I currently own a restaurant that I am looking to sell. It has been on the market for 11 months now. I am approaching the end of my contract with my current broker. In the 11 months, not a single serious lead has been produced. I do understand that commercial property takes a lot longer to sell than residential. However no one has come in to at least look at my place. Having said that. I am looking for any recommendations on a commercial broker that will work as hard as me to sell my restaurant. I am located in the Rochester, NY area. I would like someone that is local, as well as someone that has a great deal of experience in commercial/restaurant properties. Any help would be appreciated!
Gabriel I can refer you to one of my partners that specializes in Rochester. Can you PM me the property address?
It sounds like you have two different sale objectives here: the business and the real estate. From which, you may want to look at this from the real estate perspective and sell off the FF&E as part of the property sale if you wish to do it all at once. This can add value to a sale for an owner/user looking to do a new restaurant and could also utilize equipment and improvements.
That said, if you are looking to sell the business that has value, then I would hire a business broker for that portion, sell the business and write a new lease for the property that could be used for an investor looking for NOI. Then sell the property with a new tenant and lease.
As for RE brokers, you would probably want one that has experience in restaurant/landlord leasing to take over the space. Then maybe use them or another investment sales broker for the sale of the property depending on how you like the relationship and ability to finalize the sale. Hope this helps.
Is it on bizbuysell.com?
You own just this one location?
Is it building and business or just business?
What are you asking for it price wise versus the profit margin?
Are you owner operator or do you haver layers of management built in to be hands off?
Did your current broker ask what your objectives and timelines are to sell? If it's been 11 months it is likely either undermarketed, overpriced, or BOTH. Before getting into commercial real estate about 15 years ago I was in the food business in all facets so know it well.
@Alisa O. interested in a restaurant?
Hi @Alina Trigub ,
Is the person you mentioned interested in purchasing a restaurant? Please let me know!