BizBen.com
500 New & Refreshed Posts, Postings Daily
Over 8,000 Postings & 2,500 Resources
Assisting Buyers & Sellers Over 25 Years!

Categories

Tips On Selling A Restaurant: Appealing To Restaurant Buyers During COVID

Curb appeal has always been important when selling a restaurant, which means, clean and uncluttered windows, bright lights inside, and cleanliness, among other things, but during the Covid pandemic it has never been more important. It's probably going to take some time before we experience restaurants like we did before March 2020, and so many buyers who are looking to get in the market and buy are looking at qualities in restaurants that will bridge them towards that time of 100% occupancy, tables shoulder to shoulder, and business as usual.

In my conversations with buyers, here are things they are most interested in when looking to buy a restaurant, and what a seller can do to most attract them.

1. Invest in digital pre-ordering

Until we are done with these draconian business occupancy restrictions, take-out will be the new dining in, and this will be even more important during the fall and winter months as the temperatures drop and rain comes. If patrons do decide to dine-in, many want a contactless menu, contactless ordering, and contactless payment. Many restaurants are allowing customers to scan QR codes when ordering to limit interactions with staff, and so finding an appropriate app is necessary for business owners to accomplish this. Regarding third party apps that charge high commissions, a business owner should try to redirect their customers toward 0% commission solutions, especially as it relates to ordering on-site.

2. Adhering to the most up to date safety standards with emphasis on curb appeal

Many buyers, unlike pre-pandemic, will just drive by and not go into a restaurant, as they make their initial assessment. Now more than ever is cleanliness and safety important. With curbside delivery, outside dining, many customers are deeply concerned with a restaurant following social distancing standards, employee’s adherence to mask wearing and safety precautions. Many are predicting a restaurant apocalypse on the East coast during the Winter months, because of freezing temperatures, but here in California, we should be ok, if owners take necessary steps, i.e. heat lamps, etc.

In closing, it's easy for all parties involved, sellers, buyers, and brokers to feel discouraged, and easy to claim defeat, but as long as simple things like the ones listed above, and basic common sense, then things will move along.

Categories: Business Broker Information, How To Sell A Business, Selling A Business

Contributor:

Joe Ranieri
Areas Served: Orange, Los Angeles County Areas
Phone:  714-292-5448 Cell, 714-292-5448 Text
Having owned both retail and restaurant businesses for over 20 years, my interest turned to selling businesses rather than owning them. I specialize in Los Angeles & Orange County restaurants, fast food independents and chains, bars, gas stations, liquor stores. Call me at 714-292-5448 Cell/Text.




Place A Posting To Sell Or Buy A Business, Search All Postings


Sell A Business Fast: Place A For Sale Posting Now To Sell A Small Business - 7 Programs To Select From >
Find A Business To Buy Fast: Place A Wanted To Buy Posting Today - Best Way To Find & Buy A Business >
Search Business For Sale & Wanted To Buy Postings On BizBen - 500 New & Refreshed Postings Daily! >

Other Related Blog Posts, Articles, And Discussions You May Be Interested In

Buying A Janitorial Service Janitorial Cleaning Services: 6 Considerations When Buying A Janitorial Firm

Buyers interested in buying a janitorial cleaning business will find companies in this industry for sale that are quite profitable. Careful due diligence, including the six factors covered in this blog post, is advised before completing a deal. Peter Siegel, MBA with BizBen explores this industry.
Sellers Discretionary Cash Add Backs Add Backs: Defining Sellers Discretionary Cash When Buying A Small Business

The use of add backs & sellers discretionary cash is common among sellers of businesses when showing their financial information & explaining that the buyer will actually enjoy more profit than is shown. But buyers are cautioned to review documents closely. Peter Siegel, MBA with BizBen explains.
Taking Back Up Offers Important Back-Up Offers: Crucial When Buying Or Selling A Small To Mid-Sized Business

An often overlooked aspect of selling (or buying) a small business is taking back-up offers during the entire process of selling (or buying) a business. Most sellers (or buyers) don't realize that over fifty percent of all deals/contracts fall out escrow or contract for one reason or another.
Latest Business Broker Survey 6 Successful Traits Of Top California Business Brokers: New BizBen Survey

The latest BizBen.com survey of California Business Brokers and Agents outlined what it takes to be a top ten percent performer in the business brokerage industry. From good communication to utilizing your resources, these traits are something to take note of and put into practice to be successful.
Keeping A Business Sale Confidential Why Is A Small Business Sale Kept Confidential? Advisors Discuss This Topic

Recently a business owner asked me on the phone, "Why do you keep the sale of a business confidential? How do you keep the sale confidential - any good tips?" Multiple Advisors weigh in on this subject. What would be your answer to this business owner? ProIntermediaries on BizBen discuss this topic.
Business Brokerage Questionable Practices Sellers: Watch For These Business Broker Questionable Practices

Lee Petsas (Southern California Business Broker) shares his concerns regarding some questionable business practices by some California Business Brokers lately. Other Business Brokers and Advisors weigh in as well on this BizBen Blog post with other "dirty tricks" they have observed and heard about.
Buying Or Starting Up Pop Up Restaurants Pop-Up Restaurants: Pro Tips For Starting Or Buying One: Broker Shares Info

For starters, a pop-up restaurant is a short-lived dining experience in a temporary location, most found in abandoned factories or warehouses, rooftops, barns, or an already existing restaurant location, so basically anywhere done legally and safely. Joe Ranieri, Business Broker shares his tips.
Buying An Absentee Small Business The Pros And Cons Of Buying An Absentee Run Small Business In California

Peter Siegel, MBA - BizBen Founder discusses the difference between a hands on owner and an absentee owner. It covers why someone would want to be an absentee owner and then goes on to discuss the pros and cons of buying an absentee run small business in the California marketplace.
Should Buyers Take Control Before Closing? Should A Buyer Be Allowed To Operate A Small Business Before Escrow Closes?

Business buyers, brokers, owner/sellers all ask this question at some point. So I decided to ask some of the top Intermediaries in the California marketplace what they thought of the idea. Most of the ProIntermediaries on BizBen agreed with me on taking early possession before the close of escrow.
Key Factors Play A Role When Selling When To Sell Your Small Business - Many Key Important Factors Play A Part

Determining the right time to sell a private business is as much an art as a science, because there are so many factors at play and each business is unique. The timing of a business sale is critical. Christina Lazuric, CBI, Orange County Business Broker discusses this topic on this BizBen Blog post.