As a world-class city and culinary hub, Toronto’s restaurant scene is a distinctive space. Selling your restaurant in this fast-paced, niche market is no small task.
If you want to get the best return on the sale of your Toronto restaurant without getting lost in the sales process, you’ll need to work with a specialist.
A few years ago, we covered some reasons why selling your restaurant with a hospitality real estate agent is the right move. Today we’re back with a second helping.
Here are five more reasons to use a restaurant specialist for your Toronto restaurant sale.
Are you looking for the right restaurant specialist to sell your restaurant? Click here to discover our comprehensive selling services.
1. Market Changes
Rather than mirroring the residential space, commercial and restaurant real estate follow their own trends. Economic factors like inflation and interest rates impact restaurants differently than homeowners. A real estate agent who specializes in the hospitality industry will have an in-depth understanding of how current and emerging market trends are affecting buyers in your local market. These industry-specific market insights will make a big difference in ensuring your restaurant sale is successful.
2. Licence Transfers
As you may already know, operating a food service business in Toronto requires obtaining appropriate licensing. While some permits may need to be entirely re-applied for by the purchaser of your restaurant, others may be transferable. If applicable, a restaurant specialist can help the purchaser of your restaurant transfer any existing licences or permits under their name to your restaurant upon closing. The same service applies to transferring your liquor license from your existing restaurant to your new place of business.
Looking for more fresh insights about selling your restaurant? Check out these blog posts.
- How to Present Your Restaurant for the Best Sale Price
- Should You Buy or Lease Your Next Restaurant?
- Selling a Restaurant in Ontario: 5 Things to Know
3. They Have Industry Expertise
Most sales, regardless of business type, require navigating niche details and variables. In a fast-paced space such as the Toronto restaurant industry, things can get even more complicated.
Hospitality real estate agents live and breathe the restaurant industry. They understand not only how your restaurant works, but also how it compares to other competing restaurants across the city. These insights will support your best interests throughout the entire selling process and are particularly important during the pricing and negotiations stage.
4. You’ll Enjoy a Faster Process
Unlike residential real estate, selling a restaurant often involves working with a business broker. Brokers take on a wide range of responsibilities throughout the sale process, primarily connecting the necessary third parties necessary to complete the transaction. Essential communications between lawyers, accountants, insurance companies, licensing offices and beyond are all managed by them.
In short, a business broker will manage the key details of your restaurant sale making the process faster, more efficient and easier for you. As a well-connected industry specialist, a hospitality agent can ensure you’re matched with an experienced business broker who will manage the fine print of your sale right up until closing.
Need tips for maximizing your restaurant’s performance? Check out these resources.
- How the Restaurant Industry is Changing in 2022
- Why the Best Time to Sell Your Restaurant is Now
- Selling With a Business Broker: What You Need to Know
5. They’re Connected to Investors
One of the primary advantages of working with a restaurant specialist real estate agent is their access to buyers. In Toronto, commercial real estate can vary significantly from residential real estate. Unlike a house, the buyer of your restaurant may even not be the end user of the space. In fact, it’s not uncommon for restaurants in Toronto to be sold to small business investors, landlords, or other entrepreneurs.
Unlike other agents, restaurant specialists have direct connections to these investment-minded buying pools and can expose your restaurant to a much larger range of qualified buyers.
Ready to sell your restaurant with trusted industry experts? Let’s get started. Send us an email.