Frequently Asked Questions by both sellers and purchasers of restaurant businesses and locations
Sellers of Restaurant Businesses
It’s important my employees, managers, and customers do not know I am considering a sale. How do you handle confidentiality?
There an old joke in the business brokerage business that restaurant owners come to us to sell their restaurant but they don’t want us to tell anybody the restaurant is for sale. How do you sell a product if you can’t tell anybody? The truth is this is one of the many reasons to use a professional intermediary. Many of our confidential listings are sold with the buyer never having known the restaurant was for sale. Prospect buyers contact us because they see we have a variety of opportunities available. We can then qualify them and talk about locations that they like but are not even on the market. Some days later the prospect buyer finds out from us the owner of the business could be approached. Even then, it’s important the prospect buyer signs a Non-Disclosure Agreement and is interviewed to make sure they are qualified, have a serious interest, and have the money… before they find out about any available opportunity.
What are your fees if I want to sell my restaurant business?
Every assignment is highly customized. You should contact us about the fee structure for your business.
How long does it take to sell a restaurant business?
On average a restaurant business sale will take from three to six months. This is highly dependent upon the motivation of the seller, the time of year, the economy, and many other variables.
Buyers of Restaurant Businesses
How do I get information on businesses you have listed for sale?
Everything starts with your contacting our office. You will be asked to sign a Non-Disclosure Agreement . It can help us tremendously if you also fill out a complete Confidential Restaurant Search Questionnaire . This sets you apart from the crowd. We receive multiple inquiries a day and we don’t know who is serious, who is qualified, and who has the money unless you take the effort to tell us. The next step is to meet with a broker intermediary from our office or if you are not local to arrange a time for an interview over the phone.
Can I find out about businesses and locations you don’t have listed and might know about?
Yes, in fact we have found many buyers of restaurant businesses are also looking for second generation restaurant buildings and locations which can be bought or leased without having to buy a business. These are highly sought after opportunities in which we can represent you in finding – while still obtaining our fee for services from the seller or landlord. Contact us to learn more about our being your tenant or purchaser representative.