How to Sell a Restaurant- Telling the story
How to sell a restaurant in today’s market only months after the Covid-19 pandemic crippled the restaurant industry is a challenging task. EATS Broker understands selling a restaurant is just not about the tangible items or the goodwill. Buyers in today’s market want to know what the story is of the restaurant. How has covid affected restaurant sales?
Dominique Maddox a Restaurant Broker and Founder of EATS Broker says, “when I take a restaurant for sale listing, I want to know the story about the restaurant. Every Business Broker can look at the Profit and Loss statements, but most cannot tell the story of the restaurant to a buyer, because they did not ask the owners the right questions”.
When I am Telling the story of a restaurant, I want the potential buyers to understand the strengths, historical success, and possible future of a restaurant”.
EATS Restaurant Brokers provides tips to restaurant owners for “Telling the story”
1st Review the financial numbers from 2019 and get a monthly average for the sales, compare the numbers to the 2020 sales numbers. How much of a monthly decline or increase do you notice? In the past 3-months how close are monthly sales averages compared to 2020?
EATS Restaurant Brokers advice: If your sales have declined from 2019 to 2020, know your historical success. Is March-May your busiest months and your business was affected negatively by the pandemic? How were your monthly sales history from 2017-2019? What areas of your business were affected the most dining in, catering, and how are those areas now affecting sales now?
2nd Restaurant owners should understand the SWOT analysis of the business before they list for sale. SWOT analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
Restaurant owners should be about to tell the story about the strengths and opportunities of the restaurant. The strength of the business is the “Sizzle”, meaning why should a buyer considering purchasing the restaurant. Think about how is your social media, how does your menu look online, do you have Google Reviews?
EATS Restaurant Brokers advice: Provide your Restaurant Broker with selling points about your business that would encourage a buyer to purchase your restaurant. Provide information on expenses that can be reduced ex. Food cost or labor cost. What changes can be made to improve the business, and why should a buyer make the changes?
Selling a restaurant is an art and science at the same. Telling the story of the restaurant helps a buyer understand the strengths, opportunities, and value of the business. Next time you want to sell your restaurant do not just list it for sale, tell the story!
Thinking about selling a restaurant contact EATS Broker. For more information on the restaurant market and other available consulting services or restaurant valuations, contact Dominique Maddox at 404-993-4448 or by email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com
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Dominique Maddox of EATS Broker sells Papa’s Pizza To Go Franchise
Dominique Maddox of EATS Broker sells Papa’s Pizza To Go located at 3064 US-76, Hiawassee, GA 30546. EATS Broker represented buyer and seller.
The Gagnon’s were the sellers of the business, they plan to move to Florida to retire, after operating the business since 2009. The buyer ironically is moving from Florida to Hiawassee, Georgia. The buyer likes the lifestyle in Hiawassee and was tired of the Florida sun.
Dominique Maddox says, “ This is an interesting story of someone moving from Florida to buy a business in the beautiful mountains of Georgia, and the sellers are moving down south because of the weather. It’s common in the restaurant brokerage industry that a buyer located in a different state buys a restaurant in a different state and moves to that state to operate”.
Dominique Maddox is the President and Founder of EATS Restaurant Brokers and www.EATSbroker.com, a business brokerage firm specializing exclusively in restaurant franchise resales, restaurants for sale, bars, and nightclubs. After working with one of the nation’s largest restaurant brokerage firms for seven years, Dominique decided it was time to bring a new flavor to the Restaurant Brokerage Industry and founded EATS Broker.
Dominique Maddox has been selling restaurants since 2010 and has undergone intensive training in the Restaurant Brokerage Industry. Dominique attended Morehouse College on a football scholarship, he brings that same competitive spirit and energy to the field of restaurant brokerage.
EATS Restaurant Brokers are Restaurant Resale Specialists that can guide you thru the complex process of buying or selling a restaurant.
Let us show you how Restaurant Brokerage is done with flavor!
Thinking about selling a restaurant contact EATS Broker. For more information on the restaurant market and other available consulting services or restaurant valuations, contact Dominique Maddox at 404-993-4448 or by email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com
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Dominique Maddox of EATS Broker earns CFE (Certified Franchise Executive) Designation
Dominique Maddox, Founder and President of EATS Broker has earned the CFE (Certified Franchise Executive) designation from the Institute of Certified Franchise Executives™ (ICFE). Dominique will graduate as a member of the class of 2021 at which time he will receive his CFE pin
Participants in the Certified Franchise Executive (CFE) program complete several course offerings in franchise management, leadership, and small business to gain insights into franchise strategy and operations. The mission of the Institute of Certified Franchise Executives (ICFE) is to enhance the professionalism of franchising by certifying the highest standards of quality training and education.
Dominique Maddox of EATS Restaurant Brokers says, “ I started this process in 2018 to get the CFE designation but money requirements and time did not allow me to make progress fast. I decided to recommit myself in March 2020 to finish the program and become one of the few Restaurant Brokers in the nation with a CFE designation.
The designation required 3500 credit hours which included online courses, classroom study, attendance requirements, and testing. I now can put the CFE behind my name, which gives me instant credibility in the Franchise Industry because it is comparable to having a master’s degree in Franchising”.
The Benefits of the Certified Franchise Executive Program are focused on the recognition and professional standing in the franchising community. The CFE designation is highly regarded and a symbol of continuance learning, years of experience, and a desire to grow in the franchise segment.
As a Business Broker focused on Restaurant Franchise Resales, Dominique plans to use his Certified Franchise Executive (CFE) designation to help franchise brands, multi-unit owners, and single-unit owners thru the resale process. Dominique is a Restaurant Resale Specialists that can guide customers thru the complex process of buying or selling a restaurant.
Thinking about selling a franchise restaurant contact EATS Broker. For more information on the restaurant market and other available consulting services or restaurant valuations, contact Dominique Maddox at 404-993-4448 or by email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com
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Dominique Maddox of EATS Broker sells Hungry Howie’s Pizza Franchise
Dominique Maddox of EATS Restaurant Brokers sells Hungry Howie’s Pizza . EATS Broker represented the buyer and seller.
The buyer is a Michigan native that was raised on Hungry Howie’s delicious pizza. When the opportunity came available to purchase the Hungry Howie’s Pizza, Mike jumped on the opportunity. The restaurant has been closed since June, Mike has returned from his 4-weeks of corporate training in Michigan and is ready to re-open the business!
The buyer provided EATS Restaurant Brokers with the following Google Review, “ Process was very easy, and each step was explained. I was updated throughout the purchase and communication was great. Very impressed”.
Dominique Maddox of EATS Broker says, “ this transaction was a perfect match! The Hungry Howie’s reminded the buyer of his childhood memories of eating pizza. He saved this business that was recently closed, and now the surrounding community and Kennesaw State University students can enjoy Hungry Howie’s Pizza again”.
Dominique Maddox is the President and Founder of EATS Broker and www.EATSbroker.com, a business brokerage firm specializing exclusively in restaurant franchise resales, restaurants for sale, bars, and nightclubs. After working with one of the nation’s largest restaurant brokerage firms for seven years, Dominique decided it was time to bring a new flavor to the Restaurant Brokerage Industry and founded EATS Broker.
Dominique Maddox has been selling restaurants since 2010 and has undergone intensive training in the Restaurant Brokerage Industry. Dominique attended Morehouse College on a football scholarship, he brings that same competitive spirit and energy to the field of restaurant brokerage.
EATS Restaurant Brokers are Restaurant Resale Specialists that can guide you thru the complex process of buying or selling a restaurant.
Thinking about selling a restaurant contact EATS Broker. For more information on the restaurant market and other available consulting services or restaurant valuations, contact Dominique Maddox at 404-993-4448 or by email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com
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