Anyone know of strong ways to find what establishments are trying to sell?
I paruse the BizBuySell site and I look in the paper but outside that I really havent found many resources for local places for sale.
Any insight outside door knocking or the above listed I would appreciate it.
Try using a business/restaurant broker. Or, find someone with access to your areas mls via a Realtor.
thats good advice. the bizbuysell are brokers, but outside them I dont see anyone with online listings who have local info.
the realtor angle might be interesting too.
Look at graiglist.com you ay find something you like and if you are moving to Nevada. Email me I may have something for you.
You know that saying “everything’s for sale”? I think it’s true. If you know the area that you want to go into, you could just try knocking on doors and asking the owners if they’re considering selling or would consider it.
Piper is 100% right. Just ask. Don’t go to a broker, just find a moment with the owner away from customers and staff and ask if they would be interested in discussing it.
The real question is: do you want to buy one that is rolling good and making money (you will pay for it) or try to find the one with good equipment that is failing for a reason other than location and turn it around. You can often find failing places and buy them for the discounted value of the equipment.
rather than ask the owner/manager if “their” place is for sale, just them if they “know” of any shops like theirs in the area 4 sale…
Try the publication “Turtle Soup”. A lot of brokers advertise there.
I’m in philadelphia. there’s a site called “Hallwatch” wheren you can research numerous things such as property owners. Type in address and owner’s name/address as well as prop info comes up. Mail charming letter to owner explaining your desire to buy a propertry in the area and include a menu or other media showing you are legit. I bought my 2nd location like this after mailing letters to about a dozen targets. That was 18 mos ago, we’ll be open in 4-5 mos. While your area won’t have a “hallwatch”, it will have some sort of county/state site with the relevant info. You’ll need to do some digging…good luck BTW the site is hallwatch.org if you want to check it out.
post on here occasionally that you are interested in buying a store and see what happens.
Patriot nailed it cold.
Find a good place, make an offer. A lot of times places aren’t for sale, but when the owner sees a big fat check for a couple hundred grand or so, they suddenly are open to the ideal.
The problem with bizbuysell or brokers in general is that most of those restaurants are for sale because of a problem. Not all, but well over 2/3.
It’s pretty hard to make an offer without seeing the books. Whether you ask the owner if they would consider selling or get cute asking if they know of other places like theirs that might be for sale, the result is the same:
- You have to establish if they are interested.
- Get a general sense of the volume they do.
- Explore the price question. (I like to discuss multiples of owner’s dicretionary cash)
If those three steps go well then a full examination of the books and other issues is in order. I have been through this process now a few times.
I would not be shy about asking. My experience has been though, that folks are unrealistic about what a pizza business is worth.
What is the best time to sell a pizza shop? Any time you have a buyer with ready money… LOL. Want to buy mine?