Our Colorado Certified Restaurant Brokers© can help you buy a restaurant or bar. Are you searching for a Colorado Restaurant for sale? Do you need information on how to buy a bar in Colorado? Are you interested in buying a restaurant in Colorado with a down payment and financing? If a restaurant for sale in Colorado is part of your dream, we can help.
Who Buys Restaurants for Sale in Colorado?
Colorado nature and beauty inspires buyers to seek a lifestyle with time outdoors enjoying every moment of daylight. Locals and tourists alike delight in the scenery from the snow covered slopes to a Rocky Mountain trail.
The Denver Metro hosts companies large and small and includes a healthy cross-section of industries, including aerospace, biosciences, software development, financial services and energy. Educated high-tech professionals are a key part of the area’s young, diverse and talented workforce. Colorado is the only state to appear on a national honor roll for economic strength and growth potential for 10 consecutive years.
The area’s cost of living is at or near the national average since Colorado focuses on low taxes. That is paired with high household incomes. Together they combine for Metro Denver to rank slightly above the national average for cost of living, but well below many other major cities.
Restaurants are a big part of Colorado where small businesses represent 97% of all employing businesses in Colorado. Colorado’s economy is built on small business and it’s a dominant source of new job creation in the State. The National Restaurant Association reports that Colorado restaurants are expected to do $9.0 billion dollars in sales in 2012. There were 10,355 eating and drinking places in Colorado as of 2010 and continue to grow. Restaurants in Colorado contribute to 10% of the total employment in the state generating 237,100 jobs. Every extra $1 million spent in Colorado’s restaurants generates an additional 26.4 jobs in the state. (Source: National Restaurant Association. Includes all restaurant and foodservice occupations. Employment figures are projected.)
It's easy to see why those seeking a restaurant for sale focus on Colorado.
Steps to Take If You’re Buying a Restaurant for Sale Colorado
Step 1: Reach out to a Specialist – a Colorado Restaurant Broker
Browse our listings to find Colorado franchise restaurants for sale or independent restaurants ranging from bars to bistros. We Sell Restaurants has a Certified Restaurant Broker© on the ground in Colorado to assist you in buying a restaurant for sale in Colorado.
Using our firm gives you access to the country’s most experienced source for buying or selling a restaurant. Only We Sell Restaurants brokers go through the extensive training, education and specialized experience to become Certified Restaurant Brokers©.
Step 2: Prepare Your Financial Information
Most restaurants for sale in Colorado are offered on a confidential basis. The Sellers require a buyer to sign a confidentiality agreement and sometimes pre-qualify financially for details on the Colorado restaurant for sale. The same is true even if you want a vacant Colorado restaurant for rent with no purchase price. Landlords will need to review your financial statement, menu and business plan before accepting you into the vacant restaurant space.
Check your credit report and get your FICO score before you begin your search. Our restaurant brokers can give you a personal financial statement form and more assistance if you need it.
Prepare ahead of time. When the right property surfaces, you’re ready to go when buying or leasing a Colorado restaurant.
Step 3: Financing the Purchase of a Colorado Restaurant for Sale
Our Certified Restaurant Brokers© work with bankers, local lenders and national contacts to help you in financing a restaurant for sale. While it can be more work, buying a restaurant in Colorado with the help of financing can definitely happen. Speak to the expert restaurant broker in Colorado to find out more about these options:
Small Business Administration or SBA Lending for Colorado Restaurants for Sale
Our restaurants go direct to SBA lenders in Colorado for approval when they meet the standards for lending. A Certified Restaurant Broker© will submit the restaurants for lending after their initial review. Once an SBA lender gives it a green light for financing, buyers submit their paperwork for approval. Soon after that, a deal can be approved for lending.
Using Personal Lines of Credit to Buy a Restaurant for Sale in Colorado
Your own personal line of credit is often a HELOC or Home Equity Line of Credit. The funds are already yours to use as you wish and it’s an easy way to self-finance the purchase. When a restaurant doesn’t have a long history or is being sold without cash flow, it’s a fast alternative to other means of financing.
Your 401K Can Be Used Tax Free to Buy a Colorado Restaurant for Sale
Colorado Certified Restaurant Brokers© can introduce you to Guidant Financial, a leader in tax free 401K conversions. Ask your restaurant broker about this quick and easy method to invest in yourself without tax penalties. Click on this link for information on converting your 401K to funds to buy a Colorado restaurant or bar for sale.
Who's Going to Help You Buy a Restaurant – Try Asking a Crowd
The term "crowdsourcing" is poised to explode on the small business lending scene. Check out options like www.Foodiecrowd.com where you expand your "asks" beyond friends and family to the entire Internet as you seek investors to fund buying a Colorado restaurant for sale.
Colorado Restaurant for Sale Financing Online
Banking has changed and now lenders are going directly online to find you. Post your project on www.boefly.com to see if a lender matches to you for funding. This isn’t the only site but it’s one the restaurant brokers know and like. You don’t have to depend on your local banker. This expands your options around the country as lenders come to find you.
Micro Loans for Buying a Colorado Restaurant or Bar
Loans of under $25,000 are known as micro-loans. You can ask investors to look at your project on a website and get matched to someone looking to lend. Financiers review requests from buyers and select the ones in which to invest. Borrowers make fixed monthly payments and investors receive a portion of those payments directly to their Prosper account. If you need a small loan ($25,000 or less), visit www.prosper.com.
Another micro loan site is found online at www.accionusa.org. This is not a matching program between buyers and sellers but serves to subsidize those small business owners who cannot borrow from traditional banks due to a business type, short length of time in business or insufficient credit history. Accion offers business loans ranging from $500 to $50,000.
Step 4: Resources for Buying a Colorado Restaurant
Buying a Colorado Restaurant for Sale is a team sport and you may need all kinds of help. Our Colorado Certified Restaurant Broker© has plenty of resources and aid for you. Here’s a starting point for the most common requests:
- Restaurant Financing and Access to Capital
- Colorado Liquor and Tobacco Enforcement Division - Alcohol Licenses for Restaurants, Bars & Clubs
- Starting a Restaurant – Visit the Colorado Secretary of State Website
- Small Business Administration-Financial Programs to Buy a Restaurant
- Restaurant Equipment and Restaurant Supplies
- Colorado Restaurant Association
- Join the Agency and Become a Food Network Star
- Restaurant Liquor License Facilitators
- Restaurant Accounting and Legal Firms
- Restaurant Business Plans - Consultation/Write/Present
- Restaurant Food Suppliers
Leasing a Vacant Colorado Restaurant for Rent
Our Colorado Certified Restaurant Broker© can do a search for you in the market based on the size, location and rent you wish to pay for a vacant restaurant for lease. Our restaurant brokers are experienced in assembling a full landlord package to assist you in getting the property. Though most spaces have only a grease trap or hood, it is possible to rent a Colorado restaurant with some remaining equipment. Your best shot at scoring a good deal means a well prepared application including:
- Restaurant Lease Application
- Restaurant Business Plan and Pro Forma
- Personal Financial Statement
- Restaurant Experience Resume on Key Individuals
- Letter of Intent
Fees for Hiring a Colorado Restaurant Broker
Typically, Colorado Certified Restaurant Brokers© are compensated by the seller or the landlord who pays a commission. Rarely does a buyer would face any costs at all. If you are uncertain, just ask your Colorado restaurant broker.
I want a Certified Restaurant Broker© to Represent Me on Another Broker’s Listing
If you find a listing for sale by another broker, call us to help. Get the knowledge and experience of a Certified Restaurant Broker© on any Colorado restaurant for sale listing. We can help.
Will Colorado Restaurants for Sale Qualify Me for an E2 Visa?
The U.S. State Department allows non-residents to make investments in Colorado restaurant for sale in exchange for a visa. Ask your Colorado Certified Restaurant Broker© for assistance with Colorado restaurants for sale that will qualify. Need an immigration attorney? Ask your Colorado restaurant broker for a referral.
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