Advice for Buying a Restaurant and Selling a Restaurant

We Sell Restaurants Sells Firehouse Subs of Charlotte

Posted by Robin Gagnon on Jul 1, 2019 2:02:47 PM

We Sell Restaurants closes on another restaurant for sale transaction; the resale of the Firehouse Subs franchise in Charlotte, North Carolina

We Sell Restaurants is pleased to announce the sale of Firehouse Subs located at 4732 South Boulevard in Charlotte, North Carolina. Trung Nguyen of Charlotte, North Carolina acquired the company from Timothy Goss.  The transaction was handled by Justin Scotto of We Sell Restaurants.

Firehouse Subs, a fast-growing franchise chain with over 1,160 opened restaurants was founded by two firefighter brothers. Firehouse Subs is a nationwide brand with many locations in Charlotte, North Carolina.  The South Boulevard store in now under new ownership with the assistance of the We Sell Restaurants Franchise Partner in the market.   

The seller, Tim Goss, said of his experience with We Sell Restaurants and Franchise Partner, Justin Scotto, “Could not have asked for it to go any smoother.  Made the process easy to stay on track and complete as scheduled.”  The buyer is excited to be the newest franchisee in the Charlotte market for the Firehouse Subs brand.  He said, “Justin handled the deal with care and professionalism. He clearly laid out the timeline and what was needed to close the deal."

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Justin Scotto is the multi-unit Franchise Partner in the Carolina's. A Certified Restaurant Broker, Justin has been in the restaurant industry for 20 years. Justin is a longtime veteran of the restaurant industry.  In recent years, Justin developed and operated 12 fast casual restaurants with Firehouse Subs from the ground up before pursuing a path of restaurant brokerage with We Sell Restaurants.

Eric Gagnon, President of We Sell Restaurants, had this to say of the transaction.  “Justin is one of our newest Franchise Partners and has shown strong results in the Charlotte market.  We look forward to his continued success.”

Franchise Partner Justin Scotto is a specialist in the restaurant sales industry. 

Justin is a graduate of the University of North Carolina at Chapel Hill.  He lives in the Charlotte Region and when he is not busy brokering restaurants, he enjoys family time with his wife and five children.

Justin is also a member of the Carolina's-Virginia Business Brokers Association. Justin can be reached by phone at (704) 609-4460 or by email – justin@wesellrestaurants.com.

 

Restaurant for sale listings can be found online at wesellrestaurants.com, the nation’s largest and most heavily trafficked marketplace for the sale of restaurants. 

We Sell Restaurants is the nation’s largest restaurant brokerage firm, specializing in restaurants for sale, restaurants for lease and franchise restaurant resales.  Found online at wesellrestaurants.com, We Sell Restaurants works in 45 states nationwide.

Sell your Restaurant

 

Topics: Franchise, sold

Attending the IFA Conference

Posted by Steve Weinbaum on Mar 4, 2019 10:35:00 AM

I recently had the privilege and benefit of attending my first IFA conference in Las Vegas this past week.  First and foremost, my sincere congratulations and thanks to everyone at the IFA who were involved in putting together such a first-class event.  The content, guest speakers, vendor-supplier representation, and the round tables were all incredible. Each presentation was headed by passionate and knowledgeable industry leaders in the Franchising arena.

I had some great one-on-one meetings and attended several round table discussions, where the topic dealt specifically with resells and succession planning. The two overwhelming themes that came up throughout were that many franchise organizations had not anticipated the natural evolution of franchisees who were ready to sell their business and they were not prepared, or equipped, to handle them. ifa logo +

A seasoned franchise is accustomed to franchisees exiting, for a variety of reasons, and it has become the natural evolution of the business.  Some Franchisees get into the business and realize, relatively quickly, it’s not right for them.  Others are wildly successful, build significant equity in their business, and reach a point in their lives when where they want to retire and secure that equity they have built by selling their franchise(s).  Other franchisees experience life events that require them to find a new owner for their franchise. Then you have the owners who, for reasons unknown, are not realizing their full potential and decide to cut their losses.  

Regardless of the reason, when a franchisee decides it’s time to sell, It creates a secondary market for existing franchises. This event accounts for somewhere between 4-7%. Though the question remains; What is the best way to address them?

While this may sound a bit self-serving, Business Brokers were their number one “go to.”  Two main reasons for this approach repeatedly surfaced.  The first, was not having the resources and manpower to handle resells. Second, was to keep the Franchisor’s focus on finding new business versus recycling existing business.  Addressing these two “needs” is where Business Brokers are essential.

In the Restaurant space, whether Fast Casual, QSR, Treat, Bar, or Full Service, We Sell Restaurants can provide the resources and client-reach to address these objectives.  The resell buyer looks very different from the new franchisee.  There may be more risk adverse; meaning they want to purchase a business with a history of revenue and cash flow.  They may have different financial access; meaning the resources required to acquire a resell may be less stringent than that of a new build out. 

Our marketing and client focus is targeted at resell buyers. By pointing your existing Franchisees toward Business Brokers, it keeps them separate from new Franchisee acquisition.  Regarding resources, We Sell Restaurants is a Full-Service National Restaurant Brokerage that helps value and market the business, acquire and prequalify interested buyers, secure lending, negotiate lease terms, and work very closely with the Franchisor on approval and onboarding. This allows Franchisor to focus on their core business model.

If you are a Franchisor in the restaurant space looking for assistance in this complex arena, I am happy to help you navigate the somewhat complex waters of the restaurant industry.

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Topics: Restaurant Brokers, Franchise