Restaurant industry sales are expected to reach $783 Billion in 2016. This will represent the seventh consecutive year of growth in restaurant sales which comes as no surprise considering this industry caters to a variety of customers’ demands and evolving trends. And although demands and trends may change, one thing is constant, eating out will always be à la mode! It is essential to consider these demands and trends when purchasing a restaurant for sale in order to ensure the establishment fits your needs and your lifestyle. Cuisine, price, quality, and dining experience are just a few things to take into account when making your selection.
With one million restaurants employing approximately 14 million people, the restaurant industry has become an economic standout. While start-up restaurants have a 25 percent failure rate within the first year of business and a 60 percent failure rate within the first three years, purchasing an existing restaurant is another matter entirely. When purchasing an already established restaurant for sale you are given the opportunity to “uncover any rocks”. During this due diligence period, you have access to all pertinent information such as financial records, marketing materials, inspection reports, and menus are key. You also are given the opportunity to examine the demographic data of the built-in customer base, square footage, utility set-up, licensees, contracts, and existing equipment.
Owning your own restaurant can be an exciting and fun way to become a top-producing entrepreneur. Whether you are an experienced restauranteur or new to the business of purchasing a restaurant, working with an experienced brokerage firm such as We Sell Restaurants can help eliminate a great deal of the guessing and what if’s.
If you are in the market of purchasing a restaurant for sale, our team of dedicated brokers at We Sell Restaurants have the expertise and experience to help transform you from an aspiring restaurant owner to a restaurant connoisseur.
Before making the leap, here is what it is important to know before buying a restaurant that is not making money today or an asset sale.
Let’s consider that question and the perspective of this restaurant broker in addressing a tough question being posed by buyers and sellers alike.
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