How to Sell Your Restaurant Fast With a Restaurant Broker
Almost all restaurant owners selling their business will want to sell faster rather than enduring a long protracted time on the market. Insider Tip: The industry average for time on the market is eight months to sell from the time of listing.
Insider Tip 2: Only 3 out of 10 Restaurant owners trying to sell their business thrive. This article features the advantages of working with Jim Pate of Restaurant Realty Company and obtaining better results in selling your restaurant business or real estate using our resources, relationships, and proven marketing system.
The Price is Right ( come on down)
Only the market can truly determine what a business is worth, not your friends and family, attorney, or Bookkeeper. Let’s get you our Brokers Opinion of Value establishing a defendable selling price for your business. This step is mission-critical to selling your business promptly
Sellers discretionary earnings ( Add Backs ) how we determine the selling price best for the market
- Need three years of tax returns
- P&L’s and year to date numbers for the current year
- Terms of the sale
SBA financing this is mission critical to selling your restaurant fast we will try and get multiple Banks to offer SBA pre-qualification letter and market your business to a much larger buyer pool at 10 percent down and longer terms to repay
Packaging your Business for sale
We need a copy of your lease so we can see if any Landlord Gotchas will make it harder or longer to sell and negotiate on your behalf a new lease assignment
- Take great pictures of your establishment without giving away your identity
- We have a listing profile prepared to collect all the items we need to prepare your listing caption, description of your business, vital information
- We also provide you an Equipment List Sheet for you to fill out. This will become apart of the buyers package
- Get all your Books and records together so a buyer can determine the value of your business and understand the actual cash flow.
This is also indispensable to selling your business faster. The sooner a potential buyer can believe your numbers are a good investment the sooner they will sign off and move forward. Making sure you make your business look as good as possible so when buyers take a tour they are not distracted from the value
- Our website RestaurantRealty.com is visited by hundreds of thousands of prospective buyers annually. You can easily find us on all major search engines including Google, Bing, Yahoo, and more as we make a major financial commitment to maintain top positions on these major search engines so buyers can easily be directed to our listings.
- Our clients business profile are listed on 13 partner platforms for businesses and real estate for sale, including: BizBuySell, BizBen, BizQuest, Restaurants For Sale Online, BusinessesForSale, Business For Sale Exchange, BusinessMart, BuyBusiness, BusinessBroker, GlobalBX, LoopNet and Business For Sale Network.
- WEEKLY BLAST EMAIL E-NEWSLETTER– Over 60,000 registered buyers receive a weekly blast email featuring our new, price reduced and featured listings as well as featuring recent done deals
- SOCIAL MEDIA MARKETING – Being active in the social media world is very important in today’s business transaction environment. It is a vital business networking tool when marketing businesses. Over 10,000 restauranteurs have connected with us on Linkedin. With over 10,000 fans on Facebook and active Pay-Per-Click advertising campaigns reaching hundreds of thousands of interested buyers, we offer a solid digital marketing campaign to compliment the sale of your restaurant, bar or club.
- SEARCH ENGINE OPTIMIZATION (SEO) – Restaurant Realty invests heavily in both onsite website optimization and off-site search engine optimization ensuring that both active listings, our services and brand are front and center for potential buyers (and sellers). We believe that good SEO helps bring buyers organically to our website and has greatly helped support Restaurant Realty being a strong market leader.
- PUBLIC RELATIONS & MEDIA – In addition to marketing, we get media coverage because of our experience and expertise. We have been written about and have been published in major publications including, but not limited to, the following:
- Magazines – Forbes, INC., QSR, Bon Appetit, Restaurant News, Restaurant Business & Restaurant Hospitality;
- Newspapers – Wall Street Journal, New York Times, San Francisco Business Times, North Bay Business Times, San Francisco Chronicle, San Francisco Examiner and San Jose Mercury.
- SPECIALIZED MARKETING – We frequently develop specialized marketing campaigns which allow us to contact potential buyers online, via social media, via print media, direct mail, email and phone. At times we do specialized mailings to potential buyers throughout California, targeted direct email campaigns and advertise in niche market publications.
- PARTICIPATION IN INDUSTRY EVENTS – To maximize our exposure in the industry we participate in various conferences and events throughout the year. We are sponsors as well as program participants in the Golden Gate Restaurant Association Annual Conference. We participate as an exhibitor at The Western Regional Foodservice Show sponsored by the California Restaurant Association at the Los Angeles Convention Center which draws thousands of restaurant owners, buyers and sellers. We participated in the Restaurant Finance and Development Conference in Las Vegas which drew over 3,000 restaurant owners, lenders and developers.
- We list your business for sale as a confidential listing. When someone gets In touch with our office concerning your listing we vet them for financial wherewithal, and operational experience. We then have them fill out an NDA
- After a potential buyer signs a NDA the office gives me their contact information and I contact the potential buyer(s) If they pass all the screening we proceed to the next step.
- We set up a behind the scenes tour with the owner
- When a buyer Is ready to make an offer on the business we prepare a purchase agreement and send to the buyer and seller via docusign. If the offer is accepted we set up a escrow. number and ask for a ernest money to be wired into the escrow account
- Once an agreement is reached we then get signed disclosures from both buyers and sellers
Escrow and closing
- We oversee the deal in escrow to make sure both buyer and seller are on track
- We provide a closing checklist to the buyer and seller to keep everyone on the same page and provide a smooth transition for both parties at closing.
- Due diligence Is done by the buyer and when the buyer Is satisfied they are good with the buying the business we remove contingencies and begin the bulk sale process to transfer the business
Closing Key Take-awaysTo Sell your Restaurant faster
- You need to be priced right for the market
- You need good financing (SBA) available
- You need good books and records
Working with a restaurant broker will give you the best chance to sell your restaurant business
Work with an industry leader : Jim Pate of Restaurant Realty Company California's Largest Restaurant Brokerage Specializing in Sales, Acquisitions & Leasing of Restaurants, Bars, Clubs & Related Commercial Buildings
- You Get immediate exposure to our database of over 60 thousand registered buyers
- Extensive Marketing know how and connections to sell your business
- Over 1,500 Restaurants, Bars, Clubs & Related Commercial Buildings Sold
- Over 2.6 Million Square Feet of Commercial Space Leased
- Over 4,500 Restaurant Valuations Completed Since 1996
Let’s Work Together
Book a call get a free consultation Save TIME and MONEY
Request a FREE Broker’s Opinion of Value and see what the current market value of your restaurant Is