soft-launch footprint (a few dozen social followers, a handful of reviews, no findable company registration). What's really on offer is a fitted-out café and a cheap 5-year lease. Proceed only if the seller's own documents prove real earnings, and the lease and street-terrace licence actually transfer to you.

Your next move: don't pay a deposit until the seller produces (1) tax/VAT records proving real takings, (2) the assignable lease, and (3) the terrace licence — and negotiate from what this really is: fit-out + a cheap lease in a small, already-served pocket (section 2), not a going business.

The result at a glance
How far a desk could reach here
Unusually little of this deal is verifiable in public records — that thinness is itself the finding. Almost everything that matters sits in the seller's documents.
Public records checked — address, social/registry footprint, cross-listings
Needs the seller's documents — earnings, lease, licences, tax/SS certificates
Lawyer-only / not reachable — insolvency portal was down; ownership; litigation
Where the risk sits
Green = nothing alarming in public records (not "safe"). Note how little came back either way.
Trading history / real revenue
No public footprint — unproven
Local market & competition
Small pocket + next-door rival
Registered company / owner
Not found in registries
Insolvency / enforcement
NOT checked — portal down
Lease (trespasse terms)
Flag — get the contract
Street-terrace (esplanada) licence
Flag — may not transfer
Tax & Social-Security debt
Needs certidões
Red a problem found · Amber a flag to act on · Hollow not visible / not reachable — your lawyer runs it.
Provenance Diligence · Practice
Provenance DiligenceDecision Memo · practice run
Café · Lisbon · Screen €550
Who handles what
Me

Find the commercial red flags visible in public records — and name what isn't there.

Your lawyer & accountant

The lease assignment, licences, tax review and completion.

Only the seller's papers

Can prove the earnings and the licences the records don't show.

1 · The one thing most likely to make this a bad buy

You're paying €70,000 for revenue you can't see

Sold as a fully-working "turnkey business" with "demonstrable takings", the café leaves almost no public trace of actually trading: a social profile with a few dozen followers and ~40 posts, a handful of reviews on the seller's own screenshot, and no company registration findable under the business or seller name in the Portuguese registries I searched. For a café with 20 indoor + 10 street seats, that is a thin footprint — it reads like a recent soft-launch, not an established business with a customer base.

So what you're actually buying for €70,000 is a fitted-out space and a cheap 5-year lease at €750/month — the "goodwill" and "earnings" in the price are not evidenced by anything I can see. One tell: the seller offers to rent the whole business out for €2,000/month as an alternative — an odd thing to do with a business that genuinely earns.

This is not an accusation of wrongdoing — a new café simply has no track record yet. It means the price must be justified by the seller's own numbers, not assumed. Until then, treat €70,000 as unsupported by anything verifiable.
2 · What the street itself says — the local market

I mapped every café and restaurant within a 5–10 minute walk (Google Maps, both layers). Two things stand out. First, there is a direct competitor in the same building row — an established café a few doors away with a review base roughly 13× larger, selling the same daytime-coffee occasion. Second, the whole pocket is small: this is a quiet residential quarter — the busiest café in the area has accumulated only a few dozen reviews in years, the tourist zone is a couple of kilometres away, and there is no office cluster; the nearby draws are residential streets and one seasonal footfall anchor. The bigger restaurants in range sell a different occasion — destination dinners, not neighbourhood coffee.

That caps the upside: even a well-run café here plays for a small, already-served local demand pool. It doesn't kill the deal — it prices it. A location like this supports a fit-out-plus-lease price, not a "going business" premium — use that in the negotiation.

3 · Demand these before any deposit
IRS/IVA records + SAF-T + 3 months' till data — prove the "demonstrable takings" are real (and how long it has actually traded)
The lease / trespasse contract — term, the €750 rent, assignment clause, renewal; confirm the landlord's direito de preferência (right of first refusal) is handled
The esplanada (street-terrace) licence — and confirm with Câmara de Lisboa whether it transfers or must be re-applied for (10 of 30 seats depend on it)
Certidão permanente comercial — is this a company (Lda) or a sole trader, and who owns it?
Finanças + Segurança Social certidões de não dívida — no tax / social-security debt
The activity-opening date (início de atividade) + any staff contracts — confirms how new it is; staff transfer on a going-concern sale (Art. 285 CT)
What stays your call — I could not see this from a desk
Named so it's never mistaken for "checked and clear". Your lawyer runs these.
  • Insolvency / enforcement (Citius portal was unreachable — must be checked)
  • Who really owns / controls the business
  • Court cases not yet decided
  • The lease terms & the real earnings
I understand this Screen covers public records only; it does not cover the seller-dependent documents and the blind spots named above — including the insolvency check I could not complete this session — and I will not rely on it alone to complete a purchase.
Evidence appendix — what I looked at
SourceWhat it showedResult
Instagram (public)Real profile: ~62 followers · ~40 posts — a thin, soft-launch footprintRetrieved
Company registriesNo entity found under the business or seller nameNot found
Marketplaces (OLX · CustoJusto)No cross-listing ("sem resultados")Not found
Postal / street directoriesAddress confirmed — a residential quarter of Lisbon (withheld here)Confirmed
Google Maps — the café itselfProfile surfaced independently on a later pass: 5.0★ from 4 reviews, shown "open" (initial session: seller screenshot only)Retrieved
Google Maps — competition sweepCafé + restaurant layers, 5–10 min radius: next-door café 4.3★(54) at nº 4D; busiest local café ~68 reviews; no tourist/office anchorRetrieved
Insolvency / court portalsPortals unreachable that session — recheck pendingNot checked
Grig Kochedykov
Provenance Diligence · Founder · I personally review & sign every file · no commission on the deal · I never contact the seller or broker
Verdict key · Walk · Only-If · Resolve-first · No public-record blocker
I stand behind the public-record checks listed here. This is a commercial risk screen — not legal, tax, investment or financial advice; your lawyer and accountant complete the picture, and full engagement terms apply. A clear result is not a clearance.
Provenance Diligence · Practice