Have you ever been too close to a situation that required action and in hindsight you wish you would've done it different or you wish you would've made a completely different decision? I know I have and in those cases I wish I would of had a good adviser next to me, and adviser with the experience and wisdom to help me through the situation.
But all too often, I'm faced with business owners who are too close to their business; they can't see the forest because they are in the trees. They make bad decisions and they don't ask for advice, for what reason they do this, I don't understand.
Recently I had a deal where after 8 months of searching for a buyer in this unique location where the landlord rejected two previous buyers because the concepts were not allowed - we couldn't put a Mexican, Italian, Med. Bakery, pizza in this location leaving only a few concepts - we finally found the right concept and the right qualified buyer. Then instead of consulting with me, the seller fails to pay the rent due and the landlord shutters the business on the seller. Deal over!
All this despite already having the landlord agree to terms with the buyer; all this despite only have 10 days left to transfer the business; all this despite being the perfect buyer for the space;
So if you find yourself in a complex business sales or lease situation, then get the proper business advise. Seek out a smart attorney - and there are a lot of stupid attorneys out there, so be very careful. Seek out a good broker to help you navigate through these mind-fields and then you’ll always know that you’ve made the right moves.
We at SellingRestaurants feel obligated to educate the public, our customers and our clients with information that can help them make more intelligent buying and selling decisions.
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.