At We Sell Restaurants, we analyze buyer behavior across key metrics. These include Buyer Inquiries, Online Search Traffic, and Signed Confidentiality Agreements (CAs), along with closed transactions. We look carefully at each metric to uncover what drives restaurant acquisition decisions. Our latest review of the top 50 listings in each category reveals a clear trend: buyers prioritize quick-start, turnkey opportunities in high-growth Sunbelt markets, favoring franchises and flexible concepts with strong financial transparency. Here’s what sellers need to know to align with these demands.

The Buyer Journey: From Curiosity to Commitment

Buyers typically begin with exploratory actions—searching online or submitting inquiries through platforms like We Sell Restaurants. These early steps reflect broad interest, with buyers testing markets, price ranges, or concepts. However, signing a Confidentiality Agreement marks a shift to serious intent, as buyers disclose their identity, request detailed financials, and prepare for site visits or lender discussions.

For many first-time buyers, the decision to register online and sign a confidentiality agreement is a simple next step online in their quest for autonomy. Take John, a former tech manager who inquired about Listing 21440 (St. Augustine pizza shop). After researching opportunities online, he found it simple to sign the CA, get the full listing package including clear financials. Then, he explored the location in person as a secret shopper, confirming his goal to find a manageable, community-focused business.

Our data shows top listings generate significant engagement:

• Inquiries: Top listings average 150 inquiries each, reflecting strong initial interest.
• Searches: High-performing listings attract hundreds of unique search views, indicating visibility.
• CAs: Standout listings secure 40+ signed CAs, signaling committed buyers.

By examining these stages, we identify what elevates a listing from “interesting” to “must-have.” Buyers leverage advanced search tools on We Sell Restaurants, filtering by revenue, location, or concept type. Listings with detailed descriptions and keywords like ‘turnkey’ or ‘franchise’ often rank higher, driving 20% more inquiries than vague postings. This tech-driven approach ensures buyers find opportunities matching their financial and operational goals

Geographic Hotspots Driving Buyer Interest

Analysis of top listings highlights four Sunbelt states dominating buyer attention: Arizona, Florida, South Carolina, and Georgia. These markets benefit from population growth, tourism, and business-friendly environments.

• Arizona: North Phoenix listings, like Listing 25480 (a “gorgeous” turnkey restaurant with two patios), averaged 180 inquiries and 45 CAs, driven by the area’s booming population and tourism.
• Florida: Listings in St. Augustine (e.g., Listing 21440, a pizza shop with great rent) and Delray Beach (Listing 25570, an Italian restaurant) secured 50+ CAs each, fueled by Florida’s robust hospitality market.
• South Carolina: Charlotte-area listings, such as Listing 25245 (a turnkey South Charlotte hotspot), saw 160 inquiries and 42 CAs, reflecting corporate relocations and urban growth.
• Georgia: Atlanta’s Inman Park cafe (Listing 25844, $144K earnings) ranked in all three metrics, with 200 searches and 48 CAs, due to its vibrant dining scene.

Heatmap Insight: Arizona, Florida, South Carolina, and Georgia account for over half of the top listings with North Carolina emerging as a secondary hotspot (e.g., Charlotte’s Listing 20401).

Florida’s hospitality market thrives on tourism, generating $112 billion annually, per Visit Florida’s 2024 report. This influx supports listings like Delray Beach’s Italian restaurant (Listing 25570), which benefits from year-round foot traffic. Similarly, Arizona’s population grew 1.3% in 2024 (U.S. Census Bureau), fueling demand for North Phoenix listings like Listing 25480, where new residents and visitors sustain dining demand.

North Carolina’s Charlotte metro area is gaining traction, with a 1.5% population increase in 2024 (U.S. Census Bureau). Listings like Uptown Charlotte’s Listing 20401, a second-generation restaurant, capitalize on corporate relocations from companies like Wells Fargo, driving 35 CAs. Texas, particularly Austin, also shows promise, with Listing 26001 (a taco shop) securing 40 CAs due to its vibrant food scene and young demographic

What Listings Attract the Most Attention?

Beyond location, specific listing traits consistently drive engagement:

1. Franchises Offer Stability and Scalability
   Franchise listings, like Listing 25527 (three Schlotzsky’s with $2.2M in sales) and Listing 25440 (four pizza franchises, $3.9M sales), dominate across metrics. Franchises appeal to buyers with operational playbooks and brand recognition, averaging 170 inquiries and 50 CAs. First-time buyers and multi-unit operators particularly favor these for their predictable returns.
2. Turnkey and Closed Restaurants Promise Speed
   Listings labeled “turnkey” (e.g., Listing 25245, South Charlotte) or “closed” (e.g., Listing 25707, West Palm Beach lease) attract buyers seeking minimal setup time. These listings, often fully equipped, averaged 45 CAs, appealing to operators aiming to launch or convert quickly.
3. Health-Focused and Cafe Models Trend Upward
   Cafes and light-menu concepts, such as Listing 9802 (gourmet cafe in a college food hall) and Listing 25998 (Denver cafe), draw interest for their low labor needs and adaptable menus. Smoothie and ice cream franchises (e.g., Listing 16336, Smoothie King) also rank highly, averaging 150 searches.
4. Flexibility Enhances Appeal
   Listings with phrases like “keep or convert” (e.g., Listing 25900, coffee shop ready for a new concept) or “perfect for any concept” resonate, offering buyers optionality. These listings averaged 40 CAs, reflecting demand for adaptable spaces.
   

Who Are the Buyers?

Three buyer personas drive these trends:

• First-Time Buyers: Often using 401(k) rollovers, they target franchises under $150K (e.g., Listing 24070, Subway franchises) for operational support and low risk.
  Example: A corporate refugee leaving the business world behind for control over his own lifestyle in Florida signed a CA for Listing 21440, drawn to its low rent and pizza shop simplicity. He plans to use his 401(k) to fund the purchase.

Another first-time buyer, Sarah, a former teacher in Georgia, targeted Listing 25900 (a convertible coffee shop). Drawn to its ‘keep or convert’ flexibility, she signed a CA to adapt the space into a bakery, using her savings to avoid high debt. Her story reflects how first-time buyers prioritize listings with low entry costs and operational simplicity

• Experienced Operators: These buyers seek second-generation restaurants (e.g., Listing 20401, Uptown Charlotte) to minimize buildout costs, averaging 30 CAs per listing.
  Example: A Charlotte restaurateur pursued Listing 25245 for its turnkey setup and high-traffic location. He knows the cost to construct and time spent waiting on the build out means valuable days on the market are lost. His position aligns with getting his concept on the market quickly.

• Multi-Unit Franchisees: Expanding in Sunbelt markets, they target high-revenue franchises (e.g., Listing 25527), contributing to 50+ CAs for top listings.
  Example: A Texas investor signed CAs for Listing 25440 to grow their pizza franchise portfolio, as a complement to their existing breakfast brand mix.

Multi-unit franchisees, like a Florida investor eyeing Listing 25440 (pizza franchises), face complex due diligence, analyzing brand performance across markets. They often request franchisor data, such as unit economics, which sellers must provide to maintain momentum.

Industry Trends Shaping Buyer Behavior

Buyer activity reflects broader market dynamics:

• Sunbelt Migration: Arizona, Florida, and the Carolinas attract buyers due to lower taxes and population influx, with a very high percentage of top listings in these states.
• Franchise Resales: Franchisors encourage resales to offset any potential closures and as retention strategies. These franchise resale opportunities are 20% more likely to secure increased interest from buyers, demonstrated through signed CAs than independents.
• Operational Simplicity: Post-COVID, buyers prioritize low-labor, takeout-friendly models (e.g., cafes, smoothie shops), with 30% of top listings fitting this profile. Since labor is on the mind of operators, scaling this through simplicity is a big win for would-be restaurant owners.
• Rising Costs: High interest rates and labor shortages push buyers toward turnkey or lease-only listings to reduce upfront investment.

With inflation at 3.2% in mid-2025 (Federal Reserve data), buyers gravitate toward listings with stable cash flow, like franchises or cafes, to hedge against rising costs. High interest rates further push demand for turnkey listings, reducing upfront capital needs. Consumer dining habits also play a role: 60% of Americans prefer takeout or quick-service options (National Restaurant Association, 2025), boosting interest in listings like Listing 16336 (Smoothie King).

Lessons from Recently Sold Listings

Our review of top trending includes a look at which restaurants are selling and June 2025 sales data reinforces these findings:

• Top Markets: Atlanta, Jacksonville, Phoenix, Austin, and Rhode Island led sales, with Florida accounting for 25% of transactions. This aligns with the markets getting the most views on listings as well where Georgia and Florida were standouts.
• Franchise Advantage: Franchises sold for $250K on average (vs. $223K for independents) and spent fewer days on market overall. This is consistent with trending over time within the We Sell Restaurants database of more than 1200 online listings and over $500 million in listing inventory.
• CA-to-Sale Correlation: Listings with 50+ CAs (e.g., Listing 25844, Atlanta cafe) often closed fastest, averaging the shortest days on market. Going to market with the advice of a Certified Restaurant Broker® at the right price, will drive initial interest and keep restaurants for sale from going stale in the marketplace.

Challenges Sellers Should Address

While opportunities abound, sellers face hurdles:

• Financing Barriers: Rising interest rates make buyers cautious, favoring listings with seller financing or low upfront costs.
• Labor Shortages: Buyers prefer low-labor models, so sellers should highlight staffing efficiencies or automation.
• Transparency Gaps: Listings lacking clear financials or photos risk losing interest from buyers or failing to engage them to take the next step.

Seller Checklist: How to Stand Out

To attract serious buyers and accelerate sales:

• ✅ Provide high-quality photos of the interior, exterior, and equipment to your broker.
• ✅ Compile three years of financials, including P&L statements.
• ✅ Document a detailed equipment list.
• ✅ Confirm transferable licenses and leases.
• ✅ Emphasize turnkey, flexible-use, or franchise features.
• ✅ Work with a Certified Restaurant Broker® for market expertise.

The Bottom Line

Buyer inquiries and searches signal interest but signed CAs reveal true commitment. Listings like Atlanta’s Inman Park cafe (Listing 25844, 48 CAs) and North Phoenix’s turnkey restaurant (Listing 25480, 45 CAs) show what buyers want: transparency, prime locations, and operational ease. Sellers who align with these demands—through clear documentation, strategic positioning, and Sunbelt locations—can capitalize on today’s fast-moving market.

Ready to sell? Connect with We Sell Restaurants to craft a listing that captures buyer attention and closes quickly.