What does a Restaurant Broker actually do daily? Dominique Maddox Founder and President of EATS Broker shares his thoughts about the Day in the life of a Restaurant Broker.
Restaurant Brokerage is like a BIG secret fraternity where there is limited membership allowed. A large number of people don’t know the responsibilities or tasks a Restaurant Broker has daily. I decided to track my activities on 9/11/2020 in a writing log.
5:15 am – Wake up and put on the 1st 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.
6:00 am- Arrive at the gym and go beast mode to get ready for the day.
7:15 am- Review closing documents, send reminder emails to buyers and sellers. Send wiring instructions to the closing attorney for all parties.
7:45 am – On the road to take pictures of a restaurant I recently listed for sale. I must arrive before the back of the house staff arrives so they will not be suspicious.
9:00 am- Conduct a conference call between a buyer and seller to discuss add-backs on the Profit and Loss statements, and why the POS sales number are different than Sales Tax Filings numbers.
9:30 am-Start responding to emails in my inbox and following up with the To-Do list for the day.
9:45 am – Call a landlord to discuss the lease assignment for the new tenant. Let the landlord know franchise training will be for 4 weeks, we should be able to close mid-October.
10:00 am -Follow up with a closing attorney that $10,000 buyer escrow has arrived
10:15 am – Review my CASH Report and touch all my pending deals. Start cold-calling for new restaurant seller leads.
11:00 am- Receive a call from a financially qualified candidate. The buyer needs help in understanding the price valuation of the restaurant. The buyer does not understand the definition of add-backs for a price valuation.
11:30 am- Send a potential seller lead a complimentary restaurant valuation. Seller sent a copy of a 2018, 2019, 2020 Profit and Loss statements for review 48 hours earlier.
12:00 am- Receive a call from closing attorney wire disbursements that have been made. I contact all parties expecting a payment to let them know to check their bank accounts for the deposit.
12:00-12:45pm- Mental break. Listen to some R&B, Jazz, and watch some ESPN or stock market show.
12:47-1:05pm- Conversation with a current seller client about buyer activity on his listing.
1:15pm- Receive email from the buyer that requests to see back of the house for a listing I’m advertising for sale. I call the buyer and they don’t want to sign a non-disclosure or show proof of funds.
1:40 pm- Follow up with Hungry Howie’s buyer to get some feedback on how the 4-week training is going.
2:05 pm- An interested buyer requests a copy of our Asset Purchase Agreement to review with the intent to make a formal offer. I draft the Agreement and sent it for review.
2:35 pm – Schedule a meeting between interested buyer and seller at the restaurant for Saturday morning.
2:50pm- Follow up with Papa’s Pizza To Go Area Representative to discuss the training schedule for the approved candidate.
3:10 pm – Review language in a 50-page lease to find out the option renewals, lease expiration date, security deposit, and any prohibited uses.
3:25 pm- Receive a referral from a Financial Advisor. His client has 3 sub sandwich franchises that he wants to sell and is interviewing Restaurant Brokers.
3:27 pm -Followed up with the lead and had a conversation with potential seller lead with 3 sub sandwich franchises.
3:50 pm- Request updated 2020 Profit and Loss statements from all seller clients, to provide buyers with updated numbers.
4:10 pm – Assist buyers with a business plan and give feedback for improvement.
4:25 pm- Read restaurant news related blogs, articles, and restaurant news updates
4:37 pm- Have a conversation with the seller that wants to increase the sales price because they need more money at the closing table.
4:50pm- Send website improvements for www.EATSbroker.com to the website designer to make changes
5:10 pm – Work on restaurant valuation for a potential client
6:15 pm – Conversation with Amaya about Dinner
6:45pm- Online looking for new seller leads and responding to any missed emails.
7:15pm – Start writing a new blog
Restaurant Brokerage is a contact sport, brokers that are uncomfortable with multi-tasking, a challenging career, or demanding clients will not be successful. The life of a Restaurant Broker is to be a Subject Matter Expert in the Restaurant Brokerage Industry.
EATS Restaurant Brokers was formed to bring a new flavor to the Restaurant Brokerage Industry!
Thinking about selling or buying a restaurant contact EATS Broker. 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 [email protected]. Visit our website at www.EATSbroker.com
