A professional restaurant broker should have vast restaurant experience so he/she understands the operations, marketing and financial aspects of the business. Additionally, a competent restaurant broker should have completed numerous and varied types of sales involving restaurants, bars and clubs. By having the above skills, the restaurant broker can be effective doing the following:
1) evaluating the value of the business realistically,
2) attracting the real buyers and
3) working through the business points to overcome the buyers and sellers objections and concerns.
By being diligent in these areas the broker has a higher probability of selling the business and closing the deal.
1) Evaluating the Business – A seasoned restaurant broker knows how to evaluate the business’s financial records, the general condition of the business’s physical plant including the equipment, the attractiveness of the premises lease and the marketability of the location.
2) Attracting the Real Buyers – In order to successfully sell a restaurant, bar or club business, many approaches should be taken to give maximum exposure to selling the business. Some of these approaches include newspaper advertising, targeted mailings, website marketing, utilization of a well established buyer data base and specifically designed telephone campaigns. These approaches, when utilized with careful screening of buyers, especially in confidential sale situations, can provide the best and broadest pool of potential buyers.
3) Overcoming the Buyers Objections and Concerns – When working with a professional restaurant broker, their objectivity in handling sensitive business points becomes a key element in making a deal happen. For example, when trying to complete a transaction a major stumbling block can be dealing with the Landlord. A good broker works as an intermediary to assist both buyer and seller in negotiating terms and conditions acceptable to both parties. There is no substitute for working with experienced professionals to gain the desired result of any restaurant, bar or club business deal.