Selling a restaurant when you have a checklist can make the process simplified and less stressful. When a restaurant owner wants to sell a restaurant, they mainly only consider gathering financial information.
The process of selling a restaurant requires the restaurant owner to produce numerous documentation and information that can be hard to find.
EATS Broker Rule #1 – Don’t list a restaurant for sale without gathering all the information a buyer will need or might ask for during the buying process.
EATS Restaurant Brokers provides a checklist for a selling restaurant besides the financial information:
When listing a franchise restaurant for sale, some critical information to provide to a Restaurant Broker besides your financials:
- Franchise Disclosure Document (FDD)
- Franchise Agreement years remaining
- Transfer Fee for franchise
- Assignment Fee for Lease
- Required training for a new franchisee
- Upgrade cost for restaurant
- POS sales upgrade requirements
- Equipment List-only items owned by the seller
- Business Entity name registered with the state
- Franchise renewal fees
- Royalty Fees/Marketing Fees
- Provide information on employees FT/PT (work schedule, pay rate)
- Copy of Lease and all amendments
- Size of Grease Trap
- Size of hood system
- 3rd party delivery service provider
When listing an independently owned restaurant for sale, some critical information to provide to a Restaurant Broker besides your financials:
- Copy of Lease and all amendments
- Assignment Fee for lease
- Equipment List-only items owned by the seller
- Utility Providers contact information
- Business Entity name registered with the state
- Provide information on employees FT/PT (work schedule, pay rate)
- Size of Grease Trap
- Size of hood system
- 3rd party delivery service provider
Dominique Maddox of EATS Restaurant Brokers says, “ listing a restaurant for sale requires the restaurant seller to be involved and provide a considerable amount of information.
Restaurant owners should start the process of gathering all the information needed to list a restaurant for sale before contacting a Restaurant Broker”.
Some of the most significant purchases the average American makes will have a checklist with a list of tasks, items to collect, and a roadmap to the finish line. The process of selling a restaurant should have a checklist to follow.
EATS Broker Checklist for selling a restaurant was made with the intent to help any current or future restaurant seller. Restaurant buyers will also benefit from this blog and start asking for more items.
Selling your restaurant can be difficult if you are not prepared. For more information on the restaurant market and other available consulting services or a complimentary restaurant valuation, contact Dominique Maddox at 404-993-4448 or by email at [email protected]. Visit our website at www.EATSbroker.com.
