BUSINESS BROKERAGE

Looking to buy or sell a restaurant or bar business?

NRP provides a personal, confidential & industry-specific approach to buying or selling an F&B business.

Pizzerias, Cafes, Bars, Fine Dining, Delis, Fast Food, Food Trucks, Liquor Stores, Ice Cream Shops, Breweries, Catering Companies, Virtual Kitchens, Music Venues – we’ve sold them all!

Our NRP advisors have a deep well of knowledge about the F&B industry that other firms simply can’t match. Most of our advisors have spent decades in the industry and bring a unique advisory approach to both buying and selling a restaurant business. We understand what it takes to be successful in any F&B business venture because we’ve been there. Our local teams rely on that knowledge to assist buyers throughout every stage of the process & advise sellers on how to maximize the value and market appeal of their business.

Relationships still matter in our world. The process of buying or selling a business is personal – and it should be. When it comes to helping you buy or sell a restaurant or bar, digital technology can only take the process so far – the people, the personalities and the trust will always make the difference.

We certainly don’t shy away from technology that makes the process more efficient. But we aren’t reliant on those technologies either. Trust, experience, and know-how are required to get every deal across the finish line. We have built that trust within the industry since 1969 & it will always be our Bread n Butter.

Buying or selling a business requires a team that understands what it’s like to be on both sides of the deal. Whether that’s helping a buyer understand the unknowns they are about to encounter – or helping a seller see beyond the numbers.

Our NRP Advisors are intent on creating lasting relationships with you and your business. We don’t just WANT to get to know you before starting the process – we INSIST ON IT. Because TRUST matters throughout every stage of the process.

SELLING YOUR RESTAURANT

Your business is probably one of the largest assets on your balance sheet. Maybe you’ve dedicated years of sacrifice to build a very successful business and finally ready to hang it up? Maybe you’re a multi-unit operator that simply needs to liquidate one unit to raise cash for another project? Maybe the restaurant or bar business just isn’t in your wheelhouse? Whatever your individual circumstances are, the decision to sell your business / business assets should be one that is well thought out and planned accordingly.

  • What does the current market look like in my area?
  • How do I limit my liabilities with my landlord?
  • My business is struggling. Does it still have value?
  • How long does it take to sell a business?
  • What is my business worth?

Much like you would rely on a financial planner to help you maneuver through your investment strategies, NRP is here to guide you through the process of creating an exit strategy that serves your best interests.
You can trust & rely on NRP to bring things into focus for you! We’ve been selling restaurant businesses and assets since 1969.

Our system allows you to confidentially sell your business and/or business assets – without interfering with your day-to-day operations – and without staff, vendors or customers having any knowledge about the pending sale. Confidentiality is our specialty! Whatever your circumstances, NRP has the solution.

What you and your NRP advisor might discuss:
  • Do you own the real estate? If so, what’s the best way to leverage the most value out of each asset.
  • If you’re leasing, let’s take a deep dive into your lease to better understand the landlord’s position.
  • Are you currently maximizing the potential of the business? Is there any meat on the bone for a potential buyer?
  • What’s the demand for your submarket?
  • Is this where operators want to be?
  • Is your business best positioned including the brand and intellectual property?
  • Or is there a higher demand for just the assets and improvements?
  • How much demand is there for your menu/concept?
  • Is there anything you can do to make the place more presentable?
  • Are there any loans outstanding that would need to be satisfied?
  • And of course, how is the restaurant performing financially?

Your local NRP team sees value where other brokerage firms may not – but are also adept at seeing potential landmines that other brokerage firms may miss. Knowing how to handle those potential hurdles and protect everyone involved is what sets us apart from our competitors. If you’re curious about finding out the value of your restaurant, bar or other F&B business, there’s a lot of details to consider – but that’s what WE do.

Here’s how the process works …
  • Schedule a confidential appointment with one of our NRP Advisors.
  • Meet at your business to give us a tour and help us get a better understanding of your business.
  • Your NRP Advisor will review with you – in detail – how the process works and what information we need to properly valuate your business (copy of master lease w/ any pertinent addendums or extensions, business tax returns, business P&L’s, etc)
  • Once this information is gathered, we do a thorough review – then prepare a Market Positioning Proposal to discuss with you at our next meeting.
  • This Market Positioning Proposal will include the suggested Marketing Price, financing options and strategies and how your business will be confidentially marketed.
  • Once we agree on a strategy, we will execute a Listing Agreement for a minimum of 12 months and begin the process of marketing your business.
  • At this point, you have engaged NRP to represent your interests in the sale of your business.
What happens next ...
  • Your NRP team will meet with & qualify any potential candidates for your business.
  • If they meet financial & experience qualifications, we will schedule a time for them to accompany us on a guided tour of the business with you – BEFORE or AFTER business hours, with no staff around.
  • Meet n Greet. Relationships matter – this is a chance for you and the potential buyer to discuss elements of the business that don’t show up on the balance sheet.
  • Due Diligence. If the buyer remains interested, your NRP Team will continue a due diligence process with them – review of business financials, lease or property details, etc.
  • Making the Offer. All offers must be in writing & binding with a Good Faith Deposit. Your NRP Advisor will review the offer with you in person and decide with you the next course of action.
  • Accepted Offer. Once that offer is accepted, we will begin the approximately 30-90 day process of getting to the closing table. There are numerous circumstances that affect this timeline – landlord approval, outside financing, franchise training (if applicable), etc.
  • The Closing. NRP provides a local, trusted & impartial closing attorney to work on everyone’s behalf and handle dispersing funds accordingly. (Note: we encourage you to have your own legal counsel review his/her work).
You’ve sold your business. Now what ...
While every transaction varies, most will include some sort of agreed training period between you and the buyer. Here’s what may be expected of you:

  • Properly introducing the new owner to the staff goes a long way towards a smooth transition.
  • Work with the buyer on transferring utilities, food vendors, merchant services, etc.
  • Walk them through your daily processes to avoid a confused staff.
  • Gradually let them take over the daily operations until you’re no longer needed.
  • A standard transition takes 2-3 weeks but varies by situation.
  • Your NRP Advisor will guide you both through this process, so don’t sweat it.
  • Now you can schedule that much needed vacation.

BUYING YOUR RESTAURANT

Buying a restaurant, bar or other F&B business is a big decision – and one that requires careful planning and analysis. Maybe you’ve retired from a long-time corporate career, and have always been intrigued about the industry? Maybe you’re a multi-unit operator looking for another brand to develop further? Maybe you’re a culinary talent looking to finally go out on your own? Whatever your reason is for taking the dive into this industry, NRP is here to guide you through the process – and even help you determine if this industry is right for you.

  • Is a franchise or independent operation the best fit for me?
  • What type of menu/concept should I be looking for?
  • What financing options are available?
  • Am I even a good fit for the industry?
  • Should I be looking for an existing business or an asset sale?

At NRP, we are business advisors, not salespeople. Our objective isn’t to “sell you” on an opportunity. We’re here to guide you through the process and advise you towards the right opportunity that will properly leverage your skills, abilities, and experience. You can trust & rely on NRP to bring things into focus for you! We’ve been selling restaurant businesses and assets since 1969. When you meet with your NRP Advisor for the first time, you’ll find someone that has a deep background and experience in the F&B industry. We know how to ask the right questions.

Our process is designed to help you find a business opportunity that is right for you – and ultimately leads to a successful venture and asset.
Don’t be surprised when your ultimate destination is different than what you thought it would be

The first meeting with your NRP advisor …
  • Initial Meet n Greet. An in-person meeting is the launch pad for a successful partnership. Most of our listings are confidential. No, we can’t and won’t just send you an NDA so you can ride by and check out the business.
  • Operations Qualification. During this meeting we will chat about your previous experience in the industry and talk about what types of concepts might be the best fit for your experience. Existing operators can bypass this step.
  • Financial Qualifications. Another objective for this meeting is to determine your financial qualifications. Your NRP Advisor will request a Personal Financial Statement from you and dive into what financing options may be available to you.
  • Creating The Road Map. By the end of this meeting, you and your NRP Advisor will have developed the road map for successfully finding the right business opportunity for you.
What happens next ...
  • Once we’ve determined that you are qualified to take the next steps, your NRP Advisor will get to work and start looking at options that are available in the market.
  • Then we will schedule a call to discuss a few of these options. If you’re interested in any of them, we will collect an NDA (Non-Disclosure Agreement) & schedule an escorted tour of the location outside of regular business hours. It’s important to do this when no staff is around. You’ll meet the owner likely, take a guided tour, and ask relevant questions.
  • The objective of your first guided tour is to get a “feel” for the business & determine if it’s a viable option for you. If it isn’t – no harm, no foul. Your feedback though is important. Please be courteous and give us your honest impression to share with the seller.
  • Once we have identified a business that might be yours – it’s time to start your “due diligence”. Your NRP Advisor will meet with you to study the financial performance records and review other pertinent details such as lease or property details, menu mix reports, maintenance records, etc.
The Offer Stage …
  • Once you’ve concluded enough due diligence to arrive at a comfortable value of the business, your NRP Advisor will meet with you to craft an “Offer To Purchase”.
  • All offers are required to be in writing, include a Good Faith Deposit, and be legally binding.
  • All offers are “Contingency-Based” – requiring items such as landlord approval, mechanical inspections, financing approvals, etc.
  • Once you’re offer is accepted – you are officially “Under Contract.”
Getting To Closing …
  • The first step once you have taken the business off the market and “Under Contract” is to begin removing contingencies.
  • Your NRP Advisor will guide you through inspections, additional financial analysis, financing approvals, landlord approval processes, etc.
  • Once all contingencies have been removed, the next stage is for your NRP Advisor to coordinate the closing details. NRP provides an impartial legal counsel for every transaction to protect everyone’s interests. We always suggest & welcome review from your personal legal counsel.
  • Simultaneously, your NRP Advisor will coordinate additional details with you and the current owner – merchant services, utilities, social media accounts, etc.
  • After thorough review of the closing documents, we can schedule the actual closing & transfer of the business assets.
  • Note: this process will take anywhere from 45 days to 3 months, depending on circumstances.
You’ve bought a business. Now what ...
  • After closing, the first step in any successful business transition is an introduction to the staff. The previous owner will schedule a staff meeting to introduce you to everyone and you’ll need to rehire them under your business entity.
  • Inventory is an “outside of closing” expense. The former owners will conduct a full inventory with you and collect payment.
  • Final transfer of utilities, vendors, etc will happen the first day of operation.
  • Training. Your purchase agreement likely will include a “training protocol” in which the previous owners are contractually obligated to train you on the day-to-day operations for what is usually a 2-3 week period, depending on circumstances.
  • At the conclusion of training, you’re off to the races. It’s all yours!