Finding a detailed Checklist for Selling a Restaurant can be challenging for a Restaurant Owner, Buyer, or for sale by owner listing. Selling a restaurant that is a non-franchise concept usually does not involve a closing checklist. Franchise Restaurant Resales will have a different closing process because Restaurant Franchisors have their own version of a Checklist for Selling a Restaurant.
Dallas Restaurant Broker Dominique Maddox of EATS Broker emphasizes, “The smallest details are crucial when selling a restaurant. The complexity of the selling process can take aback inexperienced parties.” The resale transfer process underscores the need for a comprehensive checklist”.
The Due Diligence period is when a buyer will request a number of documents besides tax returns and profit and loss statements. The restaurant owner should be prepared to provide the requested documentation.
The Restaurant Business Broker at EATS Broker provides a checklist for a selling restaurant, including the items besides the financial information that may be required:
Selling a Restaurant (Non-Franchise)
Equipment List-only items owned by the seller
Copy of Recipes and manuals
Copy of Lease and all amendments
Assignment Fee for lease
The Utility Provider’s 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
Restaurant Franchise Brokers recommend having the following documents or information ready to sell a restaurant that is a Franchise concept.
Upgrade cost for restaurant
Transfer Fee for franchise
Assignment Fee for Lease
Franchise Disclosure Document (FDD)
Franchise Agreement years remaining
Required training for a new franchisee
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 Fee
The average American who makes some of the most significant purchases will have a checklist with tasks, items to collect, and a roadmap to the finish line. A checklist is essential when selling a restaurant.
Restaurant Business Brokers play a crucial role in the selling process. They recommend using a checklist to ensure a smooth closing. Their expertise can guide you through the necessary steps and items to collect.
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
