Advice for Buying a Restaurant and Selling a Restaurant

What to Expect at Discovery Day when Buying a Franchise Restaurant

Posted by Robin Gagnon on Jan 12, 2017 9:05:00 AM

If you're buying a franchise restaurant, you are sure to encounter a requirement to visit with the brand, meet the principles and in essence, undergo a job interview to join their brand.  

Discovery Day.jpgSomewhere in the history of franchising, "Discovery Day" became the common terminology for this first meeting or size up between a prospective franchisee and their future franchisor.  Some brands have retitled this to fit their culture more aptly with names like "Day of Discovery" or "Leap Day".  While this is booked as a day for you to learn more about the brand, you should count on the franchisor also gaining important intel on you that day to gauge whether you're a fit for their concept. 

What exactly happens at Discovery Day? What should you expect?  As restaurant brokers, we have attended many discovery days and here's what you can count on.  

We will ignore the basic advice here which says arrive on time, dress professionally and be prepared.  We’re assuming that anyone who is buying a franchise restaurant already gets the basics.  Depending on the life cycle of the brand and how many territories are available in the U.S., remember that this is a sales day.  The franchise is going to try and show you all the reasons that you should join their brand.

For starters, the agenda will almost always include a very senior executive, in most cases, the brand President, sharing his or her take on the vision for the brand, the culture, where it's been an where's it's going.  Take your cues from his style and if he's open and engaging and invites questions, serve them up.  If not, know that there will be functional areas trotted out in front of you to explain in detail the operations of the brand and some questions may be a better fit for them. 

You will always, always, as a candidate to buy a franchise restaurant, be served the food.  In large discovery day groups, this may be in the form of catering or at a nearby store.  For smaller, more intimate discovery days (held one on one or in small groups), you may go to a nearby "corporate" store or training store for lunch. 

If you are seriously considering buying a franchise restaurant, you should have already been a customer of the brand long before Discovery Day. It is easily a black mark on your candidacy if you show up and ask when they started serving wings when they added the item six months ago.  As a buyer of a franchise restaurant, the restaurant brokers recommend you visit multiple times during different day parts (breakfast, lunch and dinner) depending on the service hours before you ever make it to Discovery Day.  If you're visiting from out of country where they don't have the concept, fly into town a day early and visit the stores in the market multiple times before you show up.  

You can also count on hearing a lot about corporate culture.  This is where you figure out if the brand is a buttoned up corporate entity, a millennial workforce inspired laid back environment, an operations Phenom or some hybrid of these.  Don't overlook the importance of culture in deciding to move forward in buying a franchise restaurant.  If you’re attitude is not the least altruistic, you would not fit with a brand like Firehouse Subs whose foundation and commitment to community are at the forefront of their marketing and public face.  That type of culture disconnect will eventually breed dissatisfaction on one side or the other.  Use the Discovery Day to "discover" if this brand feels right for you. 

Most of the functional areas will also appear before you on Discovery Day.  Plan to meet and greet those from marketing, real estate, supply chain management and more.  That’s your time to ask questions specific to your purchase of the franchise restaurant for sale.  If you’re buying a franchise restaurant resale, evaluate where the brand is now and understand what is needs.  Then target your questions to those needs.  If food costs are too high, ask the supply chain management group how to save on costs. If sales are declining, ask the marketing department what type of support you can expect.  The restaurant brokers encourage you to have some form of questions during this time period.  If you sit back, it could appear to the franchise that you are disinterested or not as passionate about their brand as they are.  

The day will typically end with one on one interviews and this is the portion that is very much like a job interview.  You will be asked your motivations for joining the brand, the level of commitment you are prepared to bring to the table and other items that get to the heart of why you are joining them.

Within two days you will generally be awarded a franchise by the brand. Ultimately, that’s the goal of the Discovery Day, your acceptance of the brand and their approval of you.   Do you have other questions about Discovery Days when you are buying a franchise restaurant?  Call or email us and we'll be happy to respond. 

Topics: buying a restaurant

A Colorado Restaurant Broker's Take on the New Minimum Wage & Tipping Law

Posted by John Jordan on Jan 10, 2017 8:22:00 AM

As a restaurant broker and restaurant owner, I've examined the impact of Amendment 70 (Colorado’s minimum wage ballot initiative) on the industry.  In this restaruant broker's opintion, this is going to severely impact the way restaurants, bars, and food service related businesses run their establishments in the future.  What does the future look like under the new law?  Here's the implementation from 2016 through 2020.

 

 

                              Minimum Wage         Tip Credit            Tipped Wage       % increase     Tipped wage % increase

                                                                                                                                 From 2016                From 2016

2016                          8.31                             3.02                       5.29

 

2017                          9.30                             3.02                       6.28                       11.91%                     18.71%

 

2018                         10.20                            3.02                       7.18                       22.74%                     35.73%

 

2019                         11.10                            3.02                       8.08                       33.57%                      52.74%

 

2020                         12.00                            3.02                       8.98                        44.40%                     69.75%

 A restaurant using 800 tipped minimum wage hours per week is going to spend about $3500 extra dollars per month in 2017, $7000 per month in 2018, $10,000 per month in 2019, and $13,500 per month in 2020.  On an annualized basis, that means an extra $ $41,000 in 2017, $79,000 in 2018, $116,000 in 2019, and $154,000 in 2020 in real labor costs.  

How are restaurants going to cope with this?

From this restaurant broker's opinion and the owner's I have spoken to in the industry, it's clear.

Price Increases for Consumers Leading to a Reduction in Sales

About 95% are first going to raise prices.  What's the economic outcome of that?  Sales will be hurt while the restaurant business is still recovering from the great recession.  Chain restaurants have been seeing massive year over year sales decreases and are closing many locations across the USA.

Staffing Level Changes

Many restaurants are going to cut staffing levels and this will also hurt both the employees and customers. Employees will get fewer hours and customers will get reduced service. 

Change in Tipping

Some full-service restaurants may go to a “no tipping” policy but institute a “service charge” on customer’s checks. This is something I will consider and would welcome feedback from any restaurants that have tried this to offset the increased costs.

Restaurant Expansion

Some locations will close or choose not to expand.  This will hurt both employment and consumer choices.

Technology Replacement of Employees

We have seen some of the fast food chains and casual dining chains going to ordering kiosks and tableside ordering systems and payment systems. This trend will continue. 

As a restaurant broker with more than 30 years of experience in the restaurant industry the math is simple.  The average bottom line profit in a restaurant doing $1,000,000 in sales is around 10% to the bottom line. The Federal Reserve tells you there is no inflation, but that is because they exclude food and energy out of their CPI (Consumer Price Index) projections. So, if you do not eat, drive, or heat your house they are correct that there is no inflation.

Bottom line:  Restaurants have had to deal with increased food and beverage costs over the past 8 years and have been unable to pass the increases on to consumers as the fragile economy made it very difficult to do. Now with the tipped wage set to increase by 44.4% over the next three years it is going to cause a lot of pain to both operators and consumers.

We will see many marginal operators both large chains and smaller independents closing their doors as this is going to take away the profits that they had. It is going to hurt consumers as the restaurants will have no choice but to cut staffing levels, increase prices, and cut costs across the board. This is going to lead to sales decreases and drive many operators out of business.

There are going to be many changes in how a typical restaurant conducts business in the future and we will try and bring some answers as to what we can do to continue to help the restaurant industry in Colorado and the many exceptional operators continue to run high quality, profitable businesses.

                                               

Topics: buying a restaurant

Top Ten Restaurants for Sale by the Restaurant Brokers - Dec. 2016

Posted by Robin Gagnon on Jan 5, 2017 8:01:00 AM

The Holidays have come and gone in the month of December, but the gift of owing a new restaurant was still on buyer's minds. The warm weather in the southern region has shown that the buying market is not cooling down in any way. Here are the top listings in the Restaurant Broker's portfolio for the month of December 2016.  These are the most inquired about listings and had the most signed confidentiality agreements from restaurant buyers this month.  

 

This Florida restaurant for sale proves you should never linger if you want to buy a restauarant!  This restaurant priced at under $100,000 in Fort Lauderdale made it to the top of the list with activity, despite only being on the market for less than 20 days.  Offered for sale by Franchise Partner Ken Eisenband, this amount of activity signals a quick sale so bring those ofers! 
Listing ID:5228 Restaurant Broker Ken Eisenband    
Restaurant for Sale in Ft. Lauderdale Can Convert to Any Concept
Lease: Expires July 31, 2017 with options to be negotiated
Monthly Rent: $2980
Inside Sq. Ft. 1700
Outside Sq. Ft.
Price:$99,000
City:Fort Lauderdale

Ken Eisenband
(561) 350-3365

Hot Area, Hot Brand, Hot Price! This Atlanta Metro Franchise for Sale has buyers clicking for a new career in 2017. A franchise for sale priced by the restaurant brokers at under $90,000 in metro Atlanta won't last long.

Listing ID:5216 Restaurant Broker Robin Gagnon    
Fast Casual Franchise for Sale in Metro Atlanta Ready for New Owner
Lease: 2-5 year Options Remain
Monthly Rent: $2811.50
Inside Sq. Ft. 1200
Outside Sq. Ft.
Price:$85,000
City:Cumming

Robin Gagnon
(404) 800-6701

Located in one of the most desirable and high income areas, Alpharetta, Georgia, this restaurant includes a must see build out! Keep the currenty concept or make it your own. Turn your New Year into a New Career!

Listing ID:5198 Restaurant Broker Cyndi Weinbaum    
Well Known Mexican Restaurant for Sale in Alpharetta Georgia
Lease: 3.5 years left
Monthly Rent: $7132 w/CAMS
Inside Sq. Ft. 3900
Outside Sq. Ft.
Price:$129,000
City:Alpharetta

Cyndi Weinbaum
 

Georgia makes it mark again with this space for lease in Roswell. This 6000 square foot space give endless options on any concept. Bring you creativity to life with this blank canvas.

Listing ID:4832 Restaurant Broker Robin Gagnon    
Restaurant Space For Lease with great bar and patio in Roswell!
Lease: To be negotiated
Monthly Rent: $To be Negotiated
Inside Sq. Ft. 6000
Outside Sq. Ft.
Price:$0
City:Roswell

Robin Gagnon
(404) 800-6701

Another second generation space has buyers clicking to find out more. Located in a Norcross shopping center this 1850 square feet space can expand a current concept or create a new one!

Listing ID:5186 Restaurant Broker Cyndi Weinbaum    
2nd Generation 1850 Sq. Ft Restaurant Space for Lease in Norcross!
Lease: Negotiable
Monthly Rent: $1800
Inside Sq. Ft. 1850
Outside Sq. Ft. N/A
Price:$0
City:Norcross

Cyndi Weinbaum
 

Live the dream of living in the Sunshie state and serve yourself great hours! This breakfast location serves up short hours and an owner/operator will net over $70,000.

Listing ID:5156 Restaurant Broker Ken Eisenband    
Breakfast and Lunch Cafe for Sale in Broward County is close to the Beach
Lease: Expires December 31, 2020 plus five year option
Monthly Rent: $4918
Inside Sq. Ft. 2160
Outside Sq. Ft. 500
Price:$159,000
City:Pompano Beach

Ken Eisenband
(561) 350-3365

Second generation restaurant spaces for lease are creating lots of intrerest in the Georgia area! This location at $12 per square foot.  It's a great value for the very hot Alpharetta area. Some fusrniture, Fixtures and Equipment are already in place and ready to go for a new owner.

Listing ID:5191 Restaurant Broker Steve Weinbaum    
Fully Equipped Restaurant Space for Lease in Roswell Georgia
Lease: to be negotiated
Monthly Rent: $$4320
Inside Sq. Ft. 4319
Outside Sq. Ft.
Price:$0
City:Alpharetta

Steve Weinbaum
(770) 714-4552

This sandwhich franchise for sale under 90,000 has interest of restaurant buyers.  Located in an area with household incomes averaging $57,491, this location is ready to take on a motivated new owner!

Listing ID:5188 Restaurant Broker Robin Gagnon    
Franchise Sandwich Shop for Sale - Million Dollar Location!
Lease: Valid through May 1, 2020 with additional 2 5 year options
Monthly Rent: $12000
Inside Sq. Ft. 3805
Outside Sq. Ft.
Price:$89,995
City:Peachtree City

Robin Gagnon
(404) 800-6701

Another Franchise for Sale under $100,000 is making its way to the Top 10 restaurants for sale in December.  The trend continues with this six figure location.  This unit is looking to take on a owner that wants to grow a desired brand even more!

Listing ID:4971 Restaurant Broker Eric Gagnon    
Franchise Bakery for Sale - Atlanta Bread Company 6 Figure Earnings
Lease: Valid thru Feb 1, 2023
Monthly Rent: $9572
Inside Sq. Ft. 4800
Outside Sq. Ft.
Price:$99,000


Eric Gagnon
(404) 800-6704

Rounding out our top 10 list is another second generation space that  has curb appeal. Ample parking, beautiful patio, major reatailer near by can take your restaurant ready dreams and kick them off in 2017.

Listing ID:5187 Restaurant Broker Cyndi Weinbaum    
Restaurant for Lease in Suwanee, GA! 2nd Generation Lease Space
Lease: negotiable
Monthly Rent: $4000 1st 2 years, add cams of $3,50 psf for years 3-5
Inside Sq. Ft. 3500
Outside Sq. Ft. 400
Price:$0
City:Suwanee

Cyndi Weinbaum
 

Georgia was at the top of the listing heap with most of the activity in December 2016.  That means the market is gearing up for a delicious new year.  The two big winners in the top 10 for this month -- franchise concepts and second generation space!  All listings are getting strong activity however with page views and requests for information topping our continuing growth in traffice.  Ready to sell your restaurant?  January is typically the busiest month of the year and we are burning through inventory at unprecedented rates.    Free Restaurant Valuation Contact us to Sell Your Restaurant

 

 

Topics: buying a restaurant

What does the new SBA Amendment Mean for Restaurant Buyers?

Posted by Robin Gagnon on Dec 27, 2016 6:05:40 PM

New rule changes for SBA lending are effective as of January 1. If you're not familiar with the updates, take this opportunity to learn a little more. 

What do the new rules mean?  Study up now as everyone on all sides of the transaction will be affected.  This includes franchisors, franchisees, restaurant brokers and landlords.  WhSBA.pngat will the changes mean?  Will these rules make it tougher to borrow?  What about timing?  Are we looking at a longer or shorter lending cycle?  We may have to experience a few deals to get answers to all these questions but at the outset, it appears the new rules will streamline lending for franchise restaurants.

Here's the short version of the SBA rule changes along with some perspective from the restaurant brokers.  The three big changes look relatively simple on the surface but may cause some concern depending on whether you’re a franchisee or franchisor.  We attended one webinar where the host stated that “for most brands who have used SBA financing in the past, things will remain relatively the same.”  Let’s see if you agree. 

What are the big changes?

First and foremost, Franchisors no longer have to submit their franchise agreement for SBA review.  This process is sure to shorten the cycle since the franchise review process was relatively cumbersome.

Secondly, franchises will no longer be required to be listed on the Franchise Registry. This is a dramatic departure from business as usual since prior to this, all franchise brands had to have audited financials, submitted to a national clearinghouse and then uploaded to a site accessed by SBA lenders.  Removing this step will reduce expense and regulatory burdens on franchisors.

Lastly, under the new rule, both the franchisee and franchisor must sign a two-page addendum to the franchise agreement that covers four provisions: change of ownership; forced sale of assets; covenants; and employment.  The SBA lender can NOT make a loan or disburse any loan proceeds unless this addendum is signed.  It is an all or nothing scenario so it can’t be negotiated.

What the franchise must understand is that this addendum takes priority over the Franchise Agreement in the event of a conflict.  That means that franchisors must now subordinate their interest to the standard agreement. 

What are the issues covered by the addendum?  It’s basically four areas and this is the specific language of the addendum.

Transfers – SBA Loan New Language

If Franchisee is proposing to transfer a partial interest in Franchisee and Franchisor has an option to purchase or a right of first refusal with respect to that partial interest, Franchisor may exercise such option or right only if the proposed transferee is not a current owner or family member of a current owner of Franchisee. If the Franchisor’s consent is required for any transfer (full or partial), Franchisor will not unreasonably withhold such consent. In the event of an approved transfer of the franchise interest or any portion thereof, the transferor will not be liable for the actions of the transferee franchisee;

The Restaurant Brokers Call Outs on New Transfer Language

On this point, we feel this really helps with individuals who are transferring an interest within a family situation. It’s our position that franchisors should not be collecting a transfer fee or using a family change to force someone out.  We are big fans that for the new language that franchisors shall not unreasonably withhold consent.  This is new language and we feel this is advantage – franchisee!

Option to Buy – SBA Loan New Language

If Franchisor has the option to purchase the business personal assets upon default or termination of the Franchise Agreement and the parties are unable to agree on the value of the assets, the value will be determined by an appraiser chosen by both parties. If the Franchisee owns the real estate where the franchise location is operating, Franchisee will not be required to sell the real estate upon default or termination, but Franchisee may be required to lease the real estate for the remainder of the franchise term (excluding additional renewals) for fair market value;

The Restaurant Brokers Call Outs on this new provision - Option to Buy

This is interesting language from our viewpoint.  The point that a Franchisee will be required to be the landlord for the franchise brand (even if they are no longer under a franchise agreement) introduces a new dynamic to the process.  Imagine that you own your real estate and open a Dunkin Donuts franchise.  At some point, you decide (or they decide) to terminate the relationship.  Under this constraint, you may be required to lease the real estate so it can remain a Dunkin Donuts even if you are no longer the franchisee at “fair market value.” 

The restaurant brokers see a lot of ways this could go sideways if a franchise is terminated.  It might be a smart idea (if you own the property) to consider selling this to a non-related group over which you have control (and doing a lease back) before entering into amendment.  In our mind, this is advantage – franchisor!

Real Estate Control – SBA Loan New Language

If the Franchisee owns the real estate where the franchise location is operating, Franchisor may not record against the real estate any restrictions on the use of the property, including any restrictive covenants, branding covenants or environmental use restrictions; and

The Restaurant Brokers Call Outs on this provision - Real Estate Control

It has been a relatively common industry practice for a build to suit scenario where the franchisee owns the real estate for the franchisor to place restrictive covenants and/or branding covenants restrictions.  This language appears to remove their ability to do so by not allowing restrictive covenants or branding covenants.  We see this one as advantage – franchisee!

Employees - 

Franchisor will not directly control (hire, fire or schedule) Franchisee’s employees.

The Restaurant Brokers Call Outs on this provision - Employees

This is a win for franchisors who rightly, should not have their franchisees considered as employees.  There has been an unheard of amount of language written on this topic in 2015 as the Obama administration worked to bring into play ‘joint work” scenarios whereby franchisees were viewed as employees.  This one is advantage – and rightly so – Franchisor.  

This is our initial reading of the new rules and provisions in the amendment.  As we see these play out in actual restaurant lending situations over the coming year, the restaurant brokers will continue to weigh in with updates.   

Want to see our restaurant for sale listings already approved for SBA Lending? Check them out at this link.

Topics: buying a restaurant

We Sell Restaurants Opens Latest Office in Florida

Posted by Robin Gagnon on Dec 19, 2016 11:49:14 AM


 

We Sell Restaurants, the restaurant brokerage firm selling more restaurants than anyone else, announces the opening of their latest office in Florida.  The new office will host most corporate activities as the firm increases centralized operations from the sunshine state.

New FL Office Door.jpgThe new office, approximately midway between St. Augustine and Daytona Beach Florida is less than a mile from Interstate 95 and easily reached from this major roadway.  The location includes executive offices for the growing corporate staff as well as an enlarged training facility with the audio and visual support needed to train each new group of Certified Restaurant Brokers. 

Eric Gagnon of We Sell Restaurants said of the new operation, "The central Florida market is easily accessible from multiple airports, experiences year round great weather and allows us to offer training to our franchisees and team members nearby amazing beaches and great family resorts. When considering a new location, this one made perfect sense."

We Sell Restaurants, established since 2001, opened the Atlanta headquarters in 2010 and has franchisees in Colorado, Tennessee, Florida, Texas and North Carolina.  The new Florida office replaces many of the operational functions of the home office including management of the B.O.S.S. (Broker’s Operations and Sales System Platform), centralized marketing and lead generation for the franchisees. The We Sell Restaurants brand has expanded from a localized Georgia brand to a nationwide practice operating in 32 states in the years since the original headquarters was established on Centennial Olympic Park Drive in Atlanta Georgia. 

WSR Florida Interior.jpgThe new location in Florida is located at 2561 Moody Blvd, Suite B in Flagler Beach Florida.  Robin Gagnon, co-founder of the brand says of the move, “As we continue to expand through franchising, each strategic move for the firm includes conversations about that growth.  Our Atlanta footprint is strong and is home to many franchise brands.  Florida is another very large franchise development market offering tremendous opportunity.  It is also the state where we are looking to grow our franchise presence, particularly in the Orlando and Miami markets.”

The first Certified Restaurant Broker training class will be conducted in the new offices in January of 2017.  That class will see four graduates of the brand move into franchise territories across the nation.

About We Sell Restaurants

We Sell Restaurants is the nation’s largest restaurant brokerage brand, specializing in the sale of restaurants.  The firm began franchising in 2012.  For more information on franchising, visit us online at wsrfranchise.com.  For more information on restaurants for sale, visit our listings at this link.

Visit Our Listings Online!

 




 

Topics: buying a restaurant

Restaurant Broker Eric Gagnon Named to Mulit-Million Dollar Club Again

Posted by Robin Gagnon on Dec 7, 2016 12:09:18 PM

Eric Gagnon of We Sell Restaurants has been named to the Georgia Association of Business Brokers Million Dollar Club as a multi-million dollar producer again for 2016.  

Eric GABB.jpgGagnon is the Past President of the Georgia Association of Business Brokers (GABB) and Lifetime Member of the Million Dollar Club.  He is also the recipient of the prestigious Phoenix Award which is presented only to those GABB members who have been named to the Million Dollar Club for more than ten years.  Gagnon served on the board for the group from 2002 to 2012 and was President for the 2011 term. 

Eric is the founder and President of We Sell Restaurants, the restaurant brokerage franchise selling more restaurants than anyone else nationwide.  His company, found online at wesellrestaurants.com was formed in 2001 and began franchising nationwide in 2012. 

The Georgia Association of Business Brokers or GABB is the only statewide organization dedicated to those serving the industry in buying and selling businesses.  According to the GABB website, “GABB members have signed a comprehensive Code of Ethics and actively participate in co-brokerage transactions for superior service to business buyers and sellers. GABB is the only professional association and MLS in Georgia dedicated to the business brokerage and M & A markets. Through monthly educational/informational meetings, the annual Conference, and periodic courses, all members strive to achieve and maintain the highest levels of professional qualification.”

Gagnon received the award at the annual awards banquet and holiday party held in Atlanta Tuesday evening.  Fifteen members of the Georgia Association of Business Brokers (GABB) were named to the 2016 Million Dollar Clubs for helping to broker the sale of small-, medium-sized and large businesses in 2016. Gagnon said of the honor, “It is very exciting to see many members of the GABB join me in receiving not only a million dollar but a multi-million dollar award for 2016.  It speaks to the overall health of the business brokerage industry and the strength of the brokerage community in Georgia.”

Greg DeFoor, GABB’s President in 2015 and 2016 is quoted online saying, “We are the go-to organization for business sales and acquisitions as a result of our dedication to the profession and our members being among the best in the state at what we do,”

In addition to his participation in GABB, Eric Gagnon is a speaker and member of the International Business Brokers Association (IBBA), The Business Brokers of Florida (BBF), the International Franchise Association (IFA) and the Southeast Franchise Forum (SEFF) where he serves on the membership committee.  Eric is licensed as a broker in Georgia, South Carolina and Florida.  He graduated from Frances Marion University and the University of Montreal. He has been designated a Business Industry Expert by Business Brokerage Press.

Eric is the co-author of Appetite for Acquisition, penned in 2012 and immediately named “Best of” by Small Business Book Awards. 

Topics: buying a restaurant

Which Restaurants Are Open for Thanksgiving? What do you Mean You're not Cooking!

Posted by Robin Gagnon on Nov 18, 2016 10:00:00 AM

abstract-1239143_1920.jpgHat tip to our good friends at  Restaurant News who compiled an amazing list of restaurants that are open for Thanksgiving Day.  The restaurant brokers have to admit, that like many Americans, we have been shirking the responsibility of standing in front of the hot stove and putting dinner on the table for a number of years.  Why bother when there are so many great restaurants open to either dine in or best of all-- pick it up to go!

Seems like we're not alone as the National Restaurant Association research from 2015 found that 14 million Americans dine out for this holiday.  That's a lot of people who are not heading to grandma's house in a few short days.  They also found that 16 million Americans supplement home cooking for Thanksgiving with someone from a restaurant kitchen.  

What are the benefits of letting someone else do the work?  Well start with -- someone else does the work!  For those of us that prefer to spend the time in the company of the ones we love, there's no wondering if the Turkey will finish on time or if we remembered to pull those pesky giblets out.  We can sit back, relax, enjoy a glass of wine and count our blessings while someone else serves up the food.

We've seen the list of restaurants open for Thanksgiving grow in number for 2016 so we decided to group them by category below:

Traditional American Restaurants where one would expect a Thanksgiving Day feast include the follwoing offerings:  

Country Buffet will be open from 11am-6pm.

Country Cookin is serving up their Thanksgiving Day Feast with turkey or ham with all-you-can-eat holiday salads and sides for $10.99 (kids 10 and under $4.49).  Most locations open and serving breakfast from 7-11 am and a traditional Thanksgiving Feast from 11am-4 pm.

Cracker Barrel Old Country Store will serve a special in-store Thanksgiving meal from 11 a.m. to 10 p.m. This traditional Homestyle Turkey n’ Dressing Meal comes complete with gravy, a sampling of sugar cured ham, sweet potato casserole with pecans, cranberry relish, choice of a country side, a refillable beverage, made from scratch biscuits or corn muffins, and a slice of pumpkin pie for dessert. The Homestyle Turkey n’ Dressing Meal is available for $12.99 per adult and $7.99 per child.

Denny’s guests can enjoy the popular Turkey & Dressing Dinner, featuring a tasty new recipe with perfectly carved slices of premium turkey breast. This holiday favorite is served with savory stuffing, turkey gravy and cranberry sauce along with a choice of two sides and dinner bread.

Waffle House restaurants will be open, still serving ‘em up scattered, smothered & covered.Boston Market will be open serving a traditional Thanksgiving Dinner.

Golden Corral is offering a Thanksgiving Day Buffet at participating locations.  The buffet includes carved turkey, carved ham, fried chicken, rotisserie chicken, pot roast, meatloaf, sirloin steak, fried shrimp and much more.  Call your local Golden Corral for special holiday hours

K&W Cafeterias will be offering a Thanksgiving Day Special for $7.49.  Roast turkey with dressing and cranberry sauce, two vegetables, fresh baked bread, scratch made dessert and refillable beverage.  Continuous service Thanksgiving Day.

Marie Callender’s – Adults $19.99.  Starters include fresh baked golden cornbread, a coup of potato cheese or hearty vegetable soup or a crisp house salad.  Entrees include choice of Freshly Roasted Turkey Dinner or Oven-Baked Ham.  Includes seasonal vegetables, fire-roasted yams with cranberry streusel topping and fresh mashed potatoes.  Kids $8.99.

Mimi’s Cafe is serving up its traditional Thanksgiving Dine-In Meal beginning at 11 am on Thanksgiving Day. The quintessential three-course dinner ($18.99 for adults and $8.99 for kids) includes choice of soup or Mimi’s house or Caesar salad, roasted turkey (choice of white and/or dark meat), traditional gravy, buttered cornbread stuffing, whipped mashed potatoes, candied pecan sweet potatoes (without pecans for kids), green bean casserole with French fried onions, apple cranberry orange relish, signature bread basket with carrot nut bread, petite French Baguettes and choice of brown sugar pumpkin pie or bourbon pecan pie (upgrade to any Slab Pie for $1).

Seasons 52 is taking reservations and will be serving Thanksgiving Dinner.  Enjoy Plainville Farms roasted turkey with gravy, traditional herb stuffing, Yukon mashed potatoes, maple-glazed butternut squash, French green beans, house-made cranberry relish, and pumpkin pie mini indulgence.  Adults $26.90. Child’s portion $12.90.

Shoney’s will feature its home-style, Thanksgiving Day All-You-Care-to-Eat Food Bar, starting at $11.99 and $5.99 for kids 5 -10. Kids 4 and under will enjoy a free buffet with an adult meal purchase and each guest who enjoys Shoney’s Food Bar will received a free slice of delicious pumpkin pie.

These seem like traditional stops on the Thanksgiving Day feast parade but in one twist the restaurant brokers didn't see coming, there are a number of Mexican restaurants offering full fledged American meals including:

Acapulco Restaurant and Cantina is serving a special Thanksgiving Day buffet with a turkey carving station, traditional Thanksgiving dishes, Mexican specialties, soups, salads, desserts, and more.  For Ports O’ Call – $ 26.99/$9.99; For Marina Pacifica, Downey, Costa Mesa and Glendale – $24.99/$9.99; For all other Acapulco locations – $21.99/$8.99.  For Los Angeles – regular menu only.  Ports O’ Call, Marina Pacifica, Costa Mesa, Glendale (11am-7pm), Downey (11am-8:30pm), Los Angeles (12pm-8pm).  All other Acapulco locations (11am-7pm).

El Torito will offer an all-day buffet with traditional Thanksgiving items, including a turkey carving station, Mexican specialties, taco station, salads, soups and desserts from 11am – 7pm.  For El Torito in Burlingame, Dana Point, Monterrey, San Leandro and Marina del Rey – All-Day Buffet $25.99/$7.99.  All Other El Torito Locations – All-Day Buffet $23.99/$7.99.

Chevys Fresh Mex will offer a seasonal dish created by Chef Carlos Franco – Achiote-Marinated Roasted Turkey breast with rojo mole served with garlic mashed potatoes, green bean casserole, jalapeno corn bread and cranberry sauce. Guests can also enjoy all of the Chevys craveable favorites such as mesquite-grilled fajitas, tableside guacamole, freshly squeezed margaritas, farmers market enchiladas and more.  11am-7pm.  Thanksgiving dish is $17.99 per person; $7.99 per child. Price may vary.  Regular menu is also available

It doesn't stop with Mexican themed restaurants, Italian restaurants are getting in on the mix and they include:

Maggiano’s Little Italy is taking reservations.  First Course: Assorted Brushetta Plate, compliments of the chef.  Second Course includes choice of Maggiano’s Salad, Caesar Salad, Chopped Salad or Italian Tossed Salad (choose two).  Third Course choices include Traditional Roast Turkey Breast with Giblet Gravy & Focaccia Sausage Stuffing, Country-Style Baked Nueske Ham with Mashed Sweet Potatoes and Parmesan-Crusted Tilapia with Sage, Lemon & Tomatoes (choose two).  Choose two pastas: Taylor Street Baked Ziti, Maggiano’s Famous Rigatoni “D”, Spaghetti & Meatball, Four Cheese Ravioli, Gnocchi & Italian Sausage and Pasta of the Day.  Fourth: Pumpkin Cheesecake, Warm Apple Crostada, Chocolate Zuccotto Cake and Tiramisu (choose two).

Buca di Beppo Italian Restaurants are serving up a Traditional Turkey Dinner with sliced white meat turkey, homestyle gravy, roasted garlic mashed potatoes, spicy Italian sausage stuffing, green beans, cranberry sauce and pumpkin pie.  Individual $20.  Small serves three for $60.  Large serves 6 for $120.  Dine in only.  Prices may vary by location.

Romano’s Macaroni Grill will be offering a great Thanksgiving dinner for just $18.99 from 12 noon to close by reservation only.  Includes Roasted Turkey with Roasted Garlic Rosemary Gravy, Buttermilk Mashed Potatoes, Glazed Carrots with Candied Bacon, Sausage & Apple Stuffing and Cranberry Sauce.Roy’s is offering a three-course holiday menu.  Starters include Grilled Caesar Salad or Lobster Bisque.  Entree will be Pan Roasted Teriyaki Glazed Turkey.  Sides include Potuguese Sausage Stuffing, Haricot Vert and Hazelnuts, Sesame Carrots and more.  Desserts include Maple Brown Sugar Pumpkin Tart or Chocolate Torte.  Adults $39.95 per guest without wine or $69.95 with two glasses of wine.  Children’s Turkey Dinner $16.95

Seems like the Steakhouse and Seafood Restaurants want to attract you as well including:

Black Angus Steakhouse encourages you to make your reservations now for its Thanksgiving Day Feast served with all the fixin’s.  $18.99 for adults and $9.99 for kids.

Bonanza Steakhouse will be offering a Thanksgiving Day Premium Buffet brimming with all of your holiday favorites. Contact your local Bonanza today for details and pricing.

Fleming’s Prime Steakhouse opens at 11am serving a four course Thanksgiving meal for $39.95 per adult.  Main Course includes Mixed Herb Roasted Turkey Breast with turkey gravy, Housemade Brioche Stuffing, Butter-Mashed Sweet Potatoes, Green Beans with bacon, almonds and onion.  Children’s Thanksgiving Menu available for $19.95.

Ruth’s Chris Steak House is opening at 12pm Thanksgiving Day with a special menu.  $39.95 per adult and $12.95 for children  (prices may vary at participating locations).  Starters include choice of Seafood Gumbo, Caesar Salad or Steak House Salad.  For the main course, Ruth’s Chris is offering oven-roasted sliced Turkey Breast served with homemade gravy, sausage and herb stuffing and more

Smith & Wollensky will be serving a traditional Thanksgiving Day menu for $49 per adult, $20 per child under 12.  Roasted Butternut Squash Soup, Chopped Salad, Herb Roasted Turkey with Sausage and Cornbread Stuffing, Roasted Brussels Sprouts, Potatoes Au Gratin, Duck Fat Roasted Root Vegetables.  Choice of Classic Pumpkin Pie, Warm Apple Tart or Pecan Pie.  Dinner menu also available.

McCormick & Schmick’s Seafood & Steaks is serving a Roasted Turkey Dinner at participating locations.  The Roasted Turkey Dinner includes butternut squash bisque or walnut mixed greens, mashed potatoes and gravy, cornbread stuffing, apple squash casserole, seasonal vegetables and cranberry sauce.  Reservations recommended.

Legal Sea Foods will serve turkey breast with sausage stuffing, mashed potatoes, butternut squash, gravy and cranberry sauce.  $24.95 per person and $8.95 for children 12 and under.  Hours may vary by location.  Reservations recommended.

Ponderosa Steakhouse will be offering a Thanksgiving Day Premium Buffet brimming with all of your holiday favorites. Contact your local Bonanza today for details and pricing.

The number of restaurant chains open for Thanksgiving seems to grow every single year.  Whether you are dining in these locations, enjoying your family's home cooking or serving up your own creation, we wish you a wonderful holiday filled with blessings. 

 

Topics: selling restaurants, buying a restaurant, sell a restaurant

Colorado We Sell Restaurants Franchise Starts the Fall Season Bursting with SOLD's

Posted by Robin Gagnon on Nov 16, 2016 1:30:00 PM

The recent weather changes across the country into a fall pattern has lighted a fire in the Colorado market. Franchise Partner and Certified Restaurant Broker, John Jordon and his team have racked up multiple sales in very short order!  They had something for everyone in the market to buy a restaurant and sold a bistro, a Pizza business, a cafe and a franchise Cheesesteak concept.

Congratulations to the new owner of the Flatbread Pizza Company, Jason Goldstein of Precession LLC16828-FBC_Pic.jpg.  He acquired this prime location on Main Street in the Rocky Mountains.  The Flatbread Pizza Company is in the famous Breckenridge Ski Resort, the second largest ski resort in Colorado. Visitors from all over the world travel to enjoy its challenging slopes and panoramic views. Famous for Neapolitan style pizza with a distinctive thin-crust, customers enjoy its unique flavor.  Along with offering appetizers and great salads Flatbread Pizza Company is a gathering place with a festive atmosphere and the enjoyable company of many repeat guest. Bob Steinberger represented both the buyer and seller in this transaction and he says, "It is great when you find a buyer for a listing in a prime location.”

49259-DSCN1390.jpgCheesesteaks are popular nation wide and this South Philly Cheesesteak franchise found a buyer quickly.  John Jordan, the franchise partner for We Sell Restaurants and leader in the Colorado office represented both the buyer and seller in this deal. The South Philly Cheesesteak located in Evans is now under the operation of John Taranto and his company.  South Philly Cheesesteak is a franchise that came to the Colorado area and made a big impression.  This store is close to nearby colleges and is going to continue to serve its  diversified menu of the best cheese steaks in Colorado, a wide selection of hot and cold sandwiches, Paninis, buffalo wings, and fresh and hot soups and cold salads. New owner John Taranto is going to use his experience to create marketing and continued success for the South Philly  Cheesesteak location. 

Cafes are an always popular gathering place in the Colorado market.  Certified Restaurant Broker Bob Steinberger listed and sold the Greenwood Village Cafe in under 75 days as the representative for the buyer and seller. The Greenwood Village Cafe located in Greenwood Village emphasizes fresh, made from scratch, organic ingredients sourced locally when available. The cafe serves up breakfast burritos, bagels, signature sandwiches and wraps, salads and soups as well as organic fresh juices and fair trade coffee and coffee items. After looking at a few different opportunities local Charles Reeves decided that Greenwood Village Cafe was a fit for his success.

Last o88911-Bistro_exterior.jpgn the list of sold in the past thirty days is a bistro.  The lovely Bistro C.V. located in Steamboat springs was recently SOLD to make room for a new owner with a new concept. Previous owners Brian and Katy Vaugh wanted to focus on their other concept giving the new owner an opportunity for a creative new concept. This location feeds hungry tourist with their 90 inside seats and 20 patio seats is a perfect place for locals after a long day of skiing in the winter and hiking/biking in the summertime. The New owner will be working with the seller to provide training of all the delicious menu items. John Jordon was able to assist the seller with a closing in under 90 days.

Eric Gagnon of We Sell Restaurants remarked on the activity saying, "It is always exciting to see this many closings in such a short period of time. The Colorado market is truly on fire with the many sales taking place in the last few weeks." 

For other restaurants for sale in Colorado, visit our listings online at this link.

Visit Our Listings Online!

  

Topics: buying a restaurant

What are the NFL, Election & Weather doing to Restaurant Sales in Atlanta?

Posted by Robin Gagnon on Nov 4, 2016 9:00:00 AM

Twitter Image Template.jpgHow are sales trending in Atlanta's restaurants?  Lucky for us Robert Wagner of NetFinancials has answers from his quarterly survey which was just published this week.  The restaurant brokers have studied the data and there’s some good news along with some relatively soft results. We also have our theory on what could be impacting the sales trend.

The good news is that sales are positive on a comp basis to last year.  The bad news - they are only 1.3 percent ahead of the same time period last year. Compared to the national trend however, it looks downright robust since Atlanta was at plus 1.3% above last year while nationally, restaurant sales actually declined 1.0%.  That's a 2.3 percentage point swing in favor of the ATL. 

Wagner also called out what he considers ‘bright spots” in the survey results.  According to him, “restaurants with lower check averages including pizza, barbeque and Mexican-themed concepts reported better-than-average comp sales in Q3.”  That’s seems to align with what the restaurant brokers are seeing in the data from our clients and national trends where pizza continues to thrive.

What are the reasons for the slow down this quarter?  Here are few reasons that the restaurant broker’s believe we could be seeing down trending data in restaurant sales.  l.

NFL viewership has declined 15% so far this season.  We’ve all seen the countless surveys about the source of the fall-off in viewership but regardless of why, it’s a double digit decline. That affects restaurant sales in a big way.  Think of all the alcohol and food consumed in celebration of America’s one-time favorite game.  With viewership down 15%, that means fewer people are making it to their favorite sports bar to hang out, watch the game, order some wings and run up a bar tab.  

The flip side of this coin is that the World Series numbers are setting new viewership records.  If the same trending holds true in the other direction, fourth quarter should see a pickup in those same sports bars when numbers for October and November’s World Series games are published.

The Election.  We are days away from the presidential election. It comes around once every four years and it is stressful.  A recent report in Time Magazine cited a well-known psychologist who said that the presidential election season may have us all “emotionally exhausted.”  If that’s the case, you’re not dining out and you’re probably just ordering a quick pizza.  We’ve definitely seen that reflected in the recent numbers. At that same time that national numbers are weak, Papa Johns reported that their domestic same-store sales we up 5.5 percent in the quarter ended Sept. 25.

Heat in July and August.  The second quarter results included a hot summer in the city where it might have been easier to dine at home rather than go out. This is a standard "go-to" for why restaurant and retail sales are ever up or down but it’s true that the weather plays a role in how many people make it out for dinner.

What are your ideas about other reasons restaurant sales might be down nationally?  Chime in on this blog and let’s hope next quarter gets better.

For a full copy of the latest survey results from NetFinancials, contact Robert Wagner, CPA, president of NetFinancials, Inc. Email: bob.wagner@netfinancials.com. www.netfinancials.com Direct: 404-874-7002.  The NetFinancials quarterly Atlanta restaurant sales survey is provided as a public service to the restaurant industry.

 

Topics: buying a restaurant

Georgia Restaurant for Sale Market Grows with Multiple New Listings

Posted by Robin Gagnon on Oct 27, 2016 6:25:16 PM

 

BizBuySell, the Internet’s largest business for sale marketplace recently reported that transaction and listing counts are at their highest level since they began tracking in 2007.  It's a stunning revelation for BizBuySell to state that, "small business transactions have finally reached the highest level in nearly a decade.  The restaurant brokers would agree with contracts, buyers and listings off the charts in terms of transaction activity. Here’s just a sample of four of our latest listings released in the past two weeks.

The newest inventory in our database inogukkt.pngcludes a Philly Connection franchise outside the Metro Atlanta Market.  The Philly Connection brand has nearly 200 units nationwide.  Buyers often want to understand the motivation for selling.  In the case, the seller has been offered a new job out of town. He’s priced the business to sell at just $59,995 and we had nearly 40 confidentiality agreements signed on it in one day.  The activity is strong and we hope to see this in contract shortly.  This franchise restaurant for sale that will gross over $325,000 this year.  It is fully equipped and literally a turn-key operation. The entire space is under 1000 square feet and seats about 30 people with a monthly rent of just $1675 a month.

From one extreme to the other; the second of our latest Georgia restaurant for sale offerings is a bar and grill for sale in the Atlanta metro.  This one is priced at $295,000. The seller and online guests say this one is the neighborhood bar where everyone knows your name. Great bar food and ice cold drinks are part of the culture of this laid-back space with pool tables, live music, trivia & karaoke.  It’s rare according to restaurant broker Robin Gagnon for listings like this to stay on the market long, “A bar and grill is the epitome of the American Dream” she says.  “When the weather cools off and people gather to watch the games, this is exactly the kind of place they flock to.”  Strong earnings above six figures drives the pricing on this one and it qualifies for lending. 

The firm’s newest restaurant broker, Cyndi Weinbaum just listed a fully equipped bar for sale in Lilburn offered at rock bottom pricing!  This listing hbar photo.jpgas already had 67 signed confidentiality agreements and it’s only been on the market for 14 days.  That kind of activity will definitely drive a sale soon for business with a fully built out kitchen, stunning bar, great seating, outdoor patio and plenty of parking that’s located on a major road with easy access. This one is offered at just $49,000 as an asset sale even though it’s open and operating. The equipment list alone on this one is worth the price to be up and running in your new spot in a short amount of time.

While BizBuySell’s Insight Report says the average business was on the market an average of 171 days in its latest report, the restaurant brokers are seeing tighter timelines between listing and contract date.  Of course, getting to the closing table is still dependent on the landlord and in some cases, the franchise or lender as well.

The national report shows transactions were up 15% over the same time period last year and with new quality listings like the ones we just signed, we expect to exceed that trend in the fourth quarter. With the velocity of transactions, it is doubtful any of these Georgia restaurants for sale will remain available beyond a relatively short window. 

For a look at all our Georgia Restaurants for sale, visit us online or click the link below.

Visit Our Listings Online!  

Topics: buying a restaurant