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
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
Other Related Blog Posts, Articles, And Discussions You May Be Interested In
8 Items Buyers Of Small Businesses Find Critical When Reviewing Businesses
In this month's Business Buyer survey for BizBen.com, we asked participants in our ProBuy Program and 250 other random business buyers what they look for and avoid when looking at a business for sale postings online. Of the 20 potential posting characteristics we asked about, 8 stood out with most.
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 A Liquor Store: 3 Questions To Consider And Ask Before You Purchase
Buying a liquor store? First, ask yourself these three critical questions to find out if owning a liquor store is right for you. Questions like hands on vs absentee ownership, inventory turnover, licensing issues. Peter Siegel, MBA (BizBen ProBuy & ProSell Program Lead Advisor) explores this topic.
Hiring A Business Broker? Ask These Top Key Questions First, Then Decide
The key to finding the ideal business broker or agent and selling a small business is asking the right questions and getting the right answers back! Peter Siegel, MBA with BizBen & several top business brokers and agents (ProIntermediaries) in California contribute to this topic to assist sellers.
In Defense Of Upfront Broker Fees: Why Owners Should Pay Brokers Upfront
Are up front fees worth it? In this BizBen Blog post Brian Loring (Business Broker) discusses the pros and cons of owners of small businesses paying business brokers and agents an upfront fee for their services. There are many sides and opinions expressed on this topic by both sellers & brokers!