Even the biggest brands need to let go of some of their assets on occasion. If you have a restaurant business in Toronto that you want to sell, don’t go looking for a ‘for sale’ sign that you can put up front—that would be ill-advised. You don’t want your customers to think that there’s anything wrong with your restaurant, do you?
Instead, go out and look for a good restaurant broker. If you’re wondering how this type of real estate professional can help you sell your business fast in the Toronto restaurants for sale market, then get to know his role a little bit better.
What is a restaurant broker?
A restaurant broker is a professionally trained agent whose job is to facilitate a business transaction between the owner of a restaurant and an interested buyer. A restaurant broker is different from a regular business broker in the sense that he has knowledge unique to his business including:
- Liquor license laws and application processes
- Local entertainment permit rules
- Local sanitation and health department rules
- Financial ratios for different types of restaurant
- Building department regulations
For starters, a good restaurant broker who understands these can help you avoid costly upgrades to the restaurant you intend to sell. Likewise, a good broker will know what to look for when he reviews your records, and he will do so before suggesting a retail price. Other beneficial services that restaurant brokers provide include:
Market knowledge
Savvy restaurant brokers keep themselves in-the-know about local and national market trends. They also maintain relationships with movers and shakers in the restaurant industry, as well as other business brokers.
Local network
A reputable broker of restaurants for sale in Toronto will have a network of contacts that they can use throughout the different phases of the selling process. The information that he can obtain from these sources can make the process proceed smoothly and stress-free.
Negotiation
An expert restaurant broker will have a knack for negotiation. He knows how to establish an open line of communication between both buyer and seller and negotiate an agreement and price that works for everyone.
Whether it’s your first time to sell a restaurant property or not, a restaurant broker can help you make the right deal with the right buyer at the right price.
Source:
After Buying This Restaurant: 44 Restaurant & Bar, FoodNetwork.com
