Have you ever wondered what goes on behind the scenes when buying or selling a restaurant? It's a complex process with many moving parts that can be daunting for even the most experienced business owners. Every restaurant transaction is different, but in this episode, we pull back the curtain on the five most important steps we identify in pretty much every restaurant transaction.
We have been involved in hundreds of deals involving food-hospitality businesses and often related real estate. We’ve learned that there are nuances and potential challenges that can arise at each stage of a transaction. From agreeing on terms to navigating the ABC license transfer process, we've seen it all and are here to share our insights.
Tune in this week to learn the five key milestones you need to hit to successfully close a restaurant deal. We discuss the challenges faced by buyers and sellers, including confidentiality, landlord approval, and financing. Whether you're a buyer or seller, this episode will arm you with the knowledge you need to navigate this process with confidence.
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What You’ll Learn from this Episode:
The biggest delays we come across in closing restaurant deals.
Why confidentiality is crucial in most restaurant transactions.
The importance of screening buyers for relevant experience and financial ability.
How to navigate the complex landlord approval process for lease assignment or new leases.
The key steps involved in securing SBA financing for a restaurant purchase.
What to expect during the ABC license transfer process and how to prepare.
How to manage staff and customer expectations when a restaurant sale becomes public.
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