You know your restaurant better than anyone. You understand its operations inside and out, and you might have a pretty good idea of what it's worth. But what happens when you're ready to sell? Should you do it alone or hire a professional?
Both options have advantages and disadvantages, but ultimately, the decision comes down to what's best for you and your goals. On the one hand, you could do without the middleman and maybe save yourself some money. You could sell it to a friend or former employee. As you'll find out in this blog post, these shortcuts to selling a restaurant can end up costing you more time and money than you think. Here are five reasons why you should consider hiring a restaurant broker when Selling a Restaurant.
1. A restaurant broker knows the market
Restaurant brokers have their finger on the pulse of the industry. They know what buyers are looking for and can help you position your restaurant accordingly.
Hiring a restaurant broker is a smart move for restaurant owners looking to sell their business. By bringing in an industry expert, restaurant owners can ensure that their restaurant is positioned in the best possible way for potential buyers. They are also well positioned to help maximize visibility during the sale of your restaurant through marketing efforts. They know what shoppers are looking for and can use that knowledge to find the perfect buyer for their restaurant. In short, restaurant brokers have specialized skills that can be invaluable when it comes time to sell your restaurant.
2. A broker has access to more buyers
Most restaurant owners don't have the time or resources to promote their businesses to a wide audience of potential buyers. A broker will cast a wider net and make sure your business is seen by those who are most likely to be interested in it. More importantly, a good restaurant broker will pre-qualify and evaluate interested buyers, providing you with buyers with better deals and buyers who are more serious about buying the business. Especially if you're still operating the business, this can save you valuable time calling, emailing, and chasing prospects. It can get frustrating if you waste time working on unserious queries. In this way, a restaurant broker can help you avoid burnout during the sales process, which is important for your health and the health of your restaurant.
3. A broker can help you maximize your asking price
By working with a restaurant broker, you will benefit from their experience in negotiation and pricing strategy. Selling a restaurant faster and making maximum profit can be a daunting task that requires specialized knowledge and experience. This is where restaurant brokers come in; They have the knowledge to organize the entire sales process, negotiate on your behalf, and manage appropriate pricing strategies to help you get the best profitability. With their support, you can realize that hundreds or even thousands of dollars more will arrive on closing day as they work diligently to maximize your asking price. Sometimes, maximizing the value of the restaurant starts before you meet the broker. For example, We Sell Restaurants offers some detailed tips for selling your restaurant at top dollar, including things like increasing sales through vendors and cleaning up operations through training.
4. A broker can save you time
Selling a restaurant is a full-time job, one that most restaurateurs simply don't have time for while trying to run their business day by day. In fact, here are ten things a restaurant broker does gets a restaurant to the closing table. Hiring a broker means you can focus on running your restaurant while someone else takes care of all the details of the sales process. Restaurant brokers prepare an attractive listing, market to potential buyers, measure buyer interest, and negotiate the best alignment of interests between seller and buyer. By hiring a restaurant broker, you'll have peace of mind knowing that an experienced expert handles the sale while you handle the day-to-day operations of the restaurant.
5. In the end you save money by hiring a restaurant broker
Many people think they can save money by cutting out the middlemen, but this isn't always true (especially when it comes to something as important as selling your business! !). Because brokers know how to get the best price for their clients' businesses, you will most likely make more money working with one than alone. If you are wondering about the broker's commission fee, consider asking the restaurant broker how they will return the value of the commission to you. A strong restaurant broker will be able to defend their fee and explain the process of how they will sell the restaurant.
These are just some of the reasons why hiring expert help may be right for you when selling your restaurant business. Interviewing brokers is a great way to feel comfortable finding the right person to sell your restaurant. You can even use our handy seller's cheat sheet, which includes a list of interview questions to ask any business broker you consider before trusting them to sell your restaurant.
A Certified Restaurant Broker® can help you sell your restaurant
A certified Restaurant Broker® is a professional who specializes in selling restaurants. It is a certification that is awarded only to a select group of restaurant brokers nationwide who have the specialized training to successfully value and sell restaurants. They have the experience and resources to help you get the best price for your business. If you're thinking about selling your restaurant, hiring a restaurant broker is a smart move that can save you time and money. To learn more about how we can help you sell your restaurant quickly and efficiently, look for a Certified Restaurant Broker® near you.
Robin Gagnon, Certified Restaurant Broker®, MBA, CBI, CFE is the co-founder of We Sell Restaurants and industry expert in restaurant sales and valuation. Named by Nation’s Restaurant News as one of the “Most Influential Suppliers and Vendors” to the restaurant industry, her articles and expertise appear nationwide in QSR Magazine, Franchising World, Forbes, Yahoo Finance, and BizBuySell. She is the co-author of Appetite for Acquisition, an award-winning book on buying restaurants.