There are certain smells and sounds that will instantly take you back to a place in time. For example, every time I smell roast turkey, I am instantly transported to my ten-year-old self, waking up on Thanksgiving morning to the aroma of the bird my mother had placed in the oven well before daybreak.
It’s comforting to have such tangible nostalgic memories, which can conjure thoughts of people we loved who have passed and places we adored that have closed. I experienced a sudden time warp of this type recently when I read an article on Philly.com about a new “Old Original Levis” hot dog and sandwich shop that had recently opened on Old York Road in Abbington, PA.
One moment I was sitting at my desk on the 37th floor of a high-rise in center city, the next moment I was enjoying (in my mind) a Levis signature Champ Cherry soda on South and 6th with my grandfather and father beside me at the table, munching on Levis’ special: the famous hot dog with mustard and flaky fishcake served on one roll. The smell of fat frying and the sounds of people laughing over delicious food are burned in my memory like the grill marks on a well done frankfurter. The décor never seemed to change, and the eats were always top quality.
The comfort of knowing exactly what you were going to get when you walked into Levis’ was an art form the Levis family had mastered. I was heart-broken on that day back in 1981 when I found out that Levis’ had been sold, and the place was being redecorated. The profitable timelessness of Levis’ Hot Dogs and Sandwiches had been altered, and the new shop just wasn’t up to par.
Then, in 1990, Levis was purchased by Elliott Hirsh; not to recreate the restaurant’s golden years – not yet anyway – but to to obtain the rights and formula for the Levis signature soda I frequently enjoyed as a young boy: Champ Cherry. (Hirsh was a beverage manufacturer known regionally for his Elliott’s Amazing line.) My favorite little lunch spot, which wasn’t the same since it was sold in the early 80’s, closed two years later … I thought for good!
As the article on Philly.com says, “Nostalgia is a powerful thing, especially in the food business, where childhood memories are welded.” After producing Levis hot dogs wholesale to some level of success locally for several years, Hirsch became inspired to try his hand at selling Levis as a franchise operation, with the first shop being run by himself on Old York Road in Abington. I have yet to make it to the new “Old Original Levis,” but I am dying to get there and have a sip of that sweet Champ Cherry.
As an attorney that focuses in part on business law, this story piqued my interest in another way. When Hirsch bought Levis in 1990, his driving factor were the company’s assets – not so much the sandwich shop itself. He wanted the rights and formula for Champ Cherry.
When JM LAW GROUP represents clients that are buying and selling their business, we carefully and thoroughly discuss exactly what assets of the business are being bought or sold. For Elliott Hirsh, it was important to get the Levis name, recipes and formula for Champ Cherry. In other businesses, important assets could include customer lists, computer systems, intellectual property (trademarks, slogans, and logos), software, equipment, certain licenses (such as a liquor license), trade names, real estate, long-term contracts and more.
It is crucial to clearly specify what assets are being bought and/or sold when a business changes hands. If you are looking to buy or sell a business, please make sure to remember the significance in plainly defining the assets in question. Legal guidance is essential to ensure you are properly covering all your bases. Please feel free to give me a call – we can meet at Levis’ and talk about it over a hot dog and some Champ Cherry!