New England Restaurant Brokers helps you close more deals
April 25, 2013 - Spotlights
As a commercial broker, or even a residential broker, you'll come into a situation where you'll list a food or liquor operation. But with listing, you have made a commitment to help that owner, who many times, is in distress. You can do more damage than helping if you're not up-to-date on the ever-changing dynamics of the industry. Trends are changing, government regulations are changing, competition is increasing, financing is a major problem, landlords are indifferent, and working with lawyers are many times a force that requires the patience and concentration of a watchmaker.
As we all know, even though we represent the interest of the Seller, we also have to coddle the interests of the Buyer.
Does the buyer have sufficient money to buy a business, does he have enough experience to be successful in his new endeavor, does he have sufficient cash reserves, and does he have sufficient collateral for financing? These are only a few of the concerns that a broker has to consider when working with a buyer.
There is a bigger issue that relates directly to the Seller...how much is his business worth? Does the Seller know?
We know what he 'wants', but is that a realistic number? In order to answer that question, you have to know what his business is worth in today's market. That number is a function of an all-cash deal, bank financing, seller financing, lease negotiations...and more importantly...market value.
Fortunately, you don't have to worry about all that. New England Restaurant Brokers and our newest division, the National Restaurant Exchange, has sold hundreds of restaurants in the last 32 years, many co-brokered with folks just like you. Whether you garner the listing or you find the buyer, we'll gladly help you satisfy their needs. We've been consultants, expert witnesses, and a nationally recognized industry authority.
Let us prove that we're your best industry friend.
Dennis Serpone is president of New England Restaurant Brokers and The National Restaurant Exchange, in Wakefield, Mass.