Share This Info:  

Making A Fast Food Business So That It Virtually Prints Money


Making A Fast Food Restaurant Business Successful

Fully half of all the businesses that are sold are retail food storefronts. This includes franchise, non-franchise, sandwich shops, bagel shops, coffee shops, as well as good old fashioned sit-down restaurants. Half!

I've done due diligence and investigated countless food-related restaurant businesses for sale for the potential buyers of these businesses. What I have found is a commonality among the ones that are doing poorly they always have very low budgets for advertising.


On the other hand, just because there is a high advertising budget does not automatically mean success but it sure does help.

Here's a true-life example from back when I was a young entrepreneur, starry eyed and fresh faced, looking to make my first million. I was madly in love with a girl who shall remain nameless. I remember this girl very well, even though I haven't seen her in the 36 years since.

I also remember her parents, who I adored. They owned two McDonalds franchises, both located in the south central part of Los Angeles. Not quite Watts, but not Torrance or Manhattan Beach, either. I was told that these two franchises were the most profitable ones in all of Los Angeles County. Back in 1972 a dollar bought you a heck of a lot more, and these two franchises combined were pulling $750,000 net taxable profit. That is equivalent to making 2 million dollars profit in today's world. McDonalds was doing very well for most of its franchises at the time, but why were these two locations doing so remarkably well?

Well, they were a standout because they did everything that a particularly good marketing man suggested, and they did it first class. So, if you are going to own a food place here it is "I am handing you the key to getting very, very rich at it."

First, these parents of hers joined every church in the area, of every denomination. The fact that they were Jewish did not stop them any! Whenever there was a church function, they donated the use of a fountain drink machine. They met with all their customers personally. They went around the locations and talked to each and every customer. They introduced themselves, socialized, and made friends.

Their relationships were so strong that when everyone came to their McDonalds after Sunday church services, the littlest kids would come to the counter and ask for Dave.¯ They felt that Dave¯ was a personal friend of theirs. And so Dave¯ would give them cookies or other goodies.

These savvy business owners donated money, time, drinks (not food), and otherwise gave of themselves to every community activity. They did this for the first location, and then did it again for the second location.

They really knew how to Schmooze.

Conclusion:

The secret of a successful fast food restaurant is to keep putting your business name in front of your prospects over and over and over until none of them could even consider going anywhere else.

Willard MichlinAbout The Author:  Willard Michlin, CPA offers business buyers Due Diligence Services (Second Opinion, Offer Assistance, Final Due Diligence) when they are thinking of making an offer on a business or in the process of investigating a business purchase. Serving all of Southern California. He can be reached direct at 805-428-2063 for more information and an appointment.

Categories: BizBen Blog Contributor, Buying A Business, How To Buy A Business


Comments Regarding This Blog Post


Wow, Willard, what a great story. It's been my experience as well that some of the most successful business owners are the ones who a) enjoy what they do, and b) take the time to show their customers that they appreciate their business. Businesses, such as pizza parlors, that sponsor little league teams and host "after the game" events, many times prove more successful in the community than those who do not. I always tell my buyers that they should feel comfortable in the city and area that they choose to set up shop, because they are going to be at that store 6 days a week, possibly 7 when they are building the business.






  Helpful Resources To Assist In Selling And Buying California Businesses
Peter Siegel, MBA, BizBen Founder, ProBuy, ProSell Programs

Founder & President Of BizBen.com (since 1994). I am the Lead Facilitator for both the ProSell & ProBuy Programs. I consult daily with business buyers, business owner/sellers, brokers/agents daily about buying and selling California small to mid-sized businesses. Call 925-785-3118.

Rick Carlson, Business Broker - Southern California

You Will Never Feel Lost In The Shuffle. Many Brokers Simply Send Out An NDA And That's The End Of Communication. All Buyers Receive A Personal Meeting With An Ace Acquisition Specialist So They Can Recommend The Perfect Business For You. Phone Rick direct at 800-985-4939.

Mike Brewer: Liquor License Broker, ABC Consulting Service

Liquor license brokerage and consulting services. We provide: Alcohol License Transfers Application Consulting & Processing, Liquor License Purchases & Sales, City Zoning Permits & Land Use Entitlements, Public Convenience or Necessity Findings and Letters. Phone Mike Brewer direct at 800-437-1100.

Ryan Clark, Business Broker: Southern California

The Veld Group provides a refreshing approach to Business Brokerage, Mergers & Acquisitions and Business Consulting and Valuations. From Your Street to Wall Street, we cater to Main Street Businesses as well as more complex Strategic Firms and Start-Ups. Phone Ryan, Business Broker at 310-652-8353.

Steve Zimmerman: Restaurant Broker Specialist, California

Steve founded Restaurant Realty in 1996. He has personally sold/leased over 900 restaurants, bars & clubs, & completed over 3000 valuations. The author of "Restaurant Dealmaker - An Insider's Trade Secrets For Buying a Restaurant, Bar or Club" available on Amazon. Reach Steve direct at 415-945-9701.

Michael Davidson, Business Broker - Southern California

Los Angeles Business Broker providing M&A quality services for Small Business Owners. We leverage our technology and expertise to Simplify & Expedite the Business Sales Process. Matching the right buyer with the right business is how we define success.

William Park, Business Broker - Southern California

Highest Volume Broker in California, Simply Check our HUNDREDS of Listings! Over 25 Associates, Speaking Dozen Languages, Helping Buyers and Sellers of Small Business since 1982, Centrally Located between Los Angeles and Orange Counties, while Riverside & San Bernardino Counties are Very Accessible.

Chris Seaman, Business Broker: Southern California

Founded in 1994, First Choice Business Brokers has accelerated to become one of the most successful Business Sales Organizations in the world. Our team of agents have gone through extensive training to become experts in the field of business brokerage. Call Chris at 858-578-4111 for more info.


  Related Articles, Events, Blog Posts, Discussions, Videos, Interviews
Why Restaurant Buyers Typically Fail: Best Pro Tips For Buying A Restaurant

Buying a restaurant (no matter what type) can have many pitfalls, and potential restaurant buyers should know how to avoid getting burned! Several restaurant intermediaries and advisors weigh in on this BizBen Discussion about the best way to find, purchase and run a restaurant successfully!

Buying A Restaurant Can Be Challenging: 3 Key Tips For Restaurant Buyers

People always need to eat; there should be plenty of business. Some restaurant buyers think there is prestige to owning a popular eating establishment. But it isn't an easy business purchase. Peter Siegel, MBA (BizBen Founder, ProBuy & ProSell Program Director at 925-785-3118) reviews this topic.

Due Diligence Issues: What Business Buyers Should Know About The Process

Willard Michlin, CPA, CFE at 800-864-0420 elaborates why you can do a large portion of the due diligence yourself, depending on your background, but you should never try to do it solely on your own. In this BizBen blog post he explores ways business business buyers get themselves into trouble.

FREE Sat Seminars: Best Practices When Buying Or Selling A Small Businesses

This seminar focuses on the process of buying & selling a small business. Sat's - Monthly (refreshments will be served) in Southern California. Phone Willard Michlin (CPA, Certified Fraud Examiner, Due Diligence Expert, Business Broker). Phone 805-428-2063 to RSVP. Click On Link For Schedule.

Thinking About Selling A Small Business? Know These 8 Factors That Matter

The likelihood of selling a business is often determined by external factors in the marketplace. Here are eight influences on how easy, or difficult it might be when selling a small California business. Peter Siegel at 925-785-3118 (BizBen ProSell Program) explains these factors for owner/sellers.

Restaurant And Fast Food Franchises - Successful Tips From Franchise Buyers

Restaurant franchise offerings are among the most popular of the business types potential business buyers seek. What many would-be owners don't realize is that there are specific tips for buying fast food or restaurant franchises that don't necessarily apply to independent restaurants for sale.

Business Purchase Financing Help - Expert Tips For Faster SBA Loan Approvals

Business purchase financing advisor Peter Siegel, MBA shares his views on SBA loan financing. He explains the nuances of the SBA loan process when considering business purchase financing or getting pre-qualified. Reach Peter Siegel, MBA direct at 925-785-3118 regarding SBA & Non SBA Loan Financing.

Attorney Specialist Shares Escrow Instruction Tips When Buying A Business

Once you have successfully negotiated the Asset Purchase Agreement ("APA") for your acquisition it's natural to relax a little and let your guard down. Attorney Specialist Mark Chatow discusses what business buyers should look out for when opening escrow and getting escrow instruction in place.


Joe Ranieri Orange County Business Broker
Veld Group Business Brokerage Los Angeles County
Inland Empire Area Business Broker Mani Singh
Bill Ziprick Legal Advise
Facebook
Twitter
Linkedin
Vlogs and Podcasts
Advertise On BizBen
BizBen ProBuy Program
BizBen Blogs And Articles
Business For Sale California Stats
BizBen ProSell Program

BizBen - Where California Deals Get Done! 888-212-4747
7172 Regional Street #364 · Dublin, CA. 94568
BizBen · Copyright © 1994 - 2020, All Rights Reserved



Clost Login


Please confirm your registration by clicking the link we've sent to .

If you can't see it, please check your junk mail folder.

If you have any problems registering, or need assistance with your new BizBen User Account please phone BizBen Customer Support at 888-212-4747.



First Name:*
Last Name:*
Email Address:*
Confirm Email:*
Create Password:*
Confirm Password:*
Phone:
(   
 


You Are A:
Individual
 
Intermediary
 

Email Address:
Password:
 

500 New & Refreshed Detailed Postings Daily
Over 2500 Resources Available On BizBen
Since 1994. Where California Deals Get Done!
Why Restaurant Buyers Typically Fail: Best Pro Tips For Buying A Restaur...
Read More News
Buying A Restaurant Can Be Challenging: 3 Key Tips For Restaurant Buyers...
Read More News