What does it take to be a successful restaurant broker? Here’s what we attribute our success to.
Do what you do best and don’t deviate.
You can’t be all things to all people and successful restaurant brokers know that a laser sharp focus on the industry pays dividends. It takes discipline to turn down listings but successful restaurant brokers do it every single day. They are clear that they will not operate as generalists listing everything from hair salons to convenience stores. They stay true to the industry they are part of and have built a database of buyers around that. What happens when you are focused on the industry? You get results. Here’s what one seller just told us.
"I had my restaurant listed with another brokerage firm for 16 months and saw no results. I contacted We Sell Restaurants on June 1st. My restaurant was listed a few days later. We were under contract for sale by June 22nd and closed on July 12th. The expertise in marketing and professionalism in handling all aspects of the sale that we received from We Sell Restaurants from listing to closing was amazing.
What the seller doesn’t reveal is that he was listed for 16 months with a general business broker, someone handling all kinds of listings. His restaurant wasn’t part of a portfolio of restaurants being presented to buyers in the market for a food and beverage business. It was presented to whomever came in the door. They could be looking for anything from a dog grooming business to a car wash.
Successful restaurant brokers know that every time their phone rings, the person on the other end is in the market to buy a restaurant.
Successful restaurant brokers know how to place the right value on your restaurant for sale. That means every penny is accounted for and you will get the most for your restaurant. They don’t follow a rule of thumb or generic pricing model but research several pieces of data to come up with the right pricing.
Successful restaurant brokers have a depth of financial knowledge and experience. They will often have a degree in finance or career in banking. They know that selling a restaurant isn’t about emotions; it’s a numbers game and those that know the numbers best sell the most businesses.
Successful restaurant brokers immerse themselves in the industry. While they may never have operated a restaurant business, they are up to date on the latest cooking trends, the hottest marketing efforts and have contacts in every facet of the industry. They read Restaurant News from cover to cover so they can talk to their clients about what’s happening in the industry.
Successful restaurant brokers are experts in their field and by extension, in the industry. That gives them the authority and credibility to sell when they are talking to first time buyers.
Successful restaurant brokers listen closely to their buyers. They know that the process of selling a restaurant is part of a goal to develop a lifelong customer, not make a short term sale. They want to be here when you buy today, sell tomorrow or expand next year. Successful restaurant brokers measure their achievements by helping buyers make good decisions. Sometimes that even means telling a would-be buyer that he should do something other than purchase a restaurant.
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