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#119972 - 07/30/06 08:19 PM Listing a restaurant
Delores Member Registered: 05/19/04 Posts: 235 Loc: TN	Acquaintances of mine need to sell their reasonably successful two year old tea house due to illness. I've never listed a commercial property. This place was popular from the beginning due to the quaint 'feel' of it, the good food and varieties of teas, and the very capable and pleasant owners. I was disappointed to hear they needed to sell, but the health issues are really bad. How do I start? What things do I need to be aware of? I probably will enlist the help of one of my brokers, but I'd like to gather as much information as I can so that I can have a somewhat 'informed' conversation with both the seller and the broker. Thanks in advance!
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#119973 - 07/30/06 08:40 PM Re: Listing a restaurant
Gulf Winds REO Slave Major Contributor Registered: 02/04/06 Posts: 1715 Loc: USA	Is this just the business or real estate and business for sale? Does it include the equipment and inventory? Will the current owner stay on as a consultant for a specified period of time? Are there any leases in effect? Have you determined the listing price yet? If so, how did you arrive at the value? You'll need the financials. Anyone buying a business will want/need them in order to determine whether it is a sound investment for purchase. A confidentiality agreement would be in order prior to release of the financials to interested parties. You may want to sign up on Loopnet.com & place the business on there in addition to your local MLS. Give us some details and we can assist you in how to properly service such a listing. _________________________ "There are people who make things happen, there are people who watch things happen, and there are people who wonder what happened. To be successful, you need to be a person who makes things happen.." - James Lovell- Astronaut
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#119974 - 07/30/06 08:57 PM Re: Listing a restaurant
Delores Member Registered: 05/19/04 Posts: 235 Loc: TN	Quote: Originally posted by wscottfunk: Is this just the business or real estate and business for sale? Does it include the equipment and inventory? Will the current owner stay on as a consultant for a specified period of time? Are there any leases in effect? There are no leases. They own the real estate and the business. I haven't had a sit down with them yet; that's scheduled for Tues. I doubt that the owner will stay on to consult...at least not for long. The health issues are that serious. Have you determined the listing price yet? If so, how did you arrive at the value? No, not yet. All I know at this time is that the location has been popular. In the past, it's been an antique store and a restaurant. You'll need the financials. Anyone buying a business will want/need them in order to determine whether it is a sound investment for purchase. A confidentiality agreement would be in order prior to release of the financials to interested parties.Yes, will get. You may want to sign up on Loopnet.com & place the business on there in addition to your local MLS. Give us some details and we can assist you in how to properly service such a listing. I will have more details tomorrow. Thanks!
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