Advice for Buying a Restaurant and Selling a Restaurant

We Sell Restaurants Broward County Selling Restaurants

Posted by Robin Gagnon on Feb 21, 2017 11:13:45 AM

46576-Ken_Eisenband.jpgWe Sell Restaurants, a unique restaurant brokerage franchise dedicated to selling more restaurants than anyone else, announces their latest success in the Broward County market. The new 2017 year is off to a great start and the Restaurant Brokers of Broward County have set the future bar high with five SOLD restaurants.

“We continue to move forward and increase the number of restaurants sold. Growth is always a positive no matter what time of year it is,” says Franchise Partner, Ken Eisenband. He acted as the buyer and seller agent in three transactions including Boca Raton’s Fresh Bites Café.  This café has been serving the community since 2011 and was owned by the seller since 2013. The growth of the fresh menu attracted new clients as well as a satisfied new owner Selen Balca. The Seller has great things to say indicating Ken was “Professional and hard-working” providing “diligent service.”

For the sale of Sunshine Bagel and Bistro located in Pompano Beach, Florida, Ken Eisenband acted as agent for both the buyer and seller. This restaurant was sold in less than 100 days.  The buyer Levent Topcuoglu is taking over from seller Alessandro Bove.  Both are ready to start their new careers.

Located in Pampano Beach, Topher’s Table was only on the market for 42 days before Certified Restaurant Broker Ken Esienband was able to help seller Chris Frank with a sale.  The buyer Jason Jiang plans a change of concept at this location. 

Broward County Franchise Agent and Certified Restaurant Broker Ken Allain sold two different Pizza Rustica locations in the month of January.  This two stores were sold to separate buyers.   Pizza Rustica in Fort Lauderdale Florida, an award winning gourmet pizza franchise was sold to Olga Cherkasova.  The Hollywood Florida location was sold to August Bifani.   

Eric Gagnon, President of the We Sell Restaurants brand said of Ken’s success.  “We are very excited to see so many units changing hands in Broward County under the leadership of our franchisee in that market. We believe 2017 overall will be a very strong year for the sale of restaurants as more small business owners show optimism about the economy and the stock market is at record highs.”

We Sell Restaurants is the nation’s largest restaurant brokerage firm.  The company began franchising in 2012 in response to strong industry demand. The firm applies a branded systemic process and proprietary web platform to a previously highly fractured industry of sole practitioners. We Sell Restaurants continues to increase the number of SOLD restaurants in keeping with their vision to sell more restaurants than anyone else. 

More information about the brandingselling more restaurants than anyone else can be found online at this link. 

Topics: selling a restaurant

Restaurant Sales in a Trump Economy -- What's the Impact?

Posted by Robin Gagnon on Feb 16, 2017 8:24:51 AM

The new White House is making a number of changes that affect the restaurant industry.  What will this mean to restaurant sales?  Here are key areas where the restaurant brokers see impact for the industry.   

President Trump2.jpgNew Labor Secretary was In and now he's Out

If you haven't been living under a rock, you've heard that Andy Puzder, the CEO of CKE Restaurants was nominated to the Trump cabinet as Labor Secretary.  As of yesterday, that nomination was withdrawn.  That's a shame since having someone from the industry was seen as a win for those of us in the restaurant business.   

At a recent apeparance at the Restaurant Finance & Development Conference Puzder told the crowd, “We have a government-mandated restaurant recession."  He went on to say, “The government did not intend this result. But it shows what happens when government tries to manipulate the economy. You cannot mandate the benefits of economic growth without actual growth.”

The overall concensus from the industry was that his nomination was a powerful one and most were cheering the decision to bring him onto the cabinet.  Now we'll take a "wait and see" approach to see what background the next nominee has and hope that will bring good news for restaurant sales.  There are several "hot button" restaurant issues in the pipeline for this administration including:  joint employer issues for franchisors, minimum wage laws and of course, Obamacare. 

Supreme Court Pick 

President Donald Trump recently nominated Judge Neil Gorsuch to fill the vacant seat on the U.S. Supreme Court.  If approved, Gorsuch, who has served on the U.S. Court of Appeals for the 10th Circuit since 2006, would replace Justice Antonin Scalia, who died in February 2016.  

The nomination was applauded by the National Restaurant Association, which recently asked the Supreme Court to hear a challenge to existing laws that prevent cooks and dishwashers from sharing in tip pools. 

Angelo Amador, executive director of the NRA’s Restaurant Law Center, described Gorsuch as “an experienced and knowledgeable judge who had extensive bipartisan support when he was confirmed to the 10th Circuit unanimously. We look forward to again having a full bench in the U.S. Supreme Court to decide cases of critical importance to our industry and the economy in general.”

Hospitality attorneys see the choice of Gorsuch, if confirmed by the Senate, as generally positive for employers. Since this pick is pending approval by the House and Senate, we'll sit back and see if he's able to make it through an increasingly divided Washington.

Corporate Tax Rate

All signs point to reduced corporate taxes under President Trump.  If he keeps his word on this promise, which was reiterated last week, we could be looking at serious growth in bottom lines for corporations which are mostly, small businesses like your local restaurant owner.  The stock market has moved into uncharted territories on the strength of this committment from the commander in chief.  With more money in the pockets of Americans, we are sure to see higher restaurant sales.

Immigration

Those fighting the new administration and its resolve to protect the borders are trying to bring the fight direct to the restaurant scene.  Today there is a nationwide "sick out" called for with illegals failing to come to work aimed at closing the doors of restaurants.  There are several celebrity chefs who are voluntarily shuttering today in solidarity (Rick Bayless for example).  This hot button issue seems to have reached a fevered pitch for a President most Americans elected based on a law and order approach.  The complextities of this one and its ultimate affect on restaurant sales is yet to be seen.

Obamacare

President Trump has already advised the IRS not to levy the Obama Care imposed $2500 fines against those filing 2016 returns that don't include health insurance.  The Congress will be addressing a repeal (according to some) or a revision (according to others). Either way, the industry is in critical need of a new look at legislation that brought tremendous new costs onto their books and into the households of most Americans over the course of its implementation. 

Small Business Optimism

Optimism on Main Street has soared in the President Trump's election.  The National Federation of Independent Business' survey said small-business sentiment for December hit its highest level since 2004.  That was an increase of 7.4 points in December to 105.8, up from November's 98.4. That was the largest month-over-month index change since it began in 1986.

How will the same index look today?  That's an unknown with President Trump facing an intrangient Democratic party and collusion among some long time government employees and hold-overs from the Obama administration.  Let's hope the good news from this report continues since members' perceptions were that business conditions would improve and that accounted for 48 percent of the month's increase.

What about restaurant sales?  The same survey said sales expectations also increased by 20 percentage points, as did the percentage of owners who believe now is a good time to expand, which is up 12 points.  The National Restaurant Association also reported optimism in December's Restaurant Performance Index. The industry expanded in December, albeit at a slower rate than in November. The association said that the index, a monthly measure of the state of the industry, closed out 2016 at 100.5, down slightly from 100.7 in November.  The association considers the industry to be in expansion mode when the index reaches above 100.

Operators are also “cautiously optimistic” about business conditions, with 33 percent saying they expect conditions to improve in the next six months. Only 15 percent expect conditions to worsen.

Restaurant Sales

What will restaurant sales look like under a Trump economy?  We have to see how much of his agenda is actually permitted to proceed and if he can truly get through the impasse being created in Washington.  It's clear that America sent him to Washington to make changes to the status quo.  At only three weeks in office (really just three weeks?), heads are spinning from his attempt to move forward on an aggressive agenda that includes all these points affecting restaurant sales.

All of these items will have implications for buying and selling a restaurant but if January and early February are any indication, the number of buyers in the market ready to get into the business are hitting record numbers and transaction counts for restaurants sold will hit record heights.  The restaurant brokers are setting new records with transactions for this year more than 65% ahead of last year.

Topics: buying a restaurant, selling a restaurant

Valentine Love Translates to Restaurant Sales - Where are You Dining?

Posted by Robin Gagnon on Feb 14, 2017 7:19:00 AM

 

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More than half of all Americans (54.8%) plan to celebrate Valentine's Day this year and they will rack up an amazing $19.8 Billion (with a B!!) dollars in spending according to the National Retail Federation.  It's no wonder that restaurant sales will also see a sweet amount of business that day! 

It's the second most popular holiday for dining out behind Mother's Day.  Who doesn't think of Valentine's Day as a candlelit dinner event?  The National Restaurant Association estimates that roughly 25% of us will dine out on Valentine's Day and I can assure you these restaurant brokers will be part of the crowd.   

When choosing a Valentine's gift, it looks like food is truly the way to a man or woman's heart.  Forget the age old claim that diamonds are a girl's best friend.  When the National Restaurant Association surveyed individuals to ask what their love interest should give them for Valentines, nearly a third of those surveyed by the National Restaurant Association said they want restaurant gift card.  That was followed by the traditional standbys -- jewelry, cloths, flowers, chocolate and perfume.  

Where's everyone eating?  Remember, the restaurant brokers said it's all about the candlelight dinner and those surveyed agree.  They told the National Restaurant Association they want pick their companion’s favorite restaurant follwed by 20% who choose a restaurant for a romantic atmosphere.  

Valentine's is not a holiday where promotions are top of mind.  Those responding to this national survey say their last choice is a restaurant offering special menus or promotions, restaurants picked by their companion, or a restaurant they haven’t been to before.

Each city has their own best Valentine's Day dining options.  If you want to check out what the experts are saying, Gayot has produced a city by city peek at the best Restuarants for Valentine's Day at this link and they are listed by city.  In Atlanta, where We Sell Restaurants launched their brand, we see a lot of our favorites on the list.  Gayot begins with Babette's Cafe at 573 N. Highland Ave, NE in Midtown.  Cafe Alsace in Decatur (121 E. Ponce de Leon Ave.) is second on the list.  La Grotta at Peachtree House Condominium (2637 Peachtree Rd. NE) also makes the list.  Intimate dining for romance-bent couples or small groups of friends are both possible in the former Quinones at Bacchanalia space at Star Provision (1198 Howell Mill Rd. NW) on the westside makes the cut along with Ray's on the River at 6700 Powers Ferry Rd. NW.  Ray's will also top the best brunch choices for Mother's Day and the restaurant brokers have enjoyed this one many times. The last restaurant in the Gayot top ten best restaurants for Valentine's Day is Restaurant Eugene at 2277 Peachtree Rd. NE.  What's your favorite romantic restaurant?  

As a restaurant owner how do you prepare for the busy holiday? It all starts with planning. Plan early with your team and brainstorm ideas. Established timeline and schedules that will have everyone on tract for the second busiest day of the year. Along with planning comes communication. They only way a team can be well prepared is to be looped in to what the plans are. Set expectations up to and including the busy day. Menu prep is another hard decision that needs to be made. Are there select dishes, special pricing, limited availability? As part of the planning make sure that add to the calendar when a food order should be placed for any special holiday items. Of course don't forget to market your holiday specials. Valentine's Day tends to be busy a week up to the actual day with approximately 30% more guest. Most people tend to plan last minute for Valentine's Day so focusing on a shorter marketing strategy can pay off big.

You may accommodate to those that have been there time and time again. Sell a gift card for a future romantic visit. Have those once a year specials could draw new or repeat clients in. If everything is planned, prepped, announced and marketed correctly the results can be a restaurant earning of 3 times.

 

Topics: selling a restaurant

Eric Gagnon Named to Southeast Franchise Forum Board

Posted by Robin Gagnon on Feb 10, 2017 9:39:14 AM

ERIC GAGNON, the President of We Sell Restaurants has been named to the Board of Directors of the Southeast Franchise Forum (SEFF). The Southeast Franchise Forum is a regional organization established to foster professional relationships throughout the franchise community and to enhance the reputation of franchising through the exchange of information, ideas and solutions.  

gagnon0033-1.jpgClarissa Bradstock, CEO of Any Test Franchising (AnyLabTestNow.com) said of Gagnon joining the board, "I'm pleased to announce that Eric Gagnon will be joining us on the SEFF board.  With Eric's experience as a franchisor, as well as his experience working with other franchise systems, I think he will bring a unique perspective to SEFF."

Eric is the founder of We Sell Restaurants and wesellrestaurants.com and began franchising the restaurant brokerage brand in 2012.   He is the nation’s leading restaurant broker who has been designated an Industry Expert in restaurant sales and valuation by Business Brokerage Press.  He is a frequent speaker, writer and co-host of the nation's long running radio show devoted to the restaurant industry.  

Eric is co-author of the award winning book, Appetite for Acquisition.  His book on buying a restaurant sets the standard for the industry, has consistent five star rankings on Amazon and was named "Best of 2012" by Small Business Book Awards in the year it was published.  Eric's background includes the financial services sector and he held positions with Bank of America, Bank of New York and big five accounting firm, KPMG before launching his brand in 2001.  

Gagnon is also the Past President of the Georgia Association of Business Brokers (GABB) and Lifetime Member of the Million Dollar Club. He received the organization's highest honor, the Phoenix Award, for achivement of the Million Dollar Award for more than a decade.  He is a member of the International Business Brokers Association (IBBA) , Business Brokers of Florida (BBF), and the International Franchise Association (IFA).  Eric is licensed as a Broker in Georgia, Florida and South Carolina.   He holds degrees from major universities in both the United States and Canada.

Gagnon said of his appointment to the SEFF board, "I am
excited and honored to participate on the executive board of this team focused on franchising in the south.  This is one of the most active chapters of the FBN (Franchise Business Network) of the IFA and I look forward to assisting with its continued success."

Eric joins other board members in the franchise community including the Chairman, Clarissa Bradstock of AnyLabTestNow, Tray Doster of Zaxby's, Chairman Emeritus, Jim Squire of Firestorm, Rupert Barkoff of Kilpatrick Townsend & Stockton, Bill Bishop of Grant Thornton Atlanta Office, RIck Batcheor of Qiigo, Dave Bridges from Leavitt Group Atlanta Office, Stan Friedman of FRM Solutions, Robert May from Rollins Inc and Kathryn Rookes Franchise Attorney.

 

Topics: blog

Top Ten Restaurants for Sale in January 2017 by the Restaurant Brokers

Posted by Robin Gagnon on Feb 6, 2017 1:49:08 PM

The New Year is here and buyers across the nation are looking for new careers. The first part of any year has people looking to reach their New Year's resolutions. Many want to lose weight, get more organized, work on a promotion. It looks like our buyer’s resolutions have been to start new careers by working for themselves. From Georgia, Florida, to Colorado, and Texas buyers are motivated to fuel their New Year's resolution of owning a restaurant for sale.  

Price do not seem to be intimidating this year’s buyers. The listings with the most signed confidentiality agreements range in price from lease space with no key money to $599,000. Buyers are wanting to earn more this year which means they are looking to invest more in their futures.

 
Starting the list of the top ten restaurants for sale it this one that has it all. This listing was popular to buyer looking for a  downtown Atlanta location with a bar and 6 figure income. No wonder it  was on the market for less than 30 days and this location already has a contract with a backup and multipe offers. 
Listing ID:5245 Restaurant Broker Cyndi Weinbaum    
Million Dollar Bar for Sale in Atlanta - Unmatched Profits Owner Financing
Lease: 3 years left with 5 year option
Monthly Rent: $4727.81 including CAMS
Inside Sq. Ft. 3000
Outside Sq. Ft.
Price:$599,000
City:Atlanta

Cyndi Weinbaum

That Atlanta market is feeling the love with another listing on the top 10 restaurants for sale list.  This vegan concept come fully equipped with super rent and great location for under $50k. This listing won't last long.

Listing ID:5193 Restaurant Broker Steve Weinbaum    
Inman Park Atlanta Restaurant For Sale - $1000 per Month Rent!
Lease: 3 years with 2+ years remaining
Monthly Rent: $$1000 plus $1400 annual property taxes
Inside Sq. Ft. 1000
Outside Sq. Ft. n/a
Price:$49,990
City:Atlanta

Steve Weinbaum
(770) 714-4552

This Moe's franchise restaurant for sale by Restaurant Broker RObin Gagnon not only had some of the most clicks, it made the phone ring off the hook! This popular franchise is driving buyers to find out more. This franchise restaurant for sale has been on the market for less than 30 days and it is destined to have a contract shortly.  Six figure earnings and a great brand!  Who could ask for more in satisfying their dream of buying a restaurant? 

Listing ID:5251 Restaurant Broker Robin Gagnon    
Franchise for Sale - Moe's Southwest Grill Nets Over $120,000
Lease: Expires July 2017+ 3-5 year options
Monthly Rent: $4130
Inside Sq. Ft. 2400
Outside Sq. Ft.
Price:$399,995


Robin Gagnon
(404) 800-6701

Coming in from the west, this cafe for sale located in Texas is ready for a new owner. This fully equipped location is emphasizes made from scratch dishes and is turnkey ready.  Restaurant broker Dominique Maddox is fielding the inquiries on this one. 

Listing ID:5183 Restaurant Broker Dominique Maddox    
Cafe for sale in Texas has the recipe for success. Ready for new owner!
Lease: Negotiable
Monthly Rent: $2000 including CAMS
Inside Sq. Ft. 2971
Outside Sq. Ft.
Price:$125,000


Dominique Maddox
(404) 993-4448

Texas makes the list of top ten restaurants for sale again with this unique drive thru location that's rolling with buyer interest. This location is offered at an incredible price of under $50k and is sure to roll off the market soon.

Listing ID:4958 Restaurant Broker Dave Duce    
Purchase this Restaurant for Sale with Drive-thru and Outdoor Patio in Austin, TX!
Lease: expires August 2020
Monthly Rent: $3675
Inside Sq. Ft. 1000
Outside Sq. Ft. 250
Price:$45,000
City:Austin

Dave Duce
(512) 773-5272

The sunny state of Florida is dishing up buyers  that are ready for a quick casual concept. This sandwich shop for sale location  in Cocunut Creek Florida comes with a busy shopping center and plenty of hungry shoppers at a low price of $50,000.

Listing ID:5238 Restaurant Broker Ken Eisenband    
Sandwich Shop for Sale in Coconut Creek Florida has Prime Location
Lease: Expires March 31, 2019
Monthly Rent: $5438
Inside Sq. Ft. 1600
Outside Sq. Ft.
Price:$50,000
City:Coconut Creek

Ken Eisenband
(561) 350-3365

Football season may be coming to an end but the party has just begun for this sports bar and grill for sale in Denver.  Buyers love the idea of a sports bar and a grill and this includes an entertainment venue.  Located in the greater Denver Metro area, this location is ready to score a buyer!

Listing ID:5244 Restaurant Broker John Kesterson    
Sports Bar and Grill - Entertainment Venue for Sale in Denver Metro Area!
Lease: New lease to be executed by buyer
Monthly Rent: $6197
Inside Sq. Ft. 3610
Outside Sq. Ft. Approx 400
Price:$114,900


John Kesterson
(720) 473-3726

This restaurant space for lease is one of the hottest locations in the Atlanta, Georgia market right now.  Second generation space is hard to find! This restaurant space for lease has the buyers with their own concepts clicking away.

Listing ID:5274 Restaurant Broker Cyndi Weinbaum    
Restaurant Space for Lease in Johns Creek, Georgia - Great Location
Lease: Negotiable
Monthly Rent: $$20.00 PSF + $4.43 CAM
Inside Sq. Ft. 1200 (Adjacent site can be added bringing total to 2400 Square Feet)
Outside Sq. Ft.
Price:$0
City:Johns Creek

Cyndi Weinbaum

This profitable restaurant for sale location is ready to swim off the market from the coast of Florida with buyers clicking to see more. This already established sushi location has a ready client base. If you have your own concept it can be converted. This one is priced to move.  The unheard of low price listing will not last.  

Listing ID:5087 Restaurant Broker Ken Eisenband    
Profitable Restaurant for Sale in Tamarac Can Easily Convert to Any Concept
Lease: Expires April 14, 2020
Monthly Rent: $2037.50
Inside Sq. Ft. 1200
Outside Sq. Ft. 0
Price:$49,000
City:Tamarac

Ken Eisenband
(561) 350-3365

Our restaurant buyers love sandwich franchises for sale by the restaurant brokers.  This location is in a great area with established hungry clients.  The minimal hours and fantastic lease have buyers looking at this hot listing.

Listing ID:5255 Restaurant Broker Robin Gagnon    
Sandwich Franchise for Sale in Dunwoody - Highest Growth Area
Lease: 5 Year Lease with 5 - Year option to renew
Monthly Rent: $7119
Inside Sq. Ft. 2621
Outside Sq. Ft.
Price:$155,000
City:Sandy Springs

Robin Gagnon
(404) 800-6701

January has proven to be one of the busiest times of year. It is a great time for buyers to fulfill their resolutions to work for themselves and sellers to move their business. All across the United States, We Sell Restaurants has seen an increase in interest and listings moving to contract fast. Now is the time to fulfill that resolution! Don't ait because it may not be there for long.

 

Ready to take a look at some of the latest offerings?  Click this link for the latest listings online.

Visit Our Listings Online!

 

Ready to Sell? We have buyers ready!

Free Restaurant Valuation

 

Topics: buying a restaurant

Why Buy a Chicken Wings Restaurant? Here is 1.3 Billion Reasons!

Posted by Robin Gagnon on Feb 3, 2017 9:11:26 AM

Thinking about buying a Chicken Wings restaurant?  Check this out – the Chicken Council says Americans will consume enough drumettes and flats to circle the Earth nearly three times during Super Bowl weekend.

You’re watching the games, knocking back (or sipping) your favorite beverage and the food of choice is...chicken wings!  The National Chicken Council annual report says Americans will consume an incredible 1.33 billion wings on the big day!  They should know.  The National Chicken Council is the non-profit, trade association that represents U.S. chicken producer-processors.  Their members account for more than 95 percent of the chicken sold in the United States.

Forget the Atlanta Falcons and New England Patriots – this is cause for celebration if you’re in the industry where preparing the perfect chicken wing has become a national obsession.  They also report there is growth in that number – 2017 is projected to increase 2 percentage points or 30 million wings over last year!  That is a 6.5% increase or 80 million more wings than 2015.  That tells the restaurant brokers that this is definitely at the top of the list for America’s favorite Super Bowl snack.chicken-1281709_1280.jpg

Wants some chicken wing trivia to share with friends and family on Super Bowl Day?  While everyone’s enjoying the Super Bowl menu – complete with wings of course, you can share these handy facts.

If the chicken wings eaten on Super Bowl day were laid out end to end between the Georgia Dome in Atlanta and the Gillette Stadium, the 1.3 billion wings would go back and forth 80 times. 

1.33 billion wings is enough to circle the Earth almost three times.

The combined weight of all players on the 32 NFL teams doesn’t come close to the weight of the wings eaten that weekend.  They weigh in at 166.25 million pounds or 338 times more than all those football players.

If the average NFL player started eating two wings per minute, it would take him approximately 1,265 years, 80 days, 7 hours and 12 minutes to eat 1.33 billion chicken wings.  

We market a number of chicken wing restaurants for sale across the nation which made us start checking our records to see where they have been most popular.  Our sales have been stronger in the South than the North and it looks like national research shows consumption in both areas is higher than average.  By contrast, we don’t have as much inventory or sales in the Midwest. 

What does a national survey say about the popularity of wings in the two competing Super Bowl regions?  Looks like both the Falcons and Patriots fans are big aficionada of the favored savory Super Bowl Food.  Research released by NPD group estimates that the Northeast, home to Patriots fans, eat 12% more wings on average than the national average and the South – Falcons territory edges them out at 13% ahead.   As a restaurant brokerage firm based in the South, we’re hoping the final score of the Super Bowl maintains that Falcons edge!

Lastly, who’s eating all those wings?  It seems the NPD Group has an answer here as well.  They say millennials chow down the most.  Their research shows wing eaters aged 18 to 24 consume around 61 percent more wings than other age groups. The National Chicken Council has more good news for those interested in buying a chicken wings restaurant.  Most (75 percent) of the food consumed comes from restaurants.  For all these reasons, growth, sourcing from restaurants, a young demographic appeal, a strong tradition and of course, 1.3 billion chicken wings in a weekend, it seems like buying a chicken wings restaurant could be a good bet. 

No matter what camp you’re in – Falcons or Patriots, a spokesperson from the National Chicken Council got it right s saying, “…this year’s Super Bowl should be great for both football and chicken wing fans.”   All these great statistics on one of America’s favorite Super Bowl go-to snacks means those in the market to buy a wings restaurant might be onto something!

Enjoy the game (and the wings!). For a quick look at our chicken wings restaurants for sale, visit our listings online at this link.

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For more information on wings, including their history, relationship with football and creative wing recipes, visit the National Chicken Council website.

High resolution photos of chicken wings are available to download here and here.

The National Chicken Council is the non-profit, trade association headquartered in Washington, D.C. that represents U.S. chicken producer-processors, the companies that produce and process chickens raised for meat. Member companies of the council account for more than 95 percent of the chicken sold in the United States.

 

Topics: blog

Who's Buying a Restaurant?  We Compare a Recent Survey to our Restaurant Buyers

Posted by Robin Gagnon on Jan 31, 2017 10:00:00 AM

Want to know who's buying a restaurant?  Guidant Financial just published a great infographic that shares all kinds of useful information about business owners.  While it is not specific to the restaurant community, it represents a lot of information that aligns with our restaurant buyers and sellers.  We compared their data to what we know about restaurant buyers to see how closely they lined up and the results are very similar.  Guidant-Infographic-Survey-That-State-of-Small-Business-in-2016-4.png

For example, 77% of the business owners in the Guidant survey are male.  That's spot on the We Sell Restaurants demographics for both our website traffic and our buyers.  

The top states for buyers on their report include:

  1. California
  2. Texas
  3. Florida
  4. Washington
  5. North Carolina

Okay -- we definitely don't align with this since we don't work in California but Texas is one of our largest states and it is number two on the list.  Florida is also a stronghold for the restaurant brokers and showed up in the power possition of number three.

It is interesting to note that two of the top five states do not have state income tax which may account for where businesses owners choose to live.

The age of most business buyers according to the Guidant infographic is right on target with our restaurant buyers.  A combined 88% of the buyers are either 40-49 or 50-59. Now we don't ask our buyers their age but we estimate pretty closely and this is on the money.

Where are business owners coming from? Fully 37% are opting out of corporate America, a phenomenon we referred to as "Corporate Refugees, Restaurant Wanna' Be's" in our book Appetite for Acquisition. We field calls every Friday afternoon as those stuck in cubicles determine there has to be a better way of life!

Only 19% of those in the survey were laid off and looking to replace income as business owners and that aligns with our restaurant buyers too.  While it's a healthy number at roughly 1 in 5, we find those laid off aren't as willing to risk their next career by moving into restaurant ownership.

When you look at the most popular industries, restaurants top the list!  Fully 15% of all business owners identify with Food/Restaurant as the industry they are part of while the next closest competitor is Health/Beauty/Fitness which is 50% less attractive coming in at 10% and tied with Business Services and Retail.

39% of the buyers surveyed are looking to buy an existing business or open and operating franchise.  That defnitely includes all the restaurant buyers coming to our website.  

The Guidant survey reveals that 35% of the small businesses purchased were under $175,000.  Only 7% are over 1 million.  As "Main Street" brokers, we see similar numbers for most transactions. 

What are the top challenges for business owners?  The Guidant survey indicates that recruiting and retention of employees are at the top of the list while capital and cash flow come in second.  In third place is time management.  

This one's interesting since most of our sellers point to quality of life and time management as reasons they want to sell. 

Overall, this infographic is a spot on guide to the motivations and demographics of not just general business owners but our restaurant buyers as well. 

Looking to buy a restaurant of your own? Check out all our listings online at this link or contact the restaurant broker today for more information. 

For more information on lending options for buying a restaurant including Roll Over 401K plans, visit our GuidantFinancial  prequalification page at this link.  Let them know the Restaurant Brokers sent you!

Visit Our Listings Online!

Topics: buying a restaurant

Robin Gagnon to Speak on Panel for the Biggest Franchise Event of the Year

Posted by Robin Gagnon on Jan 28, 2017 6:36:00 AM

The biggest and most important franchise show of the year, #IFA2017, is coming to Las Vegas Jan. 29-Feb. 1. Over 4,000 of the nation's top franchise professionals will gather and the Restaurant Brokers will be part of the mix!    

The IFA or International Franchise Association convention is billed as "the premiere forum to build relationships and foster new ideas for growth." The event is filled with 50+ educational sessions, interactive roundtables, in-depth summits and game-changing mini-super sessions, #IFA2017 is planned to give attendees the latest trends, news and inside tips in the areas of franchise relations, management and leadership, marketing financing, multi-unit growth, international growth, franchise development, social media and more!

Robin Gagnon, MRobin Alone at No Mas 2.jpgBA and Certified Restaurant Broker will be speaking on a panel held on Monday January 30 from 2:45 to 4:15 titled "Franchise Resales Are Booming – Do You Have a Plan for Your Brand??  The session is described in the IFA promotional materials as follows:  

"Franchise resales are booming; the life cycle of brands, an aging population and appetite for inventory are driving franchise resales to unprecedented levels.  Franchisors and franchisees need to understand the process.  Franchisors should be part of the conversation about how their units are being presented, who’s doing the selling and any use of their intellectual property; franchisees need to understand valuation and the transfer process.  Developing a franchise resale plan is critical to successful transfers.  Learn everything you need to know about franchise resales in this educational session."

In addition to Gagnon, the panel will be moderated by Clarissa Bradstock, CEO of Any Lab Test Now.  Other speakers for the Monday session include Cassidy Ford, Franchise Development Manager, Huddle House, Inc. and Alyson Ekmark, Compliance Manager, Zaxby's Franchising, Inc.

Gagnon said of the panel, "Franchise resales are absolutely one of the largest issues facing franchise brands.  We work with many different franchisors to develop common strategies.  We help to protect them and make sure that as stores in their system turn over, a stronger candidate takes the place of someone ready to retire or moving out of the industry.  Our knowledge and trust in the franchise brands help us execute to their vision."   

Gagnon will also be in attendance at the Women's Franchise Committee meeting where she is a member serving until 2019.  Formed in 1996, the Women's Franchise Committee (WFC) is dedicated to inspiring and encouraging women in franchising by creating a network of business professionals dedicated to strengthening the success of women in franchising. The WFC has created a number of programs and resources in order to achieve this goal, ranging from "how to" guides and conferences to local networking chapters. Gagnon chairs the Women's Franchise Network  - Atlanta Chapter. 

For more information on the International Franchise Association, visit this link. 

Topics: selling a restaurant

Professional Athletes Buying Franchise Restaurants - Trend Spotting

Posted by Robin Gagnon on Jan 26, 2017 5:07:42 PM

Can we still call it a trend when it's been going strong for some time now?  The Restaurant Brokers just read about the latest acquisitions by New Orleans Saints Quarterback Drew Brees.  It appears he's going for records both on and off the field!  A recent post in Franchise Times reveals that in addition to his interests in Jimmy John's and Walk-On Bistreaux & Bar agreement, he's now in a partnership to develop up to 69 new Dunkin' Donuts in New Orleans, Baton Rouge, Shreveport, Monroe and Alexandria, Louisiana.

Athletes.jpgSeems like this guy likes calling plays both on and off the field and his calls all include quick casual at this point!  He's partnering with an existing franchisee which is a smart move.  The franchise partner already has five existing stores which will be "co-owned" with Brees as part of the deal. HIs name is Vik Patel and he is the CEO of Tampa-based Purple Square Management Co.  He heads up Bourbon Street Donuts, LLC and has been a Dunkin' Donuts franchisee for 10 years.  He currently operates 46 restaurants in Alabama, Florida and Louisiana. Purple Square also has plans to open an additional 26 units in 2017.

The Bourbon Street Donuts group also includes former New York Giants offensive lineman and current FOX Sports broadcaster, David Diehl. How do professional athletes move from calling plays to quarterbacking franchise restaurant deals?  It's much more common than you may know.

What drives athletes to the restaurant industry? The restaurant brokers interviewed some pro athletes turned restaurant owners on our radio show and here's what we learned.

George Tinsley Sr.,, an icon in the industry who opened the first African-American owned T.G.I. Fridays® in the U.S. where it became the "No. 1 T.G.I. Fridays® in the U.S. for nine consecutive years, and continues to be a top performer,”  owns and operates more than 50 Florida franchises, with most locations in Miami and Tampa International Airports.  He told the restaurant brokers that "teamwork" and "competitive spirt" led to his success. 

We also interviewed Tye Hill and James Butler who together own three Golden Coral Restaurants.  Hill played in the NFL for five seasons for among others, the Atlanta Falcons, Tennessee Titans and Detroit Lions.  Hills says this of the restaurant industry, "Definitely go through training."  His partner James Butler played for the New York Giants when the team won Super Bowl XLII. He also played professionally for St. Louis Rams.   He told the restaurant brokers he got interested in the business because of "We know how to build a team.  We know what a successful team looks like."

The restaurant brokers were also joined on our radio show by Carlos Emmons, a former American football linebacker in the National Football League.  Emmons was drafted in the seventh round of the 1996 NFL Draft by the Pittsburgh Steelers and played for the Steelers until 1999. In 2000, he began playing with the Philadelphia Eagles and was named team Defensive MVP in his final year. He signed as free agent by the New York Giants in March 2004 and was released by them on February 12 2007, after having career ending back surgery. He is now the owner of the Wet Willies franchise in Atlanta Georgia.  When asked about the business, he says, ", “As soon as the star fades, the restaurant fades."  He goes on to say, “You can’t rely on the roar of the crowd.”

Some of the big name athletes involved in restaurant reads like a "who's who" of the superstar world.  "Magic" Johnson has an ownership interest in over 100 Starbucks as well as multiple TGI Fridays locations.  Cincinnati Bengals veteran Max Montoya traded in his Super Bowl rings (2 of them!) for franchising in 1995 and owns five Penn Station East Coast subs.  

Wingstop has been attracting investment from the entertainment world recently with a big buy from a known rapper but before Rick Ross went for this brand, Three-time Super Bowl winner Willie McGinest bought two stores.  He also owns a frozen yogurt franchise.  

Those on the gridiron aren't the only ones in the mix.  Jamal Mashburn, an NBA start and part of 1994 Dallas Mavericks now owns 71 restaurants including 34 Outback Steakhouse franchises and 37 Papa John's franchises.

The attraction for athletes to the franchise restaurant business includes a success rate higher than other industries.  Also, the ability to partner with existing franchisees such as the deal Brees just cut for the Dunkin Donuts units is also an added benefit.  Lastly, the International Franchise Association or IFA has been hosting events and working to market the benefits of franchise restaurants with this group.  After all, it's better to be in business with those who are already experienced rather than starting from scratch.  Want to listen to the full We Sell Restaurants interview with some professional athletes owning restaurants?  Download from iTunes at this link.

 

 

Topics: buying a restaurant

Newest Certified Restaurant Brokers Launch Raleigh Franchise

Posted by Robin Gagnon on Jan 23, 2017 11:19:56 AM

The newest crop of Certified Restaurant Brokers have completed training at We Sell Restaurants University.  Co-Founders Eric and Robin Gagnon trained the talented team from Raleigh North Carolina who are opening the office this week.

Katy Sizemore, the firm's latest franchise partner, in the Triangle area breaKaty .jpgks ground this week in the Raleigh market.  A successful business executive and entrepreneur with more than a decade of business experience, Katy has been licensed in the state of North Carolina as Real Estate Broker since 2007.  Her skills include closing hundreds of deals for both commercial and residential real estate.  Her hands-on experience serving both buyers and sellers make her a perfect fit as the Franchise Partner for the market.

A graduate of North Carolina State University, Katy is proud to call Raleigh, North Carolina home and loves serving the business needs of the growing market. Katy has played lifelong competitive sports and is an avid tennis player. 

Katy is joined by Certified Restaurant Broker Jordan Powell.  Jordan graduated from North Carolina State University’s Poole College of Management with a degree in Business Administration and a concentration in marketing.  While attending N.C. State, Jordan served on the Executive Board of the American Marketing Association.  Jordan has strong social media skills that allow her to effectively communicate online and in person.  Her interpersonal skills help buyers and sellers in achieving their business dreams.              


Jordan Receives Certified Restaurant Broker Designation.jpgThe two experienced a world class training program led by the nation’s most experienced, knowledgeable and productive Restaurant Brokers including four phases of study. 

In the first phase, they relied on the award-winning book Appetite for Acquisition as the textbook and companion piece to a 50-page manual with exercises, questions and information focused on developing knowledge about the mindset of the buyer.

In Phase two of We Sell Restaurants University, the team concluded a week-long practicum and webinar series on the proprietary software tool developed by the firm; the B.O.S.S.©.  The Broker's Operations and Sales System (the B.O.S.S.© ) is the nation’s most advanced web platform for business brokerage.  The proprietary tool developed by We Sell Restaurants functions as a customer relationship management (CRM) tool, a seller and listing live database tool and the only “Hot Report” and “Broker’s Dashboard” in the nation, tracking the most important activity and deals for a broker to focus on and giving real time feedback on Key Performance Indicators. Students engage in daily webinars and apply their knowledge with exercises and testing that assure their competency on the platform before moving forward in the program.

Both acheived the status of Certified Restaurant BrokerTM passing their practical and written exams to be granted the coveted title held by only a select few.  

The Phase Three training was offered for the first time in Florida and consisted of a classroom curriculum delivered firsthand by Eric and Robin Gagnon, the country’s preeminent RESTAURANT BROKERS.  The 40-hour training included blended learning methods such as role playing, videos, exercises, restaurant visits and slideshow delivery.

In launch week, the two newly minted Certified Restaurant Brokers will graduate to market support by the brand’s founder, Eric Gagnon.  The three will be making connections and calling on customers in the Raleigh market this week as the practice launches.

Sizemore and team will receive ongoing support from the franchise founders in the form of weekly Mastermind sessions.  These offer a combination of brainstorming, education, peer accountability and support in a one on one session.  

For more information on buying a North Carolina restaurant, visit Katy's Certified Restaurant Broker bio page.  

 

 

Topics: selling a restaurant