A Restaurant Broker is a trained Business Broker who specializes in selling restaurants, bars, and nightclubs. Daily, a Restaurant Broker talks with restaurant owners, reviews restaurant tax returns and profit and loss statements, and answers buyer inquiries. Restaurant Brokers work in a niche industry of Business Brokerage solely focused on helping restaurant owners. A restaurant broker lives and breathes the food service industry; they specialize in the specific needs of restaurant owners who want to sell a restaurant.
A Restaurant Broker is sometimes called Restaurant Business Broker, Restaurant Franchise Broker, or Business Broker for Restaurants. Restaurant Brokers differ from your normal Business Broker because they understand restaurant financials and resale values. They know what makes a restaurant more valuable in a buyer’s opinion.
Dallas Restaurant Broker Dominique Maddox of EATS Broker says, “When it’s time to sell a restaurant, picking the right Restaurant Broker makes all the difference. Selling a restaurant takes skills and training your average Business Broker does not receive.”
What makes a Restaurant Broker different than your average Business Broker is that they know the following:
-How to value a restaurant using the Asset-Based Approach or Income Approach
-How to review rental lease agreements, financials, franchise disclosure documents, equipment lists, liquor licenses, UCC liens, and potential fraudulent documents.
-Qualify potential buyers for franchises and non-franchise restaurants
-Provide restaurant valuations that can be approved for SBA lending.
-Advertise the restaurant for sale discreetly.
-Know the industry-specific marketing strategies to attract buyers.
When should you talk to a Restaurant Broker? The correct answer is before you need to sell a restaurant. Waiting for the time required to sell your restaurant adds to the stress of the resale process. It takes an average of 6-8 months to sell a restaurant, and dealing with the mandatory fire sale of a restaurant can lead to days and nights of stress.
For more information on the restaurant market and other available consulting services or a complimentary restaurant valuation, contact Restaurant Business Broker Dominique Maddox at 404-993-4448 or email at [email protected]. Visit our website at www.EATSbroker.com
