Buying and selling a restaurant and/or bar is a process requiring patience along every step. From the beginning of the negotiations to the very end of the deal when inventory is being counted, there is a tremendous amount of stress on both the buyer and seller.
Keeping focused on the goal is critical, and knowing that each party's senses are probably heightened and very sensitive to situations, is an important point to be aware of during the process.
During these stressful times, do something that brings you peace and don't jump on the emotions because that will certainly bite you in the butt.
Your broker ought to be giving you a road map of how the deal needs to get done step by step. Keep focused on each step until that step is done. Then move to the next.
Before you know it, the deal will be done.
Mel Jones is one of the premier restaurant brokers in the nation having published hundreds of articles on buying and selling a restaurant and bar business, selling thousands of restaurants in CA., WA and AZ and building one of the most copied business models in the brokerage industry. Mel started SellingRestaurants in 2004 with the one simple concept, give the buyers the information they need to make intelligent buying decisions without being pestered by a broker or hiding information, prepare the business for market by researching key details that make or break deals and educate the buyer on the buying process to create an intelligent buyer. Prior to SellingRestaurants, Mel was a Chief Financial Officer for Universal Music Group, the largest music company in the world. There he participated in more than $11.5 billion of merger and acquisition transactions. He also work for top companies such as Nestle Foods, USA. He hold a Bachelors in Business Administration Finance as well as attened Law School at Gonzaga University. Give Mel a call at 480.274.7000 or e-mail him at [email protected] if you have any questions.