Restaurant Seller and Buyer Meeting: Tips for Success
EATS Restaurant Brokers decided to create a Restaurant Seller and Buyer Meeting-Tips for Success checklist. The initial meeting between the buyer and a seller can dictate how the working relationship will be in the future.
The goal of the initial meeting is to familiarize both Restaurant Seller and Restaurant Buyer, view the back of the house, buyers get an opportunity to ask probing questions and review restaurant financials. The most straightforward deals are when the buyer and seller like and respect each other. When the personalities don’t mix, the restaurant closing process could be filled with turbulence.
Dominique Maddox of EATS Restaurant Brokers says, “ The best method to minimize differences in personalities is to keep the deal flow managed by a specialized trained Restaurant Broker. When Restaurant Sellers and Buyers communicate directly without a skilled Restaurant Broker, a deal can crumble quickly”.
EATS Restaurant Brokers 7 Tips for a Successful Seller and Buyer meeting.
- Buyer and seller should both have face masks on, even if social distancing is done.
- Walk around the restaurant to get the seller talking and to get the buyer more comfortable. Great way to break the ice between parties.
- We recommended starting with the back of the house (BOH) to show the kitchen area and cooking equipment. This task can range in time depending on the size of the restaurant and restaurant owner explaining items.
- Sit down for a meeting- This is a great time to introduce each party to start talking about why one party wants to sell and the buying party to explain the interest in buying.
- The sit-down meeting allows the buyer to ask questions about the restaurant operations, restaurant equipment, lease, employees, financials, and willingness to negotiate on price.
- Restaurant sellers should be prepared to explain the Cost of Goods (COGS), Labor, Sales, and potential to increase sales.
- Buyer should review financials before meeting with the seller. The buyer should come to the meeting with prepared questions to ask the seller.
- Follow-up questions after the meeting should be directed to Restaurant Broker to share with the seller.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com.
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Restaurant Resales are HOT right now
Restaurant Resales are HOT regarding buyer’s demand as restaurant sale prices jump 34% in 2021 compared to 2020. BizBuySell’s Insight Report just released its report for Quarter 2 of 2021. Restaurant resale numbers are showing very promising growth and buyer interest. Restaurant resales headline growth as the buyer market seeks reopening opportunities.
Now with restrictions lifted across most industries, buyers are turning to restaurant acquisitions. Restaurants, specifically, was a sector that was drastically affected by the shutdown is coming back strong. While transactions are up 38% over the same time last year at the height of pandemic lockdowns, they are still 16% below Q2 2019 pre-pandemic levels leaving further room for recovery, according to BizBuySell Insight Report.
The restaurant for sale sector sees growth, with restaurant acquisitions up 17% in the second quarter of 2021. In addition to the bounce back in transactions, sale prices increased 34% versus Q1, tied to a 20% increase in median cash flow, according to BizBuySell Insight Report.
Dominique Maddox of EATS Restaurant Brokers says, “Labor Shortage, former employees seeking independence, and restaurant owners seeking retirement are increasing the number of restaurant acquisitions on the market.”
Restaurant Sellers and Restaurant Brokers will be happy to know that restaurants for sale during quarter two of 2021 had 190 median days on the market compared to 219 days quarter two of 2019. This data shows that restaurants are popular when it comes to buyer demand.
Dine-in establishments are expected to increase in market value as restaurant restrictions are lifted in most states. They are at the same time experiencing pressure for the labor shortage. A majority of restaurants have made tough decisions that have included reducing operating hours, closing for days, or going out of business.
The business-for-sale market continued to make gains in the second quarter of 2021, with closed transactions up 5% over the previous quarter. For bargain hunters, this may signal a closing window of the great opportunities made available a year ago, according to BizBuySell’s Insight Report.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com.
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How to validate For Sale by Owner sales numbers
How to validate a For Sale by Owner sales numbers can be a challenge for buyers. A For Sale by Owner listing is a person that decided instead of hiring a Restaurant Broker; chose to represent themselves.
People decide to represent themselves as a For Sale by Owner for several reasons: they don’t want to pay a commission, think the restaurant sales process is simple, and lastly, the clueless restaurant owner that educates themselves on Google.
EATS Restaurant Brokers provides 3 Ways to validate For Sale by Owner sales numbers:
1st-Request a copy of Sales Tax Filings–This represents the gross sales amount the restaurant owner reported to the state government. Restaurant owners who keep accurate books and records pay the correct amount owed for sales tax.
Independent-owned restaurants have many restaurant owners who do not report the correct amount of gross sales to reduce their sales tax bill. Restaurant buyers should only look at the amount reported to State Government.
Sales Tax filings amount can fluctuate from state to state. The statewide sales tax rate is 4% in Georgia, but local rates typically vary from 7-8% (4% for state, plus an additional 3 or 4% for local).
2nd-Request a copy of Tax Returns filed with the IRS, confirm tax returns are the correct ones reported to state government. Tax Returns provide vital information regarding the Gross sales and net profit of a restaurant.
Dominique Maddox, a Restaurant Broker for EATS Restaurant Brokers, says, “I would recommend requesting a Request for Transcript of Tax Return(Form 4506-T) form. Filing this documentation allows the buyer or bank to request tax returns directly from the IRS.
I have experienced instances were the tax returns provided to the buyer did not match the tax returns the IRS had on file”.
3rd-Request a copy of the POS Sales report– The POS Sales report can help buyers understand and simplify the restaurant sales breakdown.
4th- Count the number of customers during peak hours– This is the least recommended method for confirming a For Sale by Owner’s financial numbers. Some buyers like to visit and sit around for a while to monitor the customer traffic count and buying habits.
EATS Restaurant Brokers Tips when buying a restaurant from a For Sale by Owner:
- Inspect the equipment during the due diligence period. Confirm that the restaurant owner owns the equipment and is not leasing it or the landlord owns it.
- Make sure the closing attorney does a UCC lien search days before the closing.
- Ask Restaurant Seller to provide a Sales Tax Clearance Letter before closing.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com.
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EATS Restaurant Brokers Checklist for Selling a Restaurant
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 Restaurant Brokers 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 Restaurant Brokers 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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com.
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EATS Restaurant Brokers sell Papa’s Pizza to GO Franchise
Dominique Maddox of EATS Restaurant Brokers sell Papa’s Pizza To Go located in Crawford, GA. EATS Restaurant Brokers represented the seller and buyer. The seller will enjoy retirement after over 20 years of restaurant ownership.
The business experienced some troubles of staying open last year and this year due to various reasons. The residents of Crawford were worried this location would not open back up. This pizza franchise has been part of the county for over 30 years.
The new owner Dan is excited about the opportunity to keep the legacy of this location going. Dan is now a multi-unit franchise owner of Papa’s Pizza To Go.
Dominique says, “to help restaurant owners that needed to sell due to health and personal reasons and to find a buyer that is excited about the opportunity, this is why I love being a Restaurant Broker. This is the second Papa’s Pizza To Go franchise I have sold, and I’m truly thankful for their corporate team giving us an opportunity”.
In January of 1986, a small-town man and his business partner opened the very first Papa’s Pizza To Go in a small, closet-sized mobile unit in a vacant lot in McCaysville, GA.
Papa’s Pizza To Go was created with “small town USA” in mind and the mantra “think small, grow big” by offering a diverse menu to keep people coming back for more and locally focused marketing to allow restaurant owners to get to know their customers.
Papa’s Pizza To Go locations are in small towns with populations from 3,000 to 6,000 and focused all aspects of the restaurant to the pace of small-town life.
For over two decades of success, Papa’s Pizza To Go has remained committed to serving customers with an expansive menu to satisfy all appetites at a reasonable price with restaurants in Georgia, North Carolina, Tennessee, and Alabama.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com
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How to qualify for a SBA loan
What is essential for underwriting SBA loans, and how to qualify for a SBA loan? EATS Restaurant Brokers receive this question often when talking with restaurant buyers.
Qualifying for SBA loans has multiple vital factors to consider; we will cover the critical points in this blog.
The process to qualify for SBA loans has changed and evolved since the pandemic began. In today’s post-Covid environment, securing financing for RV parks and campgrounds is more easily approved, while fitness centers and restaurants are challenging.
When providing restaurant valuations for restaurant owners, EATS Restaurant Brokers always let them know, based on their financials, if the restaurant will get approved for SBA lending. Dealing with the buyers to get qualified for lending is a much different story.
Dominique Maddox, a Restaurant Resale Specialist, states, “selling franchise restaurants with SBA loans today has far less failure rate than independently owned restaurants. Established franchise restaurant brands give buyers better odds to qualify for bank lending.
Franchise Restaurants for sale have systems, brand awareness, training, Financial Disclosure Document (FDD), and they are proven to have success”.
Selling a restaurant? Here are the 5 Key Factors for Buyers to get qualified for SBA lending:
1. Background
Underwriters are always curious about a buyer’s background. They want to know about the previous work experience and education that could help a buyer be successful. Previous or current ownership and management experience is a huge plus.
If a buyer does not have restaurant experience, then underwriters will consider what current or previous experience they have to help them be successful? The buyer might have a background in sales, marketing, management that can be very useful in their new role.
2. Credit Score and Debt-to-Income ratio
To be safe, a restaurant buyer should have a credit score of over 700. Yes, lower credit scores get approved, but sometimes the lender will ask for additional supporting documentation.
A debt-to-income ratio is derived by dividing the monthly debt payments by the monthly gross income. The ratio is expressed as a percentage, and lenders use it to determine how well a borrower manages monthly debts — and if a borrower can afford to repay a loan.
3. Skin in the Game
Today’s lender will ask for a range from 10%-30% down depending on the borrower and situation. Bank wants to make sure the borrower has skin in the game. EATS Restaurant Brokers recommends that buyers have at least 20% down or do not consider lending.
In some cases, the SBA lender will require the seller to carry a seller financing note up to 10%, so everyone has skin in the game, and the buyers have to bring less to the closing table.
4. Collateral
Besides money down, the SBA lenders want some collateral attached to the loan. Collateral will not always be requested for loans under $350,000. Collateral can be described as something pledged as security for repayment of a loan, to be forfeited in a default.
Disclaimer-if a borrower has a house that is free and clear of payments and wants a loan, typically, the bank will use the personal home as collateral.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com
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Selling a Restaurant: What Documentation is needed?
When selling a restaurant, what documentation is needed from the seller? The answer is simple it depends on what type of sales transaction. Trained Restaurant Brokers use two methods when providing a Restaurant Valuation to a seller.
The most profitable and best way to sell a restaurant is based on past Profit and Loss Statements and Tax Returns. If these documentations are not available, the restaurant should be priced as an Asset Sale, meaning pennies on the dollar for the equipment and build-out.
EATS Restaurant Brokers breaks down the essential documentation needed for both types of transactions. We list the documentation that is provided during the due diligence period for the buyer:
Selling a Restaurant Business Based on Tax Returns and Profit and Loss Statements:
– Tax Returns for the past three years
– Profit and Loss Statements for past three years
– Copy of Lease and all amendments
– Sales Tax Clearance Letter
– POS Sales Report
– Bank Statements (sometimes)
– Balance Sheet
– Copy of Franchise Royalty Report
– Equipment List (only items owned by the seller)
– Franchise Agreement
– Sales Tax History
Selling a Restaurant priced as an Asset Sale:
– Sales Tax Clearance Letter
– Copy of Lease and all amendments
– Equipment List
– Limited Profit and Loss information
– Sales Tax History (sometimes)
– Bank Statements (sometimes)
Providing documentation for a successful and profitable business net the seller the highest asking price, can qualify for a restaurant for bank lending and attracts more buyers. Asset Sale is harder to sell and makes the Restaurant Broker work for their commission.
Asset Sale can be a challenging sale because you sell the opportunity or potential to a new buyer. You can tell when a restaurant is listed as an Asset Sale because Cash Flow and EBITDA will be low or nonexistent.
EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of a restaurant’s overall financial performance.
Dominique Maddox of EATS Restaurant Brokers says, “selling a restaurant business has two phases for a restaurant owner. First providing the documents needed for a valuation. Second, providing more detailed supporting documentation during the buyer’s due diligence period”.
Some restaurant owners can be frustrated and think they provided enough financial information during the valuation phase for buyers to confirm their numbers. This thinking is usually incorrect, and most buyers will ask and want to see more additional supporting documentation before arriving at the closing table.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com
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Why You Can’t Sell Your Sell Restaurant?
Have you ever wondered why you can’t sell your restaurant? It’s a fact only about 30%-40% of restaurants for sale listed under 1 million dollars will transfer to new buyers via a sales transaction.
Buying an existing restaurant for sale can be a quick approach to become a restaurant owner. This approach eliminates some of the difficulties of starting a new restaurant.
Today restaurant for sale market is unique and selective compared to the number of restaurant listings for sale last year before the Covid pandemic. Some states have seen the number of restaurant listings for sale decreased by 20%-40% or more.
Unlike the residential market, where it’s a seller’s market, it’s a buyer’s market in the restaurant brokerage industry. The number of buyers in the market looking for restaurants for sale far outnumbers the number of sellers willing or able to sell.
There is an old saying In the Restaurant Brokerage Industry of “there are no bad restaurant listings for sale; they are just not priced correctly.”
Selling a restaurant can be a process that takes 6-9 months before a transaction is complete. Most Business Brokers or Restaurant Brokers require listing agreements of 6-12 months.
There are several reasons why a restaurant doesn’t sell;
EATS Restaurant Brokers has created a list of the most commons reasons:
1. Overpriced Listing– This is the obvious way to keep a restaurant from selling. It’s an emotional challenge for restaurant owners to put a monetary value on their restaurant. The value should be based on the Tax Returns or priced as an Asset Sale.
2. Bad Books and Records– The Tax Returns and Profit and Loss statements tell the story about a restaurant’s financial success or failures. The majority of buyers are only interested in verifiable sales numbers.
Restaurant Owners leave a lot of money on the table when they manipulate their books and records to pay the IRS less in taxes. This approach hurts when it’s time to sell the restaurant and impress the buyers.
3. Lease Terms– In some cases, the lease terms can make the restaurant more attractive or less attractive to new buyers. A majority of restaurants for sale under 1 million dollars will involve a lease assignment or transfer. This means the landlord will approve the new tenant, and they will be responsible for the lease terms agreed upon by the restaurant seller.
EATS Restaurant Brokers provides-ISSUES TO CONSIDER WHEN EVALUATING A LEASE
Commercial leases can have various rent structures that can make it challenging for a restaurant owner to sell a restaurant.
-Rent Structure- can range from a Net Lease, Single Net Lease, Double Net Lease, or Triple Net Lease (NNN Lease. Landlords can also add verbiage for a percentage of sales.
-Yearly Increases
-Stipulations on Lease
-Lack of Option Years
-Landlord Financial Requirements
-Common Area Maintenance(CAMS) yearly increases.
-Landlord owns the equipment
4.Seller unrealistic with listing– Today’s restaurant sellers have to be realistic when it comes to the resale market. Some restaurant owners expect their restaurant to be sold in a month. Some restaurant owners want to price their restaurant at 4x-5x earnings.
Today’s restaurant owners that want to sell have to be willing to negotiate and be flexible.
5. Lack of Financing-All restaurants for sale do not qualify for bank lending, and a majority of buyers can’t pay a 100% cash price.
It’s a known fact that restaurant owners that offer owner financing get a higher asking price from a buyer. This option does come with a certain amount of risk for a restaurant owner, but it does allow more buyers to qualify financially.
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 sales@eatsbrokers.com. Visit our website at www.EATSbrokers.com.
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How do you write a letter of intent for a lease
How do you write a letter of intent for a lease is a struggle for inexperienced brokers representing clients or unrepresented potential tenants? Once a potential tenant finds a commercial lease space, the process to negotiate with the landlord begins.
A letter of intent (LOI) is a document declaring one party’s preliminary commitment to do business with another. The letter outlines the key points of a deal that will be negotiated between all parties involved.
LOIs are useful when two parties, usually landlord and potential tenant, work together to hammer out the broad strokes before resolving the finer points.
Letter of Intents can be drafted and presented by either party. The receiving party can accept the terms or redline and revise the words to send back to the original sender.
Key Points on a Letter of Intent Include:
- Tenant Improvement Allowance (TI)
- Rent Abatement
- Personal Guaranty
- Rent structure
- Term of Lease
- Options to extend
- Permitted Use/Exclusive Use
- Rent Commencement Date
- Landlords Delivery Condition
- Lease Assignment Rights
- Security Deposit
- Advanced Rent
- Repairs and Maintenance
- Brokerage Disclosure and Commission
Dominique Maddox, a Restaurant Broker and Founder of EATS Restaurant Brokers says, “the letter of intent is an essential part for a potential tenant to address all concerning issues before signing a new lease.
Landlords pay lawyers to draft leases that protect all their concerns. In this business, I always say the landlord is not your friend. Potential tenants need to have a professional on your side when negotiating the lease”.
EATS Restaurant Brokers suggest hiring a professional Business Broker or Restaurant Broker to review the following items on a Letter of Intent (LOI):
- Personal Guarantees- how long will the tenant be a personal guarantor.
- Exclusivity-does the tenant have any protection from incoming tenants competing with their cuisine.
- Covenants, POA rules, and regulations
- Zoning issues
- Subordination
- SBA leases
- Renewals- Provides information on renewals and rates.
- Non-Disturbance
- Dispute resolution
The detailed information to consider when evaluating a new lease can be overwhelming to an inexperienced restauranteur or real estate professional. Most landlords hire property management companies to negotiate new leases. These hired professionals’ job is to get the landlord the best deal possible.
To all potential tenants, remember when you call the “For Lease” sign on a vacant restaurant space, you are letting the landlord know you are representing yourself in lease negotiations.
For more information on restaurant leasing and other available consulting services or restaurant valuations, contact Dominique Maddox at 404-993-4448 or by email at sales@eatsbrokers.com.
Visit our website at www.EATSbrokers.com
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Day in a Restaurant Broker’s Life
What does a Restaurant Broker actually do daily? Dominique Maddox, Founder and President of EATS Restaurant Brokers share his thoughts about the Day in a Restaurant Broker’s life.
I wrote a blog last year about my daily activities by the minute as a Restaurant Broker that received great interest and replies. I have decided to start a series of blogs about some of my most exciting days as a Restaurant Broker. This blog covers a day where I drove 900 miles round trip in a day to visit four potential restaurant listings and two restaurant owners.
I was super excited about the potential to get four restaurant listings, and one of the restaurant owners operated three locations. My Day was planned out the night before with an 11am face to face listing appointment in Jasper County in South Carolina.
After my 11am scheduled appointment, I was scheduled to meet the restaurant operator of three locations in Florence County, SC, at any time because he would be working that day. His restaurants were located in three different cities. My strategy was to visit all his locations before I met with him in Florence County.
Let’s see how this goes:
4:00 am – Wake up and put on a pot of coffee, and drink water. Review my Cash Scoreboard with my to-do list for the Day. Add any items that come to mind.
4:15 am- 4:30 am – Pack snacks, candy, and energy shots for the day trip. Kiss my wife good-bye, say a quick prayer, and I’m in my car on the way to Sumter County, SC.
4:30 am- 4:45 am- I drive my wife’s car on my long road trips to visit customers. As usual, when I take my wife’s car, her gas is empty, so before I can really start my road trip, I stop for gas. The 1st restaurant location is 290 miles away from my home.
7:45 am – 8:00am- First stop of the Day to refuel the gas, respond to customers’ emails, stretch, and grab some Bojangles for breakfast.
8:30 am- Arrive at 1st restaurant location. I take notes about the restaurant’s appearance related to street visibility, the shopping center’s condition, lease vacant spaces, and other tenants in a shopping center. The restaurant is not open, so I can only look thru the window.
8:45 am- Jump back in the car to make my way towards my 11am scheduled face-to-face meeting with a restaurant owner located 145 miles away.
10:45 am- I arrive early in the surrounding area to drive around to have a better feel for the location. I take notes on the surrounding competition, businesses, residential properties, and the appearance from the outside.
11:00 am – 12:00 pm- Meet with the single unit owner. They would like to sell to relocate outside of the state. I educate them on the current restaurant resale market, provide a restaurant price valuation, and review the lease.
12:15 pm- Respond to buyer inquiries from my car, finalize my notes from my meeting, and input location three in the Waze App. I’m headed to the 2nd restaurant of three owned by the restaurant operator in Florence County, located 165 miles away.
2:45 pm – I arrive at the restaurant, and instantly I’m impressed with the beautifully built restaurant with a drive-thru. I was impressed with the street visibility and design of the restaurant. It was a fantastic improvement from the seller’s first location in Sumter County.
3:00 pm- I take a couple pictures of the restaurant building, outdoor signage, patio space, and drive-thru window. Finalize my notes from my car and head towards the face-to-face meeting with Restaurant Owner 2; the location is 25 miles away.
3:30 pm- I arrive at destination number four. During my ride, I was thinking about the difference between the owner’s two locations. I thought about the Pros and Cons of both places. I was ready for my face-to-face meeting. By this point, I had driven 625 miles in the Day.
3:45 pm – I walk-in a restaurant, and instantly, I’m impressed with the restaurant’s layout, bar area, and stand-alone building. I ask for the owner, grab a menu and take a seat.
The management team lets me know he is not there. I sit down and look at the menu order food. My food arrives, and it’s delicious, but the owner has not arrived yet.
4:15 pm – I start to get nervous, and doubt starts to kick in. I made the cardinal sales professional mistake; I didn’t confirm the scheduled meeting the night before with the owner. I sent a text and get no response.
4:30 pm- Management team members come over and let me know the restaurant owner will not make the meeting.
4:45pm – Disappointed, I get back in my car and start my journey home, located 300 miles away.
5:15pm – The Owner calls to apologize for missing the scheduled meeting. We talk on the phone for about 30 minutes (I have Bluetooth). He agrees to send his Profit and Loss statements to me via email to provide him a restaurant valuation for all three of his restaurants.
9:15 pm- I finally arrive at home after driving over 900 miles. I was mentally tired, my body ached, and my stomach was empty. I was lucky because my wife had dinner ready.
I returned home with zero signed listing agreements. Most would think my trip was unsuccessful, but I feel different.
I was able to show my potential listing clients I will go the extra mile to provide exceptional customer service. I was trying to show Restaurant Owner 2 that I’m not a Broker that will just sit in an office and rarely visit clients at their restaurants,
EATS Restaurant Brokers commits to visiting potential clients within a 300-400 miles radius if needed to get a deal done. We can sell restaurants in Tennessee, South Carolina, North Carolina, Alabama, Texas, Kentucky, Missouri, Louisiana, Virginia and Georgia.
Thinking about selling a restaurant contact EATS Restaurant Brokers. 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@eatsbrokers.com.
Visit our website at www.EATSbrokers.com
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