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FAQ’s
I’m
interested in buying a business, where do I start?
The
best place to start is with a broker who understands the type of
business you want to buy. We
Sell RestaurantsTM specializes in putting restaurant buyers and sellers
together. We can guide you through the process. We Sell RestaurantsTM
has a Restaurant Assessment Tool on our site
that can help you answer key questions before you
begin. It will help you narrow down the type of business you
want (bar or restaurant - evening hours or breakfast/lunch).
What
are the first steps?
Prepare
your Financials
Many
of our listings can not be shared unless you qualify financially for
both the purchase and the lease. If you plan on borrowing money,
you'll still need a personal financial statement
for the bank.
You can find the form on our website under Info or follow this
link.
Review
your Credit Score
Just
as you wouldn't go shopping for a home without pulling a credit
report; do an upfront review before buying a business. Landlords
are extending credit when you apply for a lease and they will pull
your credit. Make sure you're in the best possible position to
get the space.
Secure
your Financing
If
you plan to borrow money or use investor's money for the purchase,
secure this ahead of time and set up a corporation where funds are
deposited. You don't want to shop for a business only to find
that people you are counting on won't follow through at the
final hour.
What
are some sources of financing for my restaurant?
There
are a number of ways to finance your restaurant. Here are just a
few examples.
Conventional
Bank Loan or SBA Loan
Lendors
typically require three years of P&L's and Tax Returns to loan on
a business. The process for an SBA loan is often very time
consuming (three to four months) and the business must be under
contract in order to begin the process. This is not the way to
go if you're buying a business without pristine books and records.
Home
Equity Loan
Self
finance your purchase through the equity in your home. Once you
own the business you can often apply for a line of credit with the
bank to pay yourself back.
401K
or Retirement Plans
There
are tax free methods to use your 401K or Retirement plan for the
purchase of a business. We can put you in touch with lendors
that specialize in this.
Borrow
from Friends and Family
Sell
shares in your business to friends and family to raise capital for
your purchase. Make sure you set up the correct paperwork and
offer a fair return on their money.
What
is the profile of your buyer?
Our
buyers come from all walks of life. Some are retirees ready for
a new adventure in life. Others are from corporate America and
are looking for a business of their own where they are in
control. Others have backgrounds or experience in the restaurant business working for someone else.
Some just have a dream about owning a restaurant and love the food
industry.
Some of our buyers are
experienced owners looking to expand or introduce a new
concept. Many Restaurant
Managers or Chefs, know they can win in
their own business. Our
buyers are looking for the freedom and control over their lives that
owning you own business provides.
Our buyers want unlimited opportunity and income levels that
reflect their level of participation.
I
found the perfect space for my restaurant. Can We Sell
RestaurantsTM help me with the landlord?
Yes.
We are familiar with the requirements of the landlords and can help
you pull together the right package to position your concept for
success with the landlord. This can include any or all of the
following elements:
-
Lease
Application
-
Business
Plan and Pro Forma
-
Personal
Financial Statement
-
Resume
on Key Individuals
What
does it cost to hire someone to help me buy a restaurant?
Our
services are generally free of charge to buyers.
I
don’t have restaurant experience – Can We
Sell RestaurantsTM
help?
We
Sell RestaurantsTM
has access to a total resource base to help you in
transitioning to business ownership. We have preferred relationships with restaurant consulting
teams that can provide you help to get started.
We negotiate training periods with our sellers to make sure you
have the reins of the business clearly in hand before the transfer
occurs.
We
have developed long term relationships with virtually any resource you
need for your restaurant including:
Why
should I use a broker instead of just finding something on my own?
There
are big reasons why you want to use a broker for find your business:
1)
Valuation:
Using the services of a qualified broker can help you properly
evaluate the business you are purchasing and its potential for growth.
2)
Knowledge of Market Conditions: We
Sell RestaurantsTM
so we know the market.
We know which businesses are offered for sale and listings are
generally confidential. Our
brokers are professionals, up to date on dining trends in the
marketplace and current leasing rates.
Our relationships and contacts in the communities we operate in allow
us to know what's on the market, what's about to come on the market
and what's available for re-sale.
3)
Experience: Our only business is restaurants and we have
seasoned veterans that know how to help you avoid the pitfalls that could be associated with purchasing a
business.
How
can I get access the most up to date listings of restaurants for sale?
www.wesellrestaurants.com
is the premiere web presence for the purchase and sale of restaurants.
Our listings are always updated. You can also get a list
from our printer friendly
version. If you want up to the minute notification of listings –
sign
up to receive our latest listings – we’ll make sure you are the
first to hear about an opportunity.
Why
do I have to sign a Non-Disclosure Agreement to learn which
restaurants are for sale?
We
carefully protect the confidentiality of our clients, marketing their
restaurants aggressively while safeguarding their privacy.
In order to learn the name of any restaurant offered, you must
agree not to disclose this information to any other person.
Sign the legal document on our website and fax us at 888 668
8625.
I’m
planning to buy a franchise – why would I need the services of a
restaurant brokerage firm like we sell restaurants?
We
Sell RestaurantsTM
can serve as an independent consultant.
We know which concepts are succeeding in the marketplace.
We provide unique value in negotiation either with the
franchisor or assisting in site locations and leasing.
I’m interested in a
restaurant outside of the Atlanta and Florida can you help?
We
have offices in Atlanta, Georgia and Central Florida. We can
consult with you on locations outside these and use our contacts in
the industry to assist you almost anywhere nationwide.
I
am interested in a restaurant I saw listed with another
restaurant broker. Why shouldn’t I work directly with him?
The
broker listing the restaurant in this example represents the seller.
Our team would represent your interest in this transaction as the
buyer. We
maintain valuable relationships with other brokers for this
reason. We also belong to organizations like the Georgia
Association of Business Brokers and the Business Brokers of
Florida so we know of most listings in the
marketplace whether they are ours or not. It is entirely customary to have one broker
representing the seller and another representing the buyer.
This is known as a co-broker situation. We welcome the
participation of other brokers and negotiate frequently on this basis.
What's
an E-2 Visa and how can buying a restaurant qualify me for this?
The
E-2 visa allows foreigners who have made substantial investments in
the United States to relocate to the U.S. in order to develop and
direct the business operation established by their investments.
The E-2 visa may be suitable for those who wish to invest a significant
sum of money in order to either purchase an existing business or set
up a new business. Because of the complexities of investing in a
U.S. business, it is highly advisable to seek competent legal advice
on the types of investments that may qualify for an E-2 visa.
We
Sell RestaurantsTM
has experience in assisting individuals in locating
businesses that qualify for E-2 visas.
How
do I find out about liquor license requirements?
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