As our country’s first responders and medical personnel continue to fight the virus, they are currently on the frontline and doing an amazing job on behalf of a grateful nation.
Soon however, will be the day that the great work of the health care community, the effort of the government and the commitment of all the social distancing measures will beat this virus.
We are edging ever closer as the government announces councils to reopen the economy.
When that occurs, there will be one more thing to fight for and to resuscitate and that is the US Economy. Soon we will give our frontline warriors a well-earned rest. Then it will be up to a different kind of warrior to step up and continue the fight, the American Entrepreneur also known as a small business owner.
The restaurant industry has been hit like never before. I also believe that the American public is ready to go back to their favorite eateries and breaking bread with others. It is part of the social fabric of our lives and has been disrupted for the first time in history. Unfortunately, even with some great grants and loans, government programs have already run dry and some establishments may not come back leaving huge holes in many communities around our nation.
These locations, employees and legacies are yearning for a new life and these businesses are not dead yet, (though it may seem as if they are on life support). This is where restaurant buyers come to the rescue saving the cornerstones of their communities while getting the best possible deals.
There are incredible incentives for restaurant buyers including: interest at the lowest levels in decades, payments and interest for six months being paid directly by the Small Business Administration, landlords willing to discuss new lease arrangements and more. Franchises are participating in unprecedented ways to meet the challenge. Some are offering reductions in franchise royalties, advertising fees and in some cases even waiving training and transfer fees.
Like any great opportunity there is a window that is closing rapidly on all these benefits for restaurant buyers. Once the lockdowns start to expire and people start to reopen these incentives may be more difficult to obtain or start to go away. As we often say to restaurant buyers in this industry, “time is your enemy”.
Act now to become part of the next wave of American Heroes that will relaunch our economy. Be part of the movement that gets people back to work and become the glue that will reconnect our communities. Local communities will embrace your part of the comeback and repay you with loyalty for generations to come.
Believe in yourself and the power of your local communities by investing in them. You will be hailed as a Hero and become an active participant in the fight against this virus.
Read all of our COVID-19 resources here.
Eric Gagnon, Certified Restaurant Broker®, CBI is the founder and president of We Sell Restaurants and co-author of Appetite for Acquisition, the definitive guide for anyone looking to enter the restaurant industry. He is a fellow of the International Business Brokers Association and serves as a board member for VetFran of the International Franchise Association and as a board member for the Southeast Franchise Forum. Eric is an industry expert in restaurant sale and valuation with 20 years of experience brokering restaurants for sale.