Why use a Restaurant Broker when selling a restaurant is a good question. Could you save on a commission and market your restaurant For Sale by Owner? Yes, but the reality about selling a restaurant is that only about 30%-40% of restaurants listed for sale will sell, and only about 2%-5% of the buyers looking for restaurants will buy.
A Restaurant Broker specializes in reselling independent-owned restaurants and franchise resales. Daily Restaurant Brokers analyze profit and loss statements, view POS sales reports, review commercial leases, analyze Sales Tax Filings and provide Restaurant Valuations.
Dallas Restaurant Broker Dominique Maddox says, “ I have a competitive edge compared to other Business Brokers because I only sell restaurants. I’m a Restaurant Resale Specialist in providing accurate restaurant valuations and selling them”.
Why should restaurant owners want to work with a professional full-time Restaurant Broker?
EATS Broker provides 3 Reasons to use a Restaurant Broker:
1. Restaurant owners are good at operating a restaurant but usually not good at selling a restaurant.
-Restaurant Brokers are trained negotiators – the best Restaurant Brokers are deal makers that ensure both parties get to the closing table. Finding a buyer can be the easiest part of the transaction, and bringing that same buyer to the finish line can be complicated.
-Restaurant Brokers are similar to Quarterbacks in football. A Restaurant Broker needs to know what all the parties all doing to help the deal get to the closing table, and they will correspond with the following parties throughout the process.
- Landlord
- Bank if lending required
- Closing Attorney
- Buyer
- Seller
- Buyer’s lawyer/attorney
- Seller’s lawyer/attorney
- Buyer’s CPA/accountant
- Franchisor
- Franchise Business Consultant
2. Restaurant Brokers have professional vendors to help deals get closed.
-An experience Restaurant Broker should be able to provide Restaurant Sellers with vendors to help close the deal. Restaurant Brokers will usually keep a list of the following vendors for clients
- Bank Lending Contacts
- Closing Attorney
- Escrow Companies
- 401K Providers to liquidate funds for the purchase
- Equipment Inspector
- E-2 Visa providers
3. Restaurant Broker understand the Franchise Approval Process
–EATS Broker Founder Dominique Maddox is a Certified Franchise Executive (CFE)
-Restaurant Brokers can help with the franchise approval. EATS Broker educates buyers about the following items when selling a franchise resale:
-Required Training Time
-Training Location
-Transfer fee
-Expectations for Discover Day
-Remaining years of Franchise Agreement
Ready to have a Restaurant Broker work for you? We can help.
EATS Broker is available to provide a free, confidential restaurant valuations for all restaurant owners thinking about selling a restaurant.
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
