You've been operating your restaurant for years. You never thought you were going to sell it. But now its time to sell and suddenly you realize you never thought about one very important point related to selling: the further away the restaurant is from a metropolitan area, the longer it takes to sell. In other words, if your restaurant and or bar is located in a small town, it will simply take longer to find a buyer if a buyer is found at all.
In one example, we have a restaurant with real estate in a very small town in a lake resort community. This restaurant has operated for many years. Now the seller's want to sell and at a reasonable price to get out of the small town. But no buyer has been found in 5 years of marketing the property. Getting buyers to very rural areas is a challenge. If this was located in a metro area, it would sell in a week at full price.
If you're thinking about opening a restaurant or even buying one in a rural area, then make sure it is in the best location in that rural area. But if you don't need to be in a rural area, then by all means get one in the urban areas because when you sell, there will be plenty of buyers.
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.