Times are tough that is for sure, here in Northern California it is a challenging time for all Restaurant owners and when push comes to shove or your just plain out of cash what do you do sell your place?
Or maybe you are looking for a new career, you love food and MAN can you grill a burger!! at least your friends think so right? and it just so happens that their is a burger stand right down the road for sale, boy its your lucky day huh!!!!!!
And yes I love a little Sarcasm but really you have no idea how many times I have heard similar comments so give me a little room to explain
Selling or Buying a Restaurant? I do not have all the answers but I can definitely give you some advice on how to get through it so here we go, does this sound familiar
"I am going to tough it out, it will change next week I am sure of it"
OK who just said that? YOUR DEAD! its not going to change next week unless you just sent out 30,000 mailers and slashed your prices by half! of course then you don't have the staff to keep up anymore because you kept it "thin to win"
Put your ego away, this is business, the economy is not your fault it just is what it is so in times like these you need to be proactive in creating options for yourself. If you are thinking about selling your restaurant or buying a restaurant then here is the first step:
1. Contact a local BUSINESS broker, WAIT, NO contact a local RESTAURANT BROKER ya that's it ! because you need a professional that understands the restaurant business climate in your area.
2. List your business right now, even if you are considering selling you can do it in a confidential way, you can keep operating while getting offers on your place, new buyers should want to see a place that is up and running because it gives them the information to either make minor changes or make major changes if needed, this also gives you the option to implement some guerrilla marketing techniques that can drive customers to you with very little cost "I have a great bunch of ideas with procedures that I am happy to share with you" as long as your restaurant is not in one of my restaurants demographic" LOL
If you are listing with a Broker to sell make sure they have ALL the facts about your place, do not hold anything back of course list all the positives but do not forget the negatives complete honesty is a must, because if the buyer is informed and smart about their decision making process they will probably seek a third party opinion! and that's where I come in, a consultant Can make or break a deal, but the fact is that consultants make their money regardless of the sale so they should be completely unbiased and deliver the facts to the potential buyer or seller and this is a good thing!
There is a lot of money out there, and everyone loves a great restaurant, I have spoken to people that have checks in hand ready to buy a restaurant and have no clue as to what they are doing. I have helped people walk away from places where the seller was not being forthright with the real information, and I have worked with buyers to see the potential in places that were losing money and still bought them because they understood "with help" that they had a great investment ahead of them.
Either way, Buying or Selling seek professional help from a Restaurant Broker, and ask that broker if they work with any consultants, then you have a team of people that know the business, can help you steer clear of the bad deals and put you into a place that will be fun to own.
When I consult with a client I use my knowledge of over 20 years in the Restaurant business in order to give them valuable information, I have opened and closed restaurants, and I know what it takes to make it out there, so hang in there and remember if you need help ask a professional there are many great people out there that love this business and would be happy to lend a hand.
Email me any questions you have regarding this post and I will recommend some resources for you to consider.
Now go get in the kitchen and make some great dishes! cooking always makes me happy
Cheers
Chef Glenn
