Start with Experience When Buying an Atlanta Restaurant

Hire the best and most experienced broker you can and leave the unqualified brokers to practice on other Atlanta restaurants.

Any way you look at it, a restaurant broker with accomplished experienced in the industry is your best bet when buying an Atlanta restaurant. A broker that is experienced in the restaurant, bar, and nightclub industry will not waste their time on other types of businesses that are outside their area of specialization. If someone wants them to sell a department store you will not find the listing anywhere on their “to do” list. If you work with a broker that says they can sell you a restaurant and you find a variety of unrelated businesses in their listings, this is a sign that they are a “generalist” at brokering many different types of properties.

When you work with an experienced broker that specializes in the restaurant industry they will be in contact with every element that is associated with the restaurant business. If you require an equipment inspection you can count on them to have multiple contacts readily available at their fingertips. If you inquire about a service technician for an Ancel System you can bet that the broker will know that this is a fire system and have someone there at a moment’s notice. Ask for a food safety training program and the broker will provide you with a comprehensive list of dates.

Also, when you use an experienced broker’s services you can do this without charge since the commission is paid by the seller. This is just like having a free experienced consultant when you need them and, if you are buying an Atlanta restaurant for the first time remember that it is a once a week activity for an experienced restaurant broker. You would be crazy not to take advantage of their expertise when there is no cost on your part.

When you search for an experienced broker online you can accomplish this by searching for restaurant listings on some of the main sites such as www.businessbroker.net, www.bizbuysell.com, and www.bizquest.com. Look for the brokers that have more than one restaurant listing with a link back to their website. Visit the broker’s website and examine the content for quality and additional information that includes advice and real information on the restaurant business. Search for the website with a main search engine to determine their web presence and ranking in the search results.

Notice how many listings the broker has online and whether they consist of unrelated properties or solely restaurants. Review the description of the listings to see if they offer specific facts or content that does not really have any substance. A quality listing will include facts such as gross sales, net income or owner benefit, lease terms, and lease amount. Find out if they are working through a residential real estate company or their area of specialization is dedicated solely to the restaurant business. Notice the contact information and if they provide several methods for establishing contact.

Prime experienced brokers in the restaurant business will incorporate a social media marketing strategy for attracting clients. The marketing strategy they use will provide you with the necessary information you need to determine if they are an expert specializing in selling restaurants. You can explore the social media marketing tools to locate the type of information the broker is offering. These tools include blogs, Twitter, Facebook, LinkedIn, YouTube, and any other type of social media outlets.

Carefully review the type of information that is being offered in their blogs. If the broker is experienced with the restaurant business they will be writing about the latest trends, industry events, and general restaurant news. Read the tweets that they are posting which should be relevant to new listings, industry information, and restaurant news. If they do not have a social media presence they may not be involved with this type of marketing. At the same token, the industry experts are almost always engaged in social media marketing.

When you review the broker’s online biography keep in mind that state and federal licensing is not helpful when you are trying to find a qualified and experienced broker. Although they may list their education, licensing, and professional affiliations on their website, there is really no business brokerage licensing procedure and only a handful of states require business brokers to acquire a real estate agent license. Some of these states include Alaska, Arizona, California, Florida, Georgia, Idaho, Michigan, Minnesota, Nebraska, Oregon, South Dakota, Utah, Washington and Wyoming. It is also important to note that some brokers operate illegally in these states by offering listings without acquiring a real estate license.

You can do an interview process of a potential broker by calling them to screen their response. This is a good way to find out if they actually answer their phone or return your calls in a timely manner. If you cannot establish contact with them during the screening process this does not hold much hope for working with them. If you are searching online after regular business hours, try calling the broker to see if you can get a response after hours or send them an email to see what their response rate is. When you talk to the broker inquire about a specific listing and then participate in the confidentiality agreement and ask for an information package.

Take the time in the beginning to find an experienced and qualified restaurant broker who will devote the time to helping you buy an Atlanta restaurant and it will save you a lot of hassles over the long term.

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