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Really great points you listed in your video..when valuing a restaurant always do your due diligence before acquiring the business. Even if the financials look like a cash cow, I would suggest find out the primary motivation for the owner's to sell! Another tip to consider would be how would one add value to the business after acquisition: decrease wait time for customers, newly renovated interiors or washrooms, adapting to newer technology help increases market audiences/sales.
@@WilsonKLee Haha thank you! I am not in the industry but I am a new graduate entering into commerical real estate! I have worked and met those wishing to start businesses in hospitality and often inquire about leasing procedure and business valuation!
Love this! Well done. Thank you. Please do a video on what to expect when you acquire an existing restaurant- operating costs, utilities, what money do I need aside from the purchase price? That would be great. Thank you!
I'm 24 years old and I want to buy a restaurant, they is highly profitable restaurants on the market, infact I want to own multiple restaurants, but I'm worried about how much the staff will need me there, like must I be present very day or a few days a week... Is that something I should be worried about or I'm just overthinking it.
your staff will need you and you will need to be there in the begining. however, as you build your restaurant empire, you can hire talented staff that can help you manage. thats how we were able to grow to 7 locations in different countries. :)
Yo if I don't know anything on running a business and i buy a restaurant on Facebook marketplace for 50,000 and I learn I should be okay no also do they sell restaurants in Facebook marketplace please get back to me I want to make this life changing decision I would like to know what to expect like a piece of paper saying this is the property or something like that I don't want to get ripped off but I'm tired of this 9-5 please reach back
There is a very successful restaurant for sale that I have the inside scoop on. It’s a good price and I’m really interested in buying it. The thing is. I would want to turn it into a plant based restaurant as that is something I have a strong core belief in. I’m worried I wouldn’t be able to keep the customers then currently eat there. I’m not sure if it would be a great idea.
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💎 [FREE COURSE] Learn how to start an online food business - swiy.co/start-FPF-program
🚀 [FREE COURSE] Learn how to start a restaurant/brick&mortar business - swiy.co/Start-PRO-Academy
Really great points you listed in your video..when valuing a restaurant always do your due diligence before acquiring the business. Even if the financials look like a cash cow, I would suggest find out the primary motivation for the owner's to sell!
Another tip to consider would be how would one add value to the business after acquisition: decrease wait time for customers, newly renovated interiors or washrooms, adapting to newer technology help increases market audiences/sales.
Well said! very insightful. are you in the industry your self?
@@WilsonKLee
Haha thank you! I am not in the industry but I am a new graduate entering into commerical real estate! I have worked and met those wishing to start businesses in hospitality and often inquire about leasing procedure and business valuation!
@@WilsonKLee
Let's connect via Linkedin 😄
Sadly financials are often overstated! Good advice about doing your due diligence, buyer beware!!
Love this! Well done. Thank you. Please do a video on what to expect when you acquire an existing restaurant- operating costs, utilities, what money do I need aside from the purchase price? That would be great. Thank you!
One of the biggest mistakes I find when people buy a growing concern, they start to make changes often alienating the existing customer base!
For sure! And those changes could seriously affect the base numbers for better or worse...
I like watching ur videos
They are of great help 👍
Glad to hear that!
I'm 24 years old and I want to buy a restaurant, they is highly profitable restaurants on the market, infact I want to own multiple restaurants, but I'm worried about how much the staff will need me there, like must I be present very day or a few days a week... Is that something I should be worried about or I'm just overthinking it.
your staff will need you and you will need to be there in the begining. however, as you build your restaurant empire, you can hire talented staff that can help you manage. thats how we were able to grow to 7 locations in different countries. :)
Thanks 🙏 bro very helpful !
Happy to help!
You see, nobody sells a money making restaurant. So rebranding and realigning your customer base is not only reasonable, but also a welcoming pivot!
People sell businesses for different reasons. Not always because it is failing. People are more ambitious and strategic in exits than you think :)
@@WilsonKLee headshot...
Well said
U donkey bring wider. Thought
What if they’re moving abroad or something?
If a restaurant has a handover period, is it ok to be inexperienced?
Can you be a consultant if I want to buy an existing business?
Yo if I don't know anything on running a business and i buy a restaurant on Facebook marketplace for 50,000 and I learn I should be okay no also do they sell restaurants in Facebook marketplace please get back to me I want to make this life changing decision I would like to know what to expect like a piece of paper saying this is the property or something like that I don't want to get ripped off but I'm tired of this 9-5 please reach back
How many years track record should we look at when buying a restaurant?
9:32
There is a very successful restaurant for sale that I have the inside scoop on. It’s a good price and I’m really interested in buying it. The thing is. I would want to turn it into a plant based restaurant as that is something I have a strong core belief in. I’m worried I wouldn’t be able to keep the customers then currently eat there. I’m not sure if it would be a great idea.
I wouldnt change the style/menu too much if i were you. If it’s successful as it is, if it aint broke dont fix it
Great video! We do similair type of content. Let's be friends😀
Sounds good!