Are you interested in a Tennessee Restaurant for sale? Considering buying your own bar in Nashville to launch the next country music star? Do you need information on how to buy a restaurant in Tennessee with little money down? How about financing a restaurant for sale in Tennessee? Our Tennessee Certified Restaurant Brokers© have answers to these questions and more.
Why Buy a Restaurant in Tennessee?
Nashville, the capital of Tennessee is nicknamed "Music City." It is located in the north-central part of the state easily accessible from most large southern cities. Nashville is a center for the health care, publishing, banking and transportation industries, and is home to a large number of colleges and universities.The area’s colleges and universities include the Tennessee State University, Vanderbilt University and more.
Tennessee is also home to eight Fortune 500 headquarters, including major employers such as FedEx. The transportation giant has helped the state become a major transportation and logistics center. Nissan and Volkswagen plants make auto manufacturing one of Tennessee's top industries, along with health care and energy technology. From Beale Street in Memphis to the Grand Ole Opry, Tennessee is a cradle of American music.
According to the National Restaurant Association, Tennessee restaurants are projected to ring up $9.4 billion in sales in 2012 in more than 9,000 units. Restaurant employees make 10% of the overall employment in Tennessee with 263,400 people employed in the industry. Every extra $1 million spent in Tennessee’s restaurants generates an additional 27.3 jobs in the state. (Source: National Restaurant Association. Includes all restaurant and foodservice occupations. Employment figures are projected.)
It's easy to see what Nashville is a great place to buy a restaurant. From tourism to strong corporate players, Nashville provides a steady stream of customers for those in the restaurant industry.
Buying a Restaurant for Sale in Tennessee
Step 1: Contact a Tennessee Restaurant Broker
We Sell Restaurants is the nation’s most knowledgeable source of help in buying or selling a restaurant. Our restaurant brokers undergo extensive training, education and specialized experiences in order to become Certified Restaurant Brokers©. Browse our listings to find Tennessee franchise restaurants for sale or independent restaurants ranging from bakeries to bars. We have a national presence and a local representative to provide you with the best help in buying a restaurant for sale in Tennessee.
Step 2: Put Your Fiscal House in Order
Selling a restaurant in Tennessee requires that we keep most listing available on a confidential basis. Buyers must sign a confidentiality agreement and pre-qualify financially for details on the listings. If you plan to search for a Tennessee restaurant for lease with no purchase price, the landlord will still want to review your financial statement and understand your concept before leasing the vacant restaurant space.
Ask the restaurant brokers at We Sell Restaurants to provide you with a personal financial statement form if you need one. It’s also a good idea to access your credit before shopping for a vacant restaurant for lease in Tennessee.
Pull your most recent credit report and check your FICO score before you submit information to a landlord for approval of a Tennessee restaurant for lease. When you’re buying or leasing a Tennessee restaurant, you want to prepare in advance.
Step 3: How to Buy a Tennessee Restaurant for Sale without Much Money
Financing a restaurant purchase is a possibility with the help of the experienced team at We Sell Restaurants. Our Certified Restaurant Brokers© work with local lenders and assist you in financing a restaurant for sale. Contact your Tennessee restaurant broker for more information on these opportunities:
Small Business Association Lenders or SBA Lending on Tennessee Restaurants for Sale
Our Certified Restaurant Brokers© submit restaurants to lenders for pre-approval after our own initial due diligence. That means the business has already been given a green light by an SBA lender. They will then review your credentials and approve the loan.
Using a Home Equity Line of Credit to Purchase a Tennessee Restaurant for Sale
A quick and easy way to obtain purchase funds to buy your restaurant is through the equity you have already established in your home. This allows you to self-finance the purchase of your Tennessee Restaurant or Bar for Sale.
Buy a Tennessee Restaurant for Sale Using your 401K
Our Tennessee Certified Restaurant Broker© can provide you with a tax free method to roll over your 401k TAX FREE using Guidant Financial. It’s quick, it’s easy and it results in no tax penalties. Invest in yourself instead of the market. Click on this link for information on converting your 401K to funds to buy a Tennessee restaurant or bar for sale.
Crowdsourcing to Buy a Restaurant
Raising money from friends and family is not a new idea but the term “crowdsourcing” is poised to explode on the scene. Check out options like www.Foodiecrowd.com where you move beyond friends and family to ask others to help you buy a Tennessee restaurant.
Online Financing for your Tennessee Restaurant for Sale
Multiple sites exist online where buyers and lenders are “matched” in an online dating model. Check out www.boefly.com to see if you can find a lender interested in helping you fund your dream. The great news about this site is that you’re drawing from all banks in the United States. That means the pool of lenders is much larger and you’re not just dealing with local banks.
Tennessee Restaurants for Sale and Micro Loans
There are multiple lenders that will make a deal between those that want to invest money and people who want to borrow money. Borrowers choose a loan amount, purpose and post a loan listing. If you need a small loan ($25,000 or less), visit www.prosper.com. Investors review loan listings and invest in listings that meet their criteria. Once the process is complete, borrowers make fixed monthly payments and investors receive a portion of those payments directly to their Prosper account.
Another option for small amounts is Accion which is found online at www.accionusa.org. m.com. This micro loan company offers for financing a restaurant purchase. Accion offers business loans ranging from $500 to $50,000. They specialize in working with small business owners who cannot borrow from traditional banks due to a business type, short length of time in business or insufficient credit history.
Step 4: Sources and Tips when Buying a Tennessee Restaurant
Here is a list of resources you may need to buy a Tennessee Restaurant for Sale. Call our Tennessee Certified Restaurant Broker© for more ideas and assistance.
- Restaurant Financing and Access to Capital
- Tennessee Alcoholic Beverage Commission - Alcohol Licenses for Restaurants, Bars & Clubs
- Tennessee Secretary of State - First Stop for New Restaurants
- Small Business Administration-Financial Programs to Buy a Restaurant
- Restaurant Equipment and Restaurant Supplies
- Become an Independent Food Network Star
- Restaurant Accounting and Legal Firms
- Restaurant Business Plans - Consultation/Write/Present
- Restaurant Food Suppliers
- Restaurant Attorneys
- Restaurant CPA's
Tennessee Vacant Restaurants for Rent
It is sometimes possible to simply rent a Tennessee restaurant that has some equipment. Our Tennessee Certified Restaurant Broker© can do a search for you in the marketplace and package your request for the landlord. We are knowledgeable about landlord requests and can guide you in putting your package together for leasing a Tennessee restaurant. This may include:
- Restaurant Lease Application
- Restaurant Business Plan and Pro Forma
- Personal Financial Statement
- Restaurant Experience Resume on Key Individuals
- Letter of Intent
What does it Cost to Hire a Tennessee Restaurant Broker?
It is extremely rare that a buyer would face any costs. Typically our Tennessee Certified Restaurant Brokers© are compensated by the seller or the landlord. Ask your restaurant broker if you have any questions about this.
Can a Certified Restaurant Broker© Represent Me for Another Broker’s Listing?
Of course! Make sure you call our Tennessee restaurant broker to represent you as a buyer when another broker has something for sale. You get the knowledge, expertise and assistance and help you buy a Tennessee restaurant for sale and it’s almost always free of charge.
Can I buy a Tennessee Restaurant for Sale to Qualify for a Visa?
E-2 visa requirements laid out by the U.S. State Department allow for non-residents to make investments in Tennessee restaurant for sale in exchange for a visa. Our Tennessee Certified Restaurant Broker© is knowledgeable in these transactions and can definitely help in this area. We have Tennessee restaurants for sale that will qualify. In addition, we can provide you with referrals to an immigration attorneys to assist in securing your visa for relocation to the United States.