Ready to put your eatery on the market? Looking to purchase a restaurant that will suit your needs? Either way, a business broker has the knowledge, skills, and connections to ensure that the job is done right. If you’re not sure what a professional in this role can do for you, you’re not alone. That said, their expertise could be the key to your success.
Here’s what you should know about working with a business broker…
What is a business broker?
First things first: who are business brokers? Put simply, they’re professionals who help people buy and sell businesses. Like real estate agents, they assist their clients in finding the right match, advocate on their behalf, and do everything in their power to foster a successful outcome.
While there is some overlap between what real estate agents and business brokers do, there are also distinct differences. Buying or selling a piece of property is a lot more complex than you might think. When we’re talking about the many components of a business, it can become even more so. That’s why choosing the right kind of expert for your situation is crucial.
Why sellers should work with a business broker
If you’re selling your restaurant, there are some key advantages to working with a business broker. One of the biggest is their ability to help you set just the right price.
When you’re valuing your own restaurant, emotion is bound to play a role. A professional who knows how to assess every aspect of your business objectively can help. Remember: the sum you come up with has to attract potential buyers—while maximizing your return. From your profitability to your lease and liquor license, there’s no shortage of things to consider.
Marketing is also crucial when you’re putting your business on the market. Fortunately, a business broker will have the experience to know who your target buyer is, and how to reach them. That means creating a listing that will appeal to them, marketing in the right places, and reaching out to relevant industry connections if need be.
A business broker will know which up-to-date assets and financial information you need to collect. They’ll negotiate on your behalf, and take steps to help ensure a smooth closing.
Advantages for buyers
For buyers, there are also significant benefits to working with a business broker. First off, they can help you find the ideal restaurant. That means a place that meets your needs and aligns with your budget. Their connections should open up doors for you, providing options that you may not have found on your own.
Anytime you’re making an investment the size of a restaurant, due diligence is also key. Needless to say, the expertise of a business broker can really come in handy! A true professional has seen it all. They can help you assess businesses that meet your needs from a practical perspective—and help you avoid potential pitfalls.
From there, they’ll negotiate your lease (if relevant), act as your advocate during the bargaining process, and generally ensure that your i’s are dotted and your t’s are crossed.
Working together
There’s no doubt that a business broker can help you navigate your purchase or sale smoothly. Whichever side of the transaction you’re on, the key is working with an experienced professional who knows the restaurant industry!
Ready to buy or sell with a business broker? We would love to help—get in touch to learn what we can do for you!
