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Over the years, several clients have instructed me to help fulfil their lifetime’s dream, by purchasing a pub. My usual advice is “Don’t, but if you must, for Heaven’s sake, buy a freehold.” Running a pub successfully is one of the hardest jobs one can do. One has to manage temperamental staff, satisfy demanding customers who have plenty of alternative ways of spending their money, fulfil endless regulatory requirements, and deal with suppliers who are frequently unreliable. All in the face of supermarkets selling cheap booze, and the smoking ban. Turning a profit as a pub landlord requires a working week of at least 60 hours, and taking these hours into account, you probably won’t earn more than the minimum wage in any event.