Jim and his Team can Help
Buying a restaurant has many moving parts.
You don't have to figure this out by yourself. Jim Pate has resources and relationships that can help things go smoother. Best of all, Jim doesn't charge any upfront fees to get started. If you find a restaurant opportunity, we can help. We operate on a 100 percent success fee usually paid by the seller in the transaction.
1. Register as a Buyer
The Starting Point
When you’re buying a business, one of the best moves you can make is to find a restaurant broker that understands your circumstances and with whom you feel comfortable.
When you have a broker that you can trust, it will allow you to move through the process with ease. The first step to buying a business is to register as a restaurant buyer on our website. Once you fill out the buyer’s form, we’ll best know how to match you with the opportunity that is the best fit for your needs and preferences.
2. Link up with us
so you don’t miss anything….
3. SBA /Partner & 401k Financing
We regularly help our clients with SBA and 401k financing. Once we begin working together, we can be on the lookout for great deals that are backed by a 10 percent down SBA loan. If you’re looking to prequalify, we are happy to introduce you to one of our many SBA partners. This part of the process is highly informative, as it will give you insight into the kinds of deals that are possible. Get on our calendar and let’s discuss this process with you. Fill out the form if you are interested in SBA or 401k financing options and we will get you pre qualified with one of our resource partners. This is often a game changer
Don't wait! Let's do it together!
Fill out our SBA/Partner form and we will get you pre-qualified with one of our SBA resource partners. This will open up more opportunities
4.Engage us to Represent You
Once you have selected a business you’d like to buy
We will ask that you sign a buyer representation agreement with us for that deal so we can work on your behalf. Most of the time the fee for our services are paid by the seller during the close of escrow.
We can help with your Letter of Intent. A LOI is a non-binding document that sets off the initial negotiations and moves the transaction along. Not only can we make offers on your behalf, but also, we can help throughout the negotiation process. Our relationships and resources that can make you money and set you up for success.
5. Buyer Negotiation / LOI
The Fun Begins:
Once you have located the ideal opportunity , the negotiation stage begins. At this point, you can expect to conduct due diligence before making an offer. As soon as we are in the position to make an offer, we will present to a Letter of Intent or Indication of Interest on your behalf to the Seller.
These documents will present the basic deal points; they are important to the process because they get the offer on the table and ensure that the buyer and seller agree on the general terms of the deal. At this point, we will advise you on what terms to negotiate at this stage of the deal. Our goal is to protect your best interests, while ensuring you only spend time and energy focusing on moving forward to a successful close.
6. Purchase Agreement
The next stage of the process is quite essential, and that is arriving at a Purchase Agreement that has been properly negotiated and agreed upon by both parties. This document will cover the terms of the sale, which include but are not limited to:
Typically, an experienced attorney will be involved in reviewing this document. If you do not have an attorney familiar with this type of contract and negotiations, we can offer suggestions for trusted professionals. While this stage can often present roadblocks, Jim Pate and his team ensure that things move steadily forward and any issues are minimized and resolved.
7. Due Diligence
They say every deal dies three times before its done!
We have a proven track record of helping clients navigate the due diligence process, which occurs throughout the sales process. The amount of due diligence that you can expect will vary depending on the deal. We will manage the requests for items, which can include everything from facility tours to equipment and supply lists to P&L statements and other financial reports. Our work at this stage will save you time and energy.
8. Closing the DEAL
Keeping buyers and sellers on a streamlined path to close
Our goal is to keep buyers and sellers on a steady path towards close, while minimizing surprises that could interfere with the deal’s completion. It’s important to note that we don’t consider the deal to be done until the final paperwork has been executed and funds are successfully delivered via certified check or wire. In some cases, an intermediary will coordinate the delivery of funds. Jim Pate will work closely with you until the deal has been 100% completed and ensure that your interests are protected throughout the process.
Purchase agreements and bill of sale
- Loan documents
- Any contracts or leases for real estate
- Stock agreements
Power of attorney agreements
Operating agreements and manuals and More…
9. The Transition Time
Use our Resources and Relationships to get your new business off to a GOOD START
At this stage of the game the process of purchasing your new business is complete. We can help you make a transition plan to help capture the good will of the business and keeping the employees onboard in the process. We also have developed many Resources and a relationships over the years which can help your new business profit even more. Things in this stage include:
We have relationships that can help you get the most out of your new business and insure it gets off to a great start.
Sysco,Usfoods,Performance Foodservice, General Produce, Pro Pacific, Point of sale vendors, credit card processing, Payroll processing, SBA Partners, 401k financing, Bridge loans, Lines of credit, Partner buy outs, Restaurant Buying groups and much more.
We can help you with ideas to help you transition the employees over to your new business
We can help you with ideas to help bring the community onboard with your new business