California boasts a vibrant and competitive restaurant industry with more than 83,000 businesses throughout the state. Each year, thousands of these restaurants change hands with the help of skilled restaurant brokers.
Whether you’re looking to downsize your extensive restaurant portfolio or sell a beloved family business, a restaurant broker can help you achieve your goals.
What to Look for in a Restaurant Broker
It is important to choose a restaurant broker who is a good fit for you, both personally and professionally. Ask questions, read reviews and explore brokers’ websites to assess whether they have these important qualities:
- Restaurant Expertise. Seek a broker with substantial experience and expertise in the restaurant industry. They should be able to speak to the intricacies and nuances of the restaurant market.
- Local Market Knowledge. Selling a restaurant in downtown Los Angeles is a whole different ballgame compared to selling a restaurant in a smaller city such as Canoga Park. Ask questions to determine whether prospective brokers truly understand the ins and outs of your local market and relevant trends.
- Education and Credentials. In California, the minimum requirement to become a business broker is a real estate license. Don’t settle for the bare minimum. Look for a broker with additional education and certifications that show a commitment to and deep knowledge of business brokerage.
- Professionalism and Trustworthiness. Choose a restaurant broker who is responsive, confident, punctual and respectful. You want someone who will be transparent about the processes and challenges of selling a business. You must be willing to trust your broker with all aspects of your business.
- Communication and Negotiation Skills. Effective communication is vital in all stages of selling a business. Your broker must be comfortable negotiating and handling difficult conversations with you and other parties interested or involved in the sale. They should keep you in the loop with regular updates on the progress of your sale.
- Industry Connections. An experienced restaurant broker should be well-connected with lawyers, accountants, escrow professionals and other specialists who may come in handy throughout your sale. They should also have a pre-existing network of prospective buyers, such as investors, restaurateurs and entrepreneurs. These connections will help your sale move forward as quickly and smoothly as possible.
Your Southern California Restaurant Broker
The Valley Business Broker Steve Barnett has a proven track record of successful business sales throughout California, including communities from Los Angeles County to San Luis Obispo.
Whether you want to get a restaurant off your hands as quickly as possible or are willing to wait out the perfect buyer, Steve has the knowledge and skills to make it happen.