Advice for Buying a Restaurant and Selling a Restaurant

Franchise Restaurants Grow Again -- from Houston to China

Posted by Robin Gagnon on Aug 30, 2018 11:30:00 AM

Franchise restaurants are growing again and here are the latest deals that We Sell Restaurants has been tracking around the world.  August was a very busy month with multiple opening and announcements of franchise restaurants both overseas and within the U.S.  Many small concepts with under 50 - 100 units seem to be putting up new locations which speaks to the overall health of the industry and interest by customers in new concepts.  Here's what we captured in August announcements for new franchise restaurants with more than a dozen concepts putting deals on the table ranging from single store to master franchise development agreements for multiples.  

Houston’s iconic German eatery, King’s BierHaus has finalized its first deal deal to bring three franchise restaurants to the greater Houston area. King’s BierHaus, cites itself as an award-winning ‘hybrid-casual’ German eatery.  

TKing's Bierhaus Signs First Franchisee to Expand Hybrid-Casual Concept in Greater Houston Areahe first franchised location will open in League City (828 W. FM 646) in October 2018.  A second location is in the process of being secured in Katy. Local franchisee Chung Hui, whose background is in retail development,  is the franchisee of record for this expansion. 

King’s BierHaus is the modern sister concept to the #1 German Restaurant in America, King’s Biergarten, founded by Austrian-born father and son duo Hans and Philipp Sitter in 2011. It began as a car wash serving bratwurst and beer and, over the years, developed into an iconic stop for local Houstonians and tourists alike. 

The bierhaus has developed an innovative ‘hybrid casual’ model for its franchise restaurants, which combines  elements of full-service and fast casual dining.  The brand cites this as a contributing factor to store volume.  King’s Bierhaus’ existing location, which implements the hybrid casual framework, reported a monthly average of $507,102 gross sales in the second half of 2017.

Mexico is on the mind of major franchise restaurants looking to grow and Mexico City is seeing more than one new concept.  Romano’s Macaroni Grill®, has announced the opening of its third location in Mexico City. Opened by Macaroni Grill franchise partner, Grupo Dival, the new franchise restaurants will be in the Tlalpan borough, just ten miles south of Mexico City, with a second location opened by the group within the past six months. International expansion continues to be an important part of the strategic franchise restaurants plan for Macaroni Grill with the recent opening in Mexico City bringing the number of international locations to 18, located in seven countries.

16th Hooters Location in Mexico Opens in Mexico City

Hooters of America recently announced the 11th Hooters location in Mexico City, Mexico.  Led by franchisee Hooters de Mexico, the new 5,3755 square foot venue, is located at Calz. Acoxpa 430 Loc. A-PA-07/08, Col. Vergel del Sur, CP 14340, Tlalpan, in Mexico City,

The new location will feature a centrally located bar, a wide array of cocktails and craft beers, comfortable seating options, and a top-of-the-line AV package perfect for watching all the games. 

Hooters of Paseo Acoxpa boasts 294 seats, over 40 TVs, and a spacious patio, making it easy and comfortable for fans to catch their favorite game.  Hooters continues its acceleration of  franchise restaurants and is actively seeking qualified franchise partners to open new locations in select markets across the U.S. and around the globe. 

Willie Jewell's Old School Bar-B-Q Lexington Grand Opening 8-22-18 Willie Jewell’s Old School Bar-B-Q, the fast-casual spinoff from the 69 year veteran Bono’s Pit Bar-B-Q concept, is expanding in Lexington, SC.  Willie Jewell’s will be opening its newest location on August 22, 2018.  Locally-owned by Willie Jewell’s franchisee, Jeff Katz, the first Lexington location will be 105 Saluda Pointe Court and will be open 7 days a week from 11:00am – 9:00pm with full service Catering opportunities as well. 

This will be the 13th of the franchise restaurants stores for the growing concept, which will now have restaurants in Florida, Georgia, New Hampshire, and South Carolina.  Willie Jewell’s is continuing to expand into new markets through the strength of locally owned and operated Franchises, with 4 more stores currently under construction in Brunswick, GA and the Tampa, FL areas.

 

Chicken Salad Chick to Open Fourth Nashville Location in Spring HillChicken Salad Chick, the nation’s only southern inspired, fast casual chicken salad franchise restaurants chain, announced today it will be expanding in Tennessee with its fourth Nashville location opening in Spring Hill. Located at 4867 Main Street, the company-owned restaurant marks the brand’s 92nd location in the Southeast and will open on Tuesday, August 21st with a ribbon cutting ceremony starting at 9:30a.m.

The Chicken Salad Chick concept, born in Auburn, was established in 2008 in the kitchen of founder, Stacy Brown. When Stacy discovered that the local county health department would not allow her to continue making and selling her delicious recipes out of her home kitchen, she overcame that obstacle by launching her first franchise restaurants with the business expertise of her future husband and fellow founder, Kevin Brown. Together, they opened a small takeout restaurant, which quickly grew; the company now has 92 restaurants across the Southeast.

 

SAJJ Mediterranean Announces Official Grand Opening Celebration for New LocationSAJJ Mediterranean, the popular family of Bay Area-based restaurants and food trucks known for fresh, exotic, and customizable Middle Eastern cuisine, will officially celebrate the Grand Opening of their seventh brick-and-mortar store on Friday, September 7. The newest SAJJ outpost is located at 88 Belden Place/ 485 Pine Street in San Francisco’s business epicenter, the Financial District, and will be celebrating its official Grand Opening by offering up specials and free items to new customers.  It is the second San Francisco location for the brand. 
SAJJ’s newest eatery is located across from the iconic Bank of America building on Belden Place, known among locals for transforming from a small drivable road at night into a pedestrian-only, cafe-lined street during the day, offering al fresco dining experiences in the midst of the bustling FiDi neighborhood. The historic building that houses the new SAJJ shop was built after the Great San Francisco Earthquake of 1906, and still retains its original brick walls and mosaic floor. To preserve the integrity and history of the century-old building, SAJJ has kept much of the space’s original structure and qualities intact.

Tim Horton's plans to open 1,500 franchise restaurants in Asia over the next decade despite facing hefty competition from a slew of companies who have dominated the market as the continent warms to drinking coffee.  The president of Tim Hortons says a plan to conquer a crowded Chinese coffee market hinges on tailoring its menu to local habits and tastes — including offering congee and matcha alongside signature items such as double doubles.

Tims announced an agreement last month with private equity firm Cartesian Capital to bring thousands of franchise restaurants to China, with plans to open the first location in 2019.Tim Hortons has previously announced plans to expand to Spain, Mexico, Great Britain and the Philippines.  Its U.S. expansion, however, appears to be faltering. Last month it closed four locations in Ohio, the latest in a string of closures south of the border in the past several years

TTropical Smoothie Café Opens 700th Locationropical Smoothie Café, has announed the opening of its 700th location in the system, in Hurst, TX at 760 Airport Freeway Suite 100. This major milestone showcases Tropical Smoothie Cafe’s rapid growth since launching in Destin, FL more than 20 years ago and gets the company closer to reaching its goal of opening 120 franchise restaurants in 2018. Tropical Smoothie Café is continuing to fuel development in Dallas/Fort Worth to bring its better-for-you® offerings to more communities throughout the metro area. With nine cafes currently open in Dallas/Fort Worth, these expansion efforts will bring two additional locations to the market by the end of this year.

 

Fork & Salad Announces Its First U.S. Mainland Store in Southern CaliforniaFork & Salad, the Maui-based eatery with a mission to make healthy, farm-to-table cuisine accessible to the masses, plans to open its third corporate location and first U.S. mainland store in Orange, CA. The location, which will introduce the brand to the mainland U.S. and serve as a training store for future franchisee operators, is slated to open before the end of 2018.

Fork & Salad’s new Orange County restaurant will be located in a historically restored building that features original brick construction from 1922 and open wood truss beams. The 1,535 square foot space will have seating for more than 45 guests and be prominently located in the walkable district of Old Towne Orange. Fork & Salad’s menu options include build-your-own and signature salads, produce-forward sandwiches, gluten-free items, kombucha on draft and more, which can be enjoyed in-store or for take-out and pick-up via phone ordering or the Fork & Salad mobile app.

Bennigan's Continues Growth in Small-Town America with New North Dakota RestaurantBennigan’s announces it newest store in Mandan, North Dakota.  The 42-year-old brand is developing in smaller markets as evidenced by this location in a town of only 22,000 people.  

The new restaurant, located at 1506 27th St. NW, will celebrated its grand opening on Monday, Aug. 20. 

Since the end of 2012, the company has opened new franchise restaurants in Clarksburg and Frederick, Md.; Sacramento, Calif.; Melbourne, Fla.; Monahans, Texas; Lexington, Ky.; Veracruz, Mexico; Larnaca, Cyprus; Obarrio, Panama; Doha, Qatar; and Dubai, UAE.

Franchise restaurants are coming soon to Steubenville, Ohio, and Memphis, Tenn.; and internationally in Guatemala, Honduras, El Salvador, Amsterdam and Pakistan, with more than 100 additional locations in development.

Jon Smith Subs, a nationally recognized chain known for delicious hot, grilled subs featuring high-quality marinated sirloin steak and chicken, celebrated a grand opening in Richmond, Virginia on August 20th.  The restaurant, located at 8517 Midlothian Turnpike, Richmond, is 1,600-square-feet and seats 35-40.  Jon Smith Subs has locations in South and Central Florida as well as Ohio, Nevada, Texas, and California—soon in Australia.  

 Jimmy Hula's Continues Florida Expansion with Orlando OpeningOrlando based Jimmy Hula’s Licensing announced the opening of its 15th store in August at 68 East Pine St., Orlando, Florida.  Jimmy Hula’shas units in the Orlando, Tampa-Clearwater-St. Petersburg, Jacksonville and Daytona Beach markets and is looking to franchise expansion throughout the Southeast.

Jimmy Hula’s serves specialty tacos, burgers, sandwiches and bowls in a surf/ beach vibe. It’s fine food at value pricing. That’s why our locals call it Food Nirvana. All stores serve a variety of craft beers and several stores have full service bars.

Jimmy Hula’s has signed area development and master franchise agreements calling for the opening of 60 additional franchise restaurants in Florida and North Carolina.

 
Slim Chickens Gears Up for August Opening in FayettevilleSlim Chickens, a leader in the “better chicken” segment of fast-casual restaurants, will continue expansion of its fresh chicken and unrivaled flavor in its headquarter market of Fayetteville, Arkansas. The corporate-owned restaurant will be located at 1855 MLK Jr. Boulevard opened in August. This is the second corporate store in the market.  

Since the beginning of the Slim Chickens journey in Fayetteville, the brand has celebrated 75 franchise restaurants openings in 14 states, as well as international locations in Kuwait and London. The brand is well on its way to achieving its goal of 600 restaurants by 2025.

Westminster, Colorado Selected as Upcoming Location for The Great Greek Mediterranean Grill Expansion The Great Greek Mediterranean Grill will soon be coming to 14315 Orchard Parkway, Suite 400, Westminster, Colorado. The parent company for The Great Greek– announced that is has finalized its latest agreement with Jack Jones, a local business man and former defense contractor. The rapidly-expanding fast-casual franchise restaurants group already has 15 locations in development across the United States, along with its two original, award-winning locations in the greater Las Vegas metropolitan area.

UFG has been strategically expanding The Great Greek brand nationwide, with a strong focus on established markets that are ripe for a departure from typical fast-food fare and middle-of-the-road flavor. Likewise, they are partnering with experienced business people eager to make a bold entrance into the restaurant market. 

The original Great Greek locations were in Las Vegas, but the concept is now being franchised by The United Franchise Group and is quickly expanding across the U.S. and abroad.

That is a mind-boggling amount of activity for a single month showing tremendous growth in franchise restaurants from small concepts to very large players.  We'll keep you posted on more deals as they hit the market.  Meanwhile, if you're interested in franchise restaurants but want to avoid the risk of a start up, visit us online to see our inventory of existing franchise restaurants for sale?  Check out our listings online at the link below or contact We Sell Restaurants for more information. 

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Topics: Buying a Restaurant

Myths Uncovered About Selling a Restaurant That's Losing Money

Posted by Robin Gagnon on Aug 28, 2018 11:30:00 AM

Selling a restaurant that isn’t making money...is it even possible?  Is certainly is.  Plenty of books written in the marketplace will tell you that if your business isn’t cash flow positive or if the liabilities exceed the assets, then you need to “wait” and improve your business. That’s a myth.  In today’s market, We Sell Restaurants is selling plenty of businesses that are losing money, proving that this thinking is out of date.    

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Selling a restaurant without cash flow means selling a business that is losing money for the current operator.  It may need a concept change, a menu adjustment or yes, even a leadership swap, but this location can be a winner for the next person owning the business.  That’s why it’s a myth that no one will want the business if it’s not earning a return today. After all, one’s man’s trash is another man’s treasure. Even if your restaurant is not making money today, it represents an opportunity for someone else tomorrow.

A restaurant that is losing money is referred to as an “Asset Sale.”  It should be marketed differently than a cash flow positive business but it certainly can sell and most importantly, it needs to sell now.  In fact, that’s the most critical aspect when you have a restaurant losing money.  You don’t have time to waste.  If you concept isn’t working, you need to sell before additional months of rent stack up that you can’t pay or new bills are created.  This scenario is called an asset sale and we will help show you how you can sell your restaurant in this scenario by packaging what you do have for sale in a powerful way to attract buyers. 

Here’s the difference between a cash flow positive business earning a return for any buyer and an asset sale.  A restaurant seller is offering one of two things to would-be buyers:

  • If your business is cash flow positive and generates a living for yourself and your family, you’re selling a job.
  • If your restaurant is losing money, needs a concept change or just isn’t generating enough income to provide for someone else, you’re selling used equipment.

It is a myth that buyers only want businesses with cash flow.  Many creative restaurant buyers just want to take over your space and equipment, then re-brand to their own concept as a shortcut to success.  What is not a myth is their need for information.  While you love your restaurant for what you know, a buyer will want your restaurant for what you can prove.  In the case of an asset sale, it is critical to understand what you’re putting on the market when it comes to getting the most money for your business and selling a restaurant in the shortest period of time.   

The process to prepare an asset sale for marketing are the same whether you decide to sell the restaurant on your own or use the services of a restaurant broker.  This article will prepare you to maximize the return, even if you are selling at a loss.  Today’s sophisticated restaurant buyer is demanding.  Prepare up front for their requests and you will see the transaction move to the closing table more quickly.

Any listing for an asset sale should focus on the following:   

Opportunity:  While we cannot put a specific price on opportunity, it can be considered when marketing an asset sale.  Most buyers want to ignore this item as they want black and white numbers.  However, if you have a restaurant location with an under-market lease in an up-trending market, you do have opportunity to factor that into the pricing.  It is a myth that opportunity can never be priced into the equation.

Equipment List:  The single more important item in listing a restaurant for sale losing money is to develop a strong equipment list.  Pull the list together in either electronic or paper format.  For any item valued over $5000, include the serial numbers.  For any major pieces, include the model number. Selling your restaurant with the equipment is a shortcut to success for someone else.  It’s a myth that this is instantly devalued as restaurant equipment has many years of life.

Financial Data:  Even though a buyer is not purchasing established cash flow, count on them requesting financial information.  At a minimum be prepared to provide sales data by month for more than one year.  That gives them insight into the potential in this location even with a change of concept.

Remember, the buyer is asking you to prove the value of the lease or franchise, the transferability of the lease or franchise along business, along with physical assets they are buying along with any liabilities they are incurring. It is a myth when selling a restaurant to believe you won’t have to show all of the following items that should satisfy most requests.

  • Two Years of sales by month
  • Copy of the lease
  • Copy of the franchise agreement (if you are selling a franchise)
  • List of the furniture, fixtures and equipment that transfer in the sale
  • Copies of any ongoing obligations (POS rental agreements, leases for equipment to be assumed)

With these data points, a value can be determined for the business, attracting a buyer.  The key to selling a restaurant as an asset sale is to quickly stop the bleeding, eliminate any ongoing liability for the lease or franchise and get a deal in contract quickly.  It is a myth that there is no value and no opportunity for selling a restaurant if it’s not earning a return today. 

Interesting in selling a restaurant?  Contact us at the link below. 

 

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Topics: Selling a Restaurant

The 5 Things No One Told You to Ask about Selling Your Restaurant

Posted by Robin Gagnon on Aug 21, 2018 12:56:24 PM

Ready to sell your restaurant and looking for the right resource?  There are plenty of people out there selling businesses.  How do you know which one right for selling your restaurant?  Here are questions to use on broker including the 5 things one every told you to ask before.  

If the broker can’t address these to your satisfaction, odds are, he or she is the wrong fit. Starting with the wrong resource adds delays, time and money to the process.  Most sellers want to sell for the most money in the shortest time.  Ask these 5 things and you’ll know who can get the job done. As a seller, you should apply the process of due diligence on your broker long before they ever sell your restaurant.   

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The simplest most basic question deals with experience.  Ask the broker exactly how many restaurants they have sold.  Seems easy but it constantly surprises me that sellers don’t require this information.  After all, it doesn’t’ matter how many daycare, dry cleaner, liquor store and car wash properties the broker has handled.  You are interested in how many restaurants he or she has sold.  Why?  A specialist has an inventory of buyers already focused on what you’re selling.  Why go fishing in the wrong pond?  Go where the fish are biting and the bait is your business.  That means a broker who sells lots of restaurants has buyers interested in the food service industry.

Figure out how successful they are at selling restaurants.  After all, it doesn’t matter how many restaurants they have listed.  You want to know how successfully they sell. For that, it comes down to one single metric.  Ask the broker for their closing percentage. No one told you before, but this is a statistic that any reputable broker tracks.  It is a clear measure of their success in selling a restaurant. It’s the count of restaurants sold divided by the count of restaurants listed. 

We were shocked to hear at a recent industry function that only one in three businesses listed by one major franchise brand will make it to the closing table.  Why would you list with someone with a batting average this low?  Anyone who wishes to sell your restaurant should be able to tell you, in addition to the days on market, an average time to closing, along with the percentage of transactions that sell. If they can’t, you’re dealing with a rookie.  While that may be okay in baseball and there are certainly stars among the start-ups, it’s a good plan to work with a seasoned professional who closes 80-90 percent of their deals.

No one may tell you to ask this question but it’s critical.  How many other brokers do you cooperate with and what groups do you belong to?  Industry groups often share listings with one broker working the “sell” side and another working the “buy” side.  Your chances of selling dramatically increase when the listing is exposed to more brokers. Remember, you want the greatest exposure.

Selling your restaurant is not a one-man sport.  What’s the team surrounding your broker and what’s his or her policy on co-brokerage? Is he or she is not a member of the professional organizations that share listings and work with buyers and sellers nationwide, you will decrease your potential to sell your restaurant.

it’s good business practice to ask your broker about their level of education, degrees, industry knowledge and any certifications. While it is not required to have advanced education to sell your restaurant, those with strong industry credentials have dedicated time, money and energy to their education. For many, this commitment to education and follow through puts them in the rank of top producers. 

Given a choice between someone with advanced education and someone without, why bet on the uninformed?  For the brokerage industry, a Certified Business Intermediary designation or CBI is the industry gold standard of knowledge and experience that’s been tested.  Less than 500 individuals worldwide hold this designation so a broker that has these credentials is already at the top of their game.

Lastly, ask a broker how they will be investing in your restaurant for sale?  Where will it be marketed?  Will there be upgraded placement?  Who will receive email blasts on the listing and how frequently?   What are your marketing channels for exposing the business to interested parties?  A marketing plan tells you they have a recommendation and road map for attracting buyers.  Without this, they are simply holding the listing until someone comes in the door looking.

There are clear measurements and ways to quantify the quality of a restaurant broker no one bothers to share.  Now you have them.  Take advantage of these questions to score someone who will get you the most money for your restaurant in the shortest time.

 

Blog Byline Robin

Topics: Selling a Restaurant

Restaurant Franchises Growing in Latest Deals Announced

Posted by Robin Gagnon on Aug 17, 2018 9:22:26 AM

Interested in knowing which restaurant franchises are inking new deals and expanding across the country?  We are too!  We Sell Restaurants goes through all the online announcements and press releases to bring you the latest restaurant franchises expanding nationwideWe’re tracking it all from units ranging from one to one hundred.  Here's what we saw in the latest press releases and announcements.  

Despite what we restaurant brokers believe is a tenuous business model, health food concepts continue to expand.  Each month we see new juice concepts and health food concepts adding units.  The newest deal announced is with former NBA player Kris Humphries., He is building six units as the latest multi-unit owner developer for the healthy food franchise, Crisp & Green.  He’s expected to put six restaurants under this brand in the Minnesota Minneapolis Twin Cities market. The first one is already under construction. 

In the totally not healthy food category, the Brass Tap, a craft beer bar franchise, is expanding by five units in California.  The developer is Rick Sousa, a principle of Dust Bowl Brewing Company. He’s a veteran of the industry and plans to open his Modesto store by December of 2019.

Pizza was the single category to post comp store increases last year so it’s not surprising to see restaurant franchises adding units to the mix.  Mountain Mike’s Pizza has inked a deal for more than 40 new units in Southern California.  Between these two deals, Southern California has beer and pizza covered.  A current franchisee, Robby Basati, with five existing stores will be developing 40 new Mountain Mikes Pizza restaurant franchises.Restaurant Franchises Announced

Not to be left out of the mix, Hungry Howie’s another pizza chain, has five new restaurant franchises in development with Deem Investments.  These stores will open in Arkansas.  Hungry Howie’s is currently operating in 22 states nationwide but have been juicing up development nationwide.  They appear to be working hard to expand their footprint.

California has been a tough state to deal with in development of new restaurant franchises, but it looks like that’s beginning to change.  Perhaps the demand for new concepts is now at the tipping point to outweigh the difficulties to develop stores in this market.  Those issues include:  onerous regulations, extreme impact fees and high rents that far outpace the nation. These barriers to entry are not stopping new restaurant franchises from diving in at new levels.  Between the Mountain Mike’s 40 store deal, five for Brass Tacks and the newest from Yang’s Braised Chicken, California development is dominating this list with nearly 50 units on the table.

Many brands develop in the U.S. first for strong proof of concept and then expand internationally.  In an approach that turns this model inside out, Yang’s Braised Chicken has over 6,000 units around the world and is now turning their development to the U.S.  They opened their first unit in this country in 2017 and just announced a multi-unit deal with Xiang Wang for three units in Orange County California. Again, California makes the list!

Also, on the West Coast, Café Yumm announced a three-store deal with franchisee Rebecca Blewett.  The chain, headquartered in Oregon has 20 locations currently.

Turning from the West Coast to the southeast, Louisiana-based The Lost Cajun is heading to the western North Carolina area.  A new deal has been announced to develop six additional restaurants in the traditionally mountainous part of the state over the next four years.  Another veteran operator is launching in that market.  Steve Galloway owns five Dunkin’ Donuts and has been a developer for concepts including:  Taco Bell, KFC, Pizza Hut and Subway.

Overall, we’re seeing trending in sales, leasing and franchise restaurants that agree with the economic trends nationwide.  There is an increased level of risk taking and launch in new concepts. This is fueled by a strong economy, a more business friendly regulator climate and lenders with plenty of money to fund new deals.

Want to see the restaurant franchises in our inventory?  Check out our listings online.

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Blog Byline Robin

Topics: Buying a Restaurant

The 5 Biggest Restaurant Lease Blunders to Avoid

Posted by Robin Gagnon on Aug 13, 2018 6:02:53 PM

Leasing a restaurant?  Here are five clauses you need to include.  Without them, you may see yourself on the hook for much longer than you planned if you ever sell the store.  Trust us.  As restaurant brokers, we have transferred dozens of restaurant leases.  Our best advice to you is to avoid these blunders now so you can transfer the store with no issues later.   

The most common error in negotiating a restaurant lease is the failure to plan for an exit strategy. No one enters business expecting to fail but it can happen.  Partners get sick or walk out of partnerships. Couples divorce, or liquor licenses get pulled.

On the flip side, businesses sell. You get an offer you can’t refuse. The guy developing a new brand in your market wants your location and your location only. Your partner wants out and you want in and the only solution is to sell your restaurant.

There are countless reasons why a business owner will need to get out of the restaurant lease. We recommend you have an exit strategy at the time you negotiate the initial terms.  Generally, this will not be found in the first draft of the landlord’s restaurant lease and you need to fight for these terms.  Avoid these blunders by including clauses that handle the most common transfer terms.  If they aren’t there, you or your restaurant broker need to fight for them.   elly fisher's

Blunder One – Failing to consider the transferability of the restaurant lease

Restaurant lease transfer is the single most contentious issue in the sale of a business and kills more deals than anything else.  Your only power in this negotiation is at the outset of the restaurant lease, not when you’re ready to sell. Make sure the terms of the restaurant lease spell out how it will transfer it to another party.

Blunder Two – Letting the landlord load up experience clauses

You may enter into a restaurant lease with a landlord with lots of experience, but always think in terms of selling the store at a later date. Plenty of successful individuals enter the restaurant industry without experience, but that doesn’t preclude their eventual success. Landlords often will try to sneak language into the restaurant lease that requires five years of restaurant experience, even for franchise operators and it can severely limit the pool of buyers for your business.  Do the reverse and ask for an automatic approval if they are approved as a franchisee.

Blunder Three – Not getting the costs up front

Determine up front what the amount of the transfer charge or assignment fee will be.  Never agree to vague language like “reasonable” attorney fees.  What’s reasonable to you is totally unreasonable to someone else.  Define this term.  Identify the amount you’ll pay in a transfer so you know what it is and insure that it’s minimal ($500 to $1000 is appropriate).  We have seen transfer fees go to exorbitant levels ($10,000) in recent years.

Blunder Four – Leaving a transfer time undefined

Landlords will never move at the speed of business.  Just when you are ready to sell, they are working on other projects and a restaurant lease transfer is their lowest priority.  Try to force a specific time frame into the language, such as “transfer shall occur within thirty days of submission of a formal request.” Landlords are famous for dragging out deals. When you’re negotiating the original restaurant lease, you’re in the driver’s seat. When you want to transfer it later, you’re no longer a priority.

Blunder Five – Failing to protect the confidentiality of your business

Landlords have a lot of information on you including store sales, your earnings and much more.  Never sign a restaurant lease unless the landlord is held to the strictest confidentiality.  He or she often receives the purchase agreement and you don’t want them disclosing what your store eventually sells for.  Make sure landlord should be held to confidentiality on the terms of any future sale of your restaurant. 

That’s it.  Include these terms and avoid five blunders that will cost you time and money when you get ready to transfer your restaurant lease.

Blog Byline Robin

Topics: Leasing a Restaurant

Atlanta Restaurant Sales Increased in Second Quarter - What About Restaurant Sales?

Posted by Robin Gagnon on Aug 9, 2018 2:54:13 PM

The latest numbers are in, courtesy of Net Financials and their survey of restaurant sales in Atlanta for the second quarter of 2018.  What’s the word?  The numbers are good with a continuing positive trend.  Even better news is that Atlanta showed increases beating the national trend.  According to Robert Wagner, founder of NetFinancials, Atlanta results from April to June showed gains of 2.0% over last year.  This more than doubled the national performance, as measured by Black Box Intelligence, which was up just .8%.

The quarterly survey posted by the group survey 105 independent Atlanta restaurants and indicates that nearly two-thirds (61%) were positive for the quarter.  Keep in mind that these results only relate to independent operators while national data includes independent and franchise concepts. 

On a year to date basis, 2018 Atlanta restaurant sales were up 1.1% over 2017.  What is this saying about the industry? For this major market and around the country, we are seeing restaurants battle for market share.  Growth in units from 2014 to 2016 led to many hitting a wall in 2017 where the entire industry was flat.  More units, all selling food, same size customer base equates to weaker market share by concept.Restaurant Sales increased in the second quarter

In the opinion of this restaurant broker, many concepts are simply overbuilt, with too many units, particularly among the fast-casual category.  With everyone fighting for their share of the family food dollar, what’s the fix?  Here’s one solution.  It’s well known that a rising tide does in fact raise all boats.  The trajectory of the U.S. economy and overall growth in GDP means an overall expansion in the economy.  At the same time, more people are working, and wages are climbing.  That should all us to see better positive comp store growth in sales nationwide for 2018.  We believe unit growth will also level off. 

The primary reason for flattening of this dimension is simply the lack of available restaurant space for lease.  There can’t be that many more units opening because restaurant space for lease is limited.  Occupancy rates nationwide are at near all-time highs and space is at a premium.  We have landlords offering to buy out long term tenants with below-market lease rates to move new concepts willing to pay more, into the location. We’re also looking at the demise of the shopping mall, a former location for many food concepts.  There has not been a single new enclosed mall built America since 2006, over a decade ago.  Those restaurants operating in mall locations are looking to move those out, increasing demand for alternate lease locations. One outcome of the limited inventory is the amount of “sold but not built” units on the books of many franchisors.

The results vary by market but Atlanta landlords, along with Austin, Dallas, Houston and other major cities seem very proud of their locations and are quoting rent per square foot at numbers that would have shocked us a few years ago.

With occupancy costs growing faster than sales growth, restaurants are struggling to make up earnings, especially with labor costs increasing.  Overall, if you ask operators, we view the trend as “cautiously optimistic.”  The National Restaurant Association tracks the health and outlook of the restaurant industry through their Restaurant Performance Index or RPI.  Their latest numbers (released July 31), show June was at 101.9, up 1.4 percent from May and the highest in six months. 

The RPI looks at three factors, Current Situation, Current Sales, and Expectations.  The current situation was at 101.9 in June for the fifth consecutive month. This index measures 100 as a neutral level.  Index values above 100 indicates that key industry indicators are in a period of expansion, while index values below 100 represent a period of contraction.

The Restaurant operators’ outlook found thirty-eight percent of operators expect to have higher sales in six months. Six percent expect their sales to be lower.  That’s in line with national performance of restaurants which has turned in the fourth straight quarter of positive sales.

The table provided by NetFinancials for the comparison sales data is shown below



Sample Size:

The data provided by NetFinancials was drawn from a sample consisting of 105 non-franchise restaurants were drawn from the metro Atlanta market. Total survey sales volume was $168 million for year-to-date 2018. The survey includes restaurants in Atlanta’s fast-casual, casual and fine-dining segments open at least 18 months


NetFinancials, Inc. provides a full range of tax and accounting services for restaurant companies. Email: lori.johnson@netfinancials.com. www.netfinancials.com Direct: 404-874-7003. The NetFinancials quarterly Atlanta restaurant sales survey is provided as a public service to the restaurant industry. Copyright NetFinancials, Inc.

Topics: Buying a Restaurant

Selling Restaurants by the Numbers – Great News – It is Basic Math

Posted by Robin Gagnon on Aug 6, 2018 11:33:35 AM

It’s true.  Selling restaurants is tied directly to basic math and not even tough math at that.  It’s the basics of addition, subtraction and multiplication you learned in fifth grade (at least that’s when this restaurant broker learned it – I’m totally not sure not sure about this common core math they’re teaching now).   

Selling restaurants by the numbers means starting with the profit and loss statement.  That’s why restaurant brokers like ours at We Sell Restaurants will request the latest financial data.  At this point you may be asking, what about sales?  Sales are actually immaterial to the valuation but may impact lending if they are trending negatively for multiple years.  Despite anyone trying to tell you otherwise, understand that sales are not a measure of earnings, they are simply a denominator (remember that fifth grade math again?) in evaluating all expenses as a rate to sales.

Subtraction

Once the profit and loss statement is on the table, the simple math begins.  We begin by subtracting certain expense from the P&L which increases the profit.  Why would we do this as restaurant brokers?  Because selling restaurants by the numbers means we need a clean earnings number without interest, taxes, depreciation and amortization.  That’s commonly known as EBITDA in the in the financial community.  We remove these items or subtract them to state a true earnings calculation for a new buyer. 

Here’s why.  After all, he or she will not have your debt structure so removing your interest makes sense when you consider it from this perspective.  He or she will have a different taxable basis for the purchase which means your depreciation and amortization is also immaterial.  After all, depreciation and amortization are non-cash estimates of a write off of your usable equipment and or intellectual property to allow for repurchase.  They decrease income on your P&L but are never really cash out of pocket to either you or the buyer. selling restaurants by the numbers

Addition

After we do our subtraction, we begin our addition when selling restaurants by the numbers.  We add back the earnings of a single person managing the business on a day to day basis.  That may be a restaurant seller or it may be a manager.  The key here, in selling restaurants by the numbers is that we can ONLY add back one full time salary.  That means a number of scenarios have to be considered.

Before adding back this salary.  A few examples are outlined below to show how this works to recast earnings on this basis or use our basic addition or subtraction skills.

Example 1:  Absentee owner making $50,000 in salary and a Manager in place making $35,000. 

This example of selling restaurants by the numbers creates an addition to earnings of $85,000.  Why is that?  We assume the new owner will come in and take over the roles, responsibilities, and thus the pay to operate the store personally.  The absentee amount is added back because that will also go to a new owner.

Example 2:  A husband and wife work in the store and make a combined amount of $75,000. 

In this case, we can only add back ONE salary.  A new owner cannot take over the roles of two people.  He or she will have to hire someone to do the work of the second operator.

Example 3:  An owner todays works full time in the business and takes no salary.

There is no add back for owner salary.  The same scenario would exist for a single owner/operator.  He could choose to deflect bottom line earnings on the books to salary but the amount of money remains the same.

Multiplication

Now our math expands to multiplication.  This is when we take the previously calculated number of the bottom line P&L minus interest, taxes, depreciation and amortization plus the appropriate owner earnings addback and then we multiple this by a market variable for this restaurant. Now we’ve used all our basic math skills of addition, subtraction and multiplication. 

In selling restaurants by the numbers, everyone immediately asks for the “multiple’ as if it were the answer key to today’s pop quiz in math class.  The answer is not straightforward and it is not a “one size fits all” scenario.  If the business on the market is a franchise or has six figure earnings, the multiplier goes up. If it’s an ice cream store being sold in February, the multiple could go down.  A strong restaurant broker will have access to comps, market level multiples and information to arrive at the right number.

That’s it.  Basic math gets you the answers you need for selling restaurants by the numbers.  Want to know what your restaurant is worth?  Reach out to us online at this link or click below.

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Topics: Selling a Restaurant

7 Secrets about Restaurant Leases the Landlord Will Never Tell You

Posted by Robin Gagnon on Aug 3, 2018 12:16:18 PM

Owning and operating a successful restaurant business epitomizes the American dream for most.  Selling your restaurant and attempting to transfer the lease can be a nightmare however.  Here are the seven secrets in the process for transferring a restaurant lease the landlord will never share.  Those buying or selling a restaurant should get familiar with these tips before drafting a contract to buy or sell a restaurant.  Here's Seven secrets about restaurant leases the landlord will never bother to share. 


Cocktail 21st Birthday Blog Graphic (1)Secret 1:  Include a Contingency for the Restaurant Lease Assignment

Any contract to sell should include a contingency for lease assignment.  Why is there a need for a restaurant lease assignment contingency?  Some landlords will take advantage of an assignment situation to raise rates, remove option years or otherwise increase costs of a restaurant buyer.  That could dramatically change the numbers on the transaction. 

The buyer should have a contingency to allow for transfer of the existing terms and any option years at the same rates.  After all, if you’re buying a restaurant based on rent of $5500 a month and the rent goes up to $6500 a month, that extra $12,000 comes directly out of earnings.  You’re buying a restaurant based on the past performance.  The lease is baked into those results. Review and understand the lease terms in the due diligence period and include a contingency for assignment of the same lease.


Secret 2:  Make Sure You Understand the Assignment and Sublet Clause

Before doing anything, you (or your restaurant broker), should review the Assignment and Subletting portion of your lease.  What does the lease state as the terms for a lease to be assigned or sublet?  The difference is a legal one, but a simple business explanation is this.  Assigning the lease, typically, moves the financial responsibility to the buyer.  A sublet means you become the intermediary and collect the rent.  Most leases do not allow any form of sublet and instead allow for an approval process to approve and assign the lease to the new tenant. Here's a secret the landlord won't share.  You can have auto-approval clauses and caps on costs and all kinds of good stuff that limit a landlord's ability to charge you fees and keep you on the lease but the landlord will hold that secret close to the vest.  Instead, his attorney will bully through an assignment that is not in your favor.  Be informed to avoid taking on liabilities you don't need.  Read the assignment and sublet clause. 

The best leases are those that contemplate a change of ownership up front.  In those cases, there’s essentially an ‘auto-approve’ clause.  It may be written like this:  “Seller may assign the lease without the consent of the landlord in the following instances.  The buyer can demonstrate a net worth of $1,000,000 or more with 5 years of relevant restaurant ownership/management experience and approval by the franchise brand.”  Language like this means your landlord cannot deny approval when these conditions are met, saving you the effort of an approval and providing your restaurant broker up front, the financial and experience requirements of any would-be buyer.

If your lease does not say something similar to this, look for the language that spells out exactly what must take place.  In particular pay attention to specific timelines or dates associated.  A good restaurant broker negotiating a lease up front may not get auto-approve language but hopefully he or she has negotiated for you to have a specific timeline for approval, a fixed cost and at the minimum, language stating that approval may not be unreasonably withheld.

If there was no attempt to predetermine conditions for assignment or approval and/or open ended amounts for lease transfer fees, get ready for a rough ride.  Landlords will take advantage of every opportunity to drag their feet and charge you money.


Secret 3:  Notify the Landlord

Once you understand the conditions for transfer, notify the landlord in writing (email is fine, unless the lease says otherwise), and make sure the request for transfer is confirmed.  That starts the clock on the transfer transaction.  Track every interaction.  Save every email and hold onto all forms of payments provided to him.  Meanwhile, make sure you lease is current (if you’re selling your restaurant), as landlords will typically withhold assignment if you are behind in your lease payments.

The secret is this.  Official notification is never a phone call and rarely an email.  You need to put it in writing and confirm the landlord received it.   


Secret 4:  Use the Landlord Forms

Request that the landlord provide you with their standard documents and forms to be completed prior to transfer.  If they don’t have a standard application document with all of the following built it, be prepared as a restaurant buyer to provide at the minimum:  detailed personal financial statement, consent to credit check and resume or background and experience of the proposed tenant.  Usually the landlord has their own package requirements which can be quite lengthy.

It is not unusual for a landlord to request someone leasing a restaurant to complete a multi-page application, provide copies of bank statements to confirm sources of revenue stated on the financial statement and tax returns for multiple years. They often want a detailed business plan or at least a menu.    If the tenant has a weak financial position, a seller should be prepared to stay on the personal guarantee for the restaurant lease.  If you piecemeal the documents and fail to use their forms, be aware that the landlord will use this as an excuse to delay or deny the restaurant lease transfer. 


Secret 5:  Submit the landlord forms along with the lease assignment fee

All materials should be submitted along with the check for the lease assignment fee.  This is not the time to get cute and limit your responses or try and give only partial information.  If the restaurant lease is to transfer, you must provide the full and complete package including all forms, all signatures (including those of spouses) and tax returns. Do not send without a check.  They won’t process it.  This is like dealing with the government and they will kick back the application if it is not complete.

Then you wait.  And wait. And wait.  And follow up multiple times to find out where you are in the process.  You must be determined, persistent and border on annoying with calls and emails at least once every week.  It is the truly the “squeaky wheel” who gets the landlord to respond on approval. Here's the secret.  Restaurant lease transfers are not a priority. They would much rather draft new leases and earn big commissions on those rather than dealing with a space that already has a tenant paying rent.


Secret 6:   Review the lease assignment

After this, you are typically provided with a draft lease assignment.  At this point, it is important to understand the new obligations and guarantee of the buyers versus any requirement of the person selling the restaurant to remain on the lease.  If you’re being asked to stay on, it’s time to start negotiating.  Here's a secret you need to know.  Everything is negotiable. If you don't ask, on the other hand, you definitely won't get changes.  That’s an entire other blog article.


Secret 7:  Follow the Directions to Execute the Lease

Now is not the time to drop the ball.  You need to find out how many signatures are required and execute the lease assignment.  Typically, a landlord will not allow a docusign version of the lease but wants what is termed ‘wet’ or pen signatures on hard copies.  Generally, a minimum of three copies are required.  Everything goes to the landlord and they will countersign and return originals. They also want money, whether it's the rent payment, an assignment fee or legal fees before they will countersign.  Send it to the landlord without the check and it will not be returned with a signature. 

Now you have the seven secrets to transfer a restaurant lease.  It’s laborious, time consuming and often frustrating. Ultimately, the landlord controls the game and by knowing these secrets, you have a better chance of transferring a restaurant lease.

 

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Topics: Leasing a Restaurant

How the Top Ten Restaurants for Sale Are Signalling a Change in the Business

Posted by Robin Gagnon on Jul 31, 2018 5:40:36 PM

 Looking for the best restaurants for sale nationwide?  You're not alone.  Our buyers spent a lot of time looking at great businesses all over the country but these hit the top ten!  The results of the July 2018 list signal continued strong growth in the market and buyers willing to assume more risk.  Here's why.  

For the first time in a long time, the top ten restaurants for sale were dominated by buyers willing to invest in space and develop their own concepts.  Four out of the top ten or 40% were restaurant space for lease opportunities.  In the opinion of this restaurant broker, that means higher risks are being assumed and overall, more confidence in the marketplace as people invest in new concepts rather than established ones with cash flow.  That's a great signal for continued strong restaurant sales growth on top of recent economic news that the GDP growth rate for second quarter hit 4.1 percent.  

In addition to restaurant space for lease, buyers also logged a lot of looks at a food truck, another business that will be developed with a new concept. Here's the update on everything getting attention for the month. 

_2018-06-26_15_38_atlanta-70847_1920We measure the "best" for the month based on views, (both on We Sell Restaurants and all other national sites), phone call inquiries, signed confidentiality agreements and discussions with our expert restaurant brokers. 

The number one listing for the month was a restaurant space for sale in the Buckhead neighborhood of Atlanta, GA. An area with a high income bracket, Buckhead is "where new money parties and old money lives."  This led to strong activity on a fantastic location.  This nearly 2300 square foot space with a fully equipped kitchen has unlimited potential for any concept! With seating space for 80 guests inside and an extra 24 outside on the patio, which is used most of the year!            

                    

  

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These Three smoothie king units have shot up on our list this month, they weren’t even in contention last month and this month this is our second hottest listing!  And it’s easy to see why! These three fully open and operating locations are with one of our most popular business opportunities, and it’s a simple to operate concept! In a part of Georgia known for it’s beauty, fully equipped franchise locations are just sitting pretty, as they wait for their new owner! This listing, priced at $749,000 shows restaurant buyers are looking hard at higher priced listings, another sign of a strong marketplace. .

 

   

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The second lease space to make the list was also in Georgia. This one features a 1500+ Square Foot second Generation Restaurant for lease with in-ground grease trap and hood system in Roswell.  What is second generation space?  It means this restaurant space for lease was previously operating and open. The great thing about opportunities like this is the existing infrastructure in place makes your build out way easier! This restaurant space for lease is in a heavily populated area with high traffic counts, and pure potential! Bring your offers.  This one won't last. 

 

  

  

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A Boca Raton listing priced to sell made the top five, bringing Florida into the mix. This newly remodeled restaurant for sale in beautiful Broward County Florida is just minutes from the beach, how could it not be popular? With a money-making concept and a fully equipped kitchen near two universities, this restaurant has a recipe for success that’s hard to beat!

 

 

 

 

_2018-06-26_16_49_sandy springs

 

Much like the listing on the top of our list this month, this restaurant space for leasee has amazing potential! Just a short ride away from Metro Atlanta’s top attractions, and the build out is already done!  A fully equipped kitchen and front of the house means this space is turn-key ready, and just waiting for a new owner to step up to the plate.

 

 

 

 

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One of our three listings that’s a repeat on this list from last month, this sandwich shop in Tamarac, Florida is in contract! It was so popular that excited new owners have already swooped in to make it their own! This little sandwich shop will bring joy to the new owners, whether they continue the concept or bring a new one in.

 

  

 

 

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A first for us is a food truck on out top ten list! A profitable business, the owner is selling for family reasons, but understandably didn’t want the business to go to waste. Perfect for the Austin, Texas climate, this food truck even has a permanent location with no rent! This is an amazing opportunity and there’s no wonder that it’s so popular!

 

 

 

 

 

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This fully-equipped restaurant space for lease was one of three on this list last month, and we’re surprised to see them all back this month! With as popular as this lease space has been, it’s amazing that nobody has snapped it up and put their own concept in place! It hasn’t been on the market for very long, but with all the attention it’s been getting, we don’t expect it will stay on the market for too much longer!

 

 

 

_2018-06-14_12_40_philly cheesesteak

 

This next restaurant on our list has been popular with potential buyers, but that’s no surprise, since it’s been popular with guests for 23 years! The seller clearly knows the secrets to success, and he’s willing to share! This longstanding restaurant for sale comes with all the benefits of a well established restaurant, with none of the work to get it there, why would anyone decided they don’t want that?

 

 

  

_2018-05-18_12_36_Swagat Cover Pic

 Rounding out our list this month is a fully equipped Indian restaurant in the greater Atlanta area. In a 2400 square foot space, this restaurant has room for 80 guest inside and room for a further 10 guests to sit outside and enjoy the beautiful weather. With a full recipe band and dedicated staff that will remain, any new buyer could be making money immediately. 

 

Restaurants for Sale Near Me

From restaurant space for lease with buyers willing to take a risk to high value listings.  It's been a banner year for restaurant sales and the trend does not appear to be slowing down.  Want to see more great restaurants for sale like these?  Visit our inventory of nearly 300 listings online at wesellrestaurants.com.

 

 

 

 

Topics: Buying a Restaurant

Fast Track Selling Your Restaurant – Why a Restaurant Broker is a Good Idea

Posted by Robin Gagnon on Jul 30, 2018 9:50:48 AM

Want to fast track selling your restaurant but not sure where to start?  Read on for these tips from We Sell Restaurant to get what every seller wants from the transaction - the most money in the shortest period.  A fast sale means the services of a restaurant broker and for most sellers, at all costs, avoid trying to do it yourself.  Here’s why.Renewing Vows Social Media Graphic

You’re Emotionally Invested.  You built your business from scratch and watched it grow and prosper.  This is more than a business to you.  It has taken care of your family’s needs for often, many years.  When selling, there will doubtless be moments of regret and emotional attachment even if you are selling for all the right reasons.

Buyers may be Insulting or Augmentative.  It’s human nature.  You’re on two sides of a deal.  A buyer may try to establish fault with your restaurant to justify their offer price.  If a restaurant buyer says something like, “I ate here last night, and service was terrible” when you know your wife was running the front of house, this deal is going nowhere fast.   Selling your restaurant through a third party means they filter this information and work on focus on representing the transaction minus the emotions.  This scenario is a lot different than if you try to sell your restaurant on your own.

Your talent is best used running a restaurant.  A professional restaurant broker’s talent lies in selling the restaurant.  You have taken your dream and managed to make it grow and prosper.  You are likely excellent at sales and operations or taking a turn in the kitchen. On the other hand, satisfying the demands of buyers may not be at the top of your skill set.

A restaurant buyer is going to be focused on the accounting details and bookkeeping records to help them with making an offer. The buyer could care less whether they show up during your busiest time such as dinner on Friday night.   As a result, you will find yourself doing more of what you are less good at and less of what you are very good at which is running the restaurant. 

Restaurant Brokers are Deal Makers.  Remember that just because you received an offer doesn’t mean your restaurant is soldReaching an offer means the buyer and seller agree on is the easiest part of a transaction and is only the beginning of the process.  Buyers and sellers that reach consensus on a price are not difficult to put together.  The tough part is holding the transaction together until closing which is where a restaurant broker can be of tremendous help with seeing the deal through to completion. 

The restaurant broker’s work begins once the buyer and seller agree on an offer.  Shortly after, the buyer will begin to put every element of the transaction under a microscope when the reality begins to hit that he is in the deal for the long haul.  At this point there are numerous opportunities for the deal to collapse post contract which is why it is necessary to have a restaurant broker working with you.

 The restaurant broker is working at reassuring the buyer that the unpaid lien is not a disaster and can be resolved at closing.  He or she is also helping the seller locate two-year old tax returns with a stamp on them from the Internal Revenue Service and assisting the seller with the sales tax clearance letter from the state. 

 On the other side, the broker is working with the buyer when he discovers there is a list of items on the inspection results that need to be fixed and with the seller when he discovers the franchise wants a list of improvements before they will transfer.  The restaurant broker is taking the heat from all parties to the deal and keeping it in check to get them to the closing table.

 Brokers have Access to Contract Forms and Legal Resources

 Preparing a contract can have its own set of issues.  What’s included?  What’s not?  Who keeps the security deposit or pays for inventory or transfer fees?  The last thing you want to do is engage an attorney and have countless costs and fees with no guarantee it will close.  We Sell Restaurants and many other brokers, have forms and documents that can expedite this process at no fee to you.  Why would you want to take the risk of handling this on your own? This is clearly a way to fast track a deal for selling your restaurant.

 Restaurant Brokers have Lending Contacts

 Getting the most money for your business means you frequently need a lender engaged.  The process of lending can be lengthy and confusing for the inexperienced while it’s a daily occurrence for a broker. He or she will have immediate contacts, processes for approvals and support for the forms and information requested by the bank and other parties. For our firm, we can fast track any loan application, gaining approval in generally, less than a week.

A Broker Understand the Franchise Approval Process

 The specialist in the transaction is the restaurant broker.  He or she will have contacts at the franchise level for approval of the new franchisee.  They often have the forms and requirements for approval ready to go as soon as the deal is in contract.  A seller can work with their own brand to make this happen but to fast track a deal, a knowledgeable resource can accomplish in hours, items that will take weeks to accomplish if you’re learning it for the first time. Want to get on the fast track for selling your restaurant?  Use the resources at your disposal.

When reading all the ways a Restaurant Broker can fast track selling your restaurant, it’s no wonder restaurant brokers frequently hear “This deal never would have happened without you.”  Ready to fast track selling your restaurant?  We can help.  Find more information at the link below.

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Topics: Selling a Restaurant