When to sell a restaurant? 8 reasons why that start with D!
When to sell a restaurant is a difficult decision for most restaurant owners. Interesting fact that the reason a restaurant owner wants to sell a restaurant usually will start with the letter D! Buyers are always curious about why a restaurant owner wants to sell a restaurant?
The Dallas Restaurant Broker at EATS Broker explains the most common reasons to sell a restaurant. There 8 reasons to sell a restaurant:
1. Debt– A restaurant owner has multiple forms of debt. All these forms of debt can affect a restaurant owner mentally and physically. One of the biggest concerns of a restaurant owner is to avoid bankruptcy and sell a restaurant for a profit.
-Landlord Debt
-Bank loan Debt
-Vendor Debt
-EIDL Loan Debt
-PPP Loan Debt
-UCC lien
2. Disability- There are many types of disabilities, such as intellectual, physical, sensory, and mental illnesses.
3. Divorce- Restaurant ownership’s demanding physical and financial requirements can break up a happy home and lead to divorce. Many restaurants depend on an owner/operator to be present to be successful.
It’s common for a restaurant owner to work 50-60 hours a week and work on the holidays. The life of a restaurant owner requires sacrifices from the family and owner.
4. Death- Everybody deals with recovering from death differently. The thought of restaurant ownership after death could seem impossible.
5. Disinterest– It’s easy to get disinterested in a restaurant that is unsuccessful or doesn’t live up to the restaurant owner’s dreams.
6. Declining Sales- This is one of the biggest reasons for selling a restaurant business. Inflation is at an all-time high, labor costs are exploding, and rents keep increasing.
7. Dissension among owners-Once partnerships start to be unproductive, and the relationship between parties starts to crumble, it’s time to sell your restaurant.
8. Disaster- The pandemic is a good example of a disaster that happens and changes everything.
**Delivery of a child would be another good reason for selling a restaurant business**
To learn more about EATS Broker consulting services or receive a complimentary restaurant valuation, contact Restaurant Resale Specialist Dominique Maddox at 404-993-4448 or email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com.
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Franchise Restaurants are growing in Nigeria
Franchise Restaurants are growing in Nigeria at a rapid pace. Franchise Brands have found the recipe for success growing in Africa’s most populated Country. The growing popularity of Pizza, Chicken, and Hamburgers is leading the franchise growth.
Dallas Restaurant Broker Dominique Maddox recently visited Nigeria in June. The last time Maddox saw the Country was in 2013, and so much has changed regarding Franchise Restaurants’ development and availability in Nigeria.
This blog will cover my recent experience enjoying the Quick Service Restaurant (QSR) Franchise scene in Abuja, Nigeria.
Abuja, Nigeria, has always had several indigenous fast-food chains like Mr. Biggs, Chicken Republic, and Tantalizers since my first trip to Abuja in 2007. The past 15 years have grown with popular American Restaurant Franchise brands.
I was able to find the following Quick Service Brands while visiting:
-Kentucky Fried Chicken
-Domino’s
-Cold Stone Creamery
-Wendy’s
-Johnny Rocket’s
-Pizza Hut
-Pink Berry
How was the food?
I consider myself a foodie and someone that provides great feedback when it comes to food. These are my following opinions:
Overall, the food taste was different than the franchise brand taste I was used to living in the United States. The interior design was like current franchise specifications.
CONS:
– The level of sweetness in the food is lower in sweets and ice cream
-The burgers have a lower level of fat content and flavor
– The pizzas did not have enough cheese, and the pepperoni was different in taste
PROS:
-The restaurant scenery felt like a franchise brand
-The employee training was good, systems were in place, measurements were used for food preparation, and some brands had uniforms.
-Most franchise brands have security guards outside to control traffic
-Food delivery times were similar to the United States
-Pizza Hut had premade tables with plates and dining ware to encourage dining in
-Pizza Hut offered Halal Meat on all Pizzas
–Good effort to recreate franchise brand taste while changing menu to fit the regional taste
-Food menus easy to understand and read
The explosion of popularity of the fast-food industry has reached Nigeria, and it’s growing. The current most popular fast-food chains in Nigeria are McDonald’s, Subway, and Burger King. It’s a lucrative opportunity to grow a Restaurant Franchise Brand in the Country.
Quick Service fast food is a universal language understood around the world. The franchise model is often described as working for yourself but not by yourself. Nigeria and Restaurant Franchise Brands have a partnership that will keep growing in popularity.
**This blog was dedicated to my Brother Ikhide, who recently passed away at the young age of 30. My trip to Nigeria was originally to celebrate his life**
To learn more about EATS Broker consulting services or receive a complimentary restaurant valuation, contact Dallas Restaurant Broker Dominique Maddox at 404-993-4448 or email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com.
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Restaurant Broker Dominique Maddox of EATS Broker sells two Schlotzsky’s
Restaurant Broker Dominique Maddox of EATS Broker sells two Schlotzsky’s franchises in Galveston, Texas. EATS Broker represented the seller and buyer for this transaction.
The seller, a multi-unit owner, had experience selling their restaurants for sale by the owner in the past. After researching EATS Broker, they decided to give the Restaurant Brokerage Firm located in Dallas, Texas, an opportunity.
Texas Restaurant Broker Dominique Maddox says, “I really enjoyed this transaction. The seller was previously For Sale by the Owner. After a free phone consultation and a free restaurant valuation, they decided my Restaurant Brokerage was the best choice.
When I decided to start my Restaurant Brokerage in October 2019, I was challenged with a 2-year non-compete agreement in Georgia (which expires in October 2022). Low startup funds and the pandemic starts six months; later, in March 2020!
I will be forever thankful to Mr. Jain and his organization for giving my company an opportunity. This was my first Texas Restaurant for Sale I have sold since my relocation to Dallas, Texas”.
The buyer has an established history of success in the local market. Upgrades to the exterior and interior of both restaurants are coming soon. The new owner acquires the franchises for sale at the perfect time; summer tourism is booming in Galveston, Texas, right now!
Galveston is an island city on the Gulf Coast of Texas. It’s known for its restaurants that line Galveston Island Historic Pleasure Pier on the south shore. West is bird-rich Galveston Island State Park, with its trails, kayak launches, and fishing spots. Stewart Beach and East Beach are on the island’s eastern end.
For more information on the restaurant market and other available consulting services or a complimentary restaurant valuation, contact Dallas Restaurant Broker Dominique Maddox at 404-993-4448 or email at sales@eatsbroker.com. Visit our website at www.EATSbroker.com.
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