* * MasterMind Minutes * *

Each episode runs approximately 20 to 25 minutes and features an expert guest covering one question. The entire series is posted & update on this page so you can binge watch back-to-back “episodes”. New episodes are added each month so keep coming back to view the experts on an insightful topic that is sure to help you build, grow and run your business.

Photo by AbsolutVision on Unsplash

www.franchisegrowthsolutions.com

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POSITIONING YOUR BRAND TO WIN, DETERMINING TRENDS INFLUENCING YOUR INDUSTRY, ANALYZE + ACT

MasterMind Minutes – One Guest – One Question – One Expert Answer in Minutes not Hours. Today’s Guest is Shelly Sun.

Shelly Sun is the CEO and Founder of BrightStar Care a national home care and medical staffing franchise with more than 365 locations that provide medical and non-medical services to clients within their homes, as well as supplemental care staff to corporate clients. Shelly is a dynamic and forward-thinking leader passionate about helping aspiring entrepreneurs become successful business owners. Shelly grew BrightStar Care from a local business to a $639M national enterprise. By franchising the concept, she was able to diversify & localize the brand’s operations, positioning franchisees to become prominent business owners. In 20 years, BrightStar Care has grown to over 365 locations, becoming the provider of choice for thousands of clients nationwide.

Shelly is also a well-known leader within the global franchising industry, serving as the 2017-2018 Chairwoman of the International Franchise Association (IFA), a top 25 association. Shelly was named IFA 2009 Entrepreneur of the Year and is a Certified Franchise Executive. Shelly published her first book in 2011, Grow Smart, Risk Less, where she discusses her journey as an emerging franchisor through growth, lessons, and game-changing ideas. Shelly and BrightStar Care were featured on an episode of CBS’ Undercover Boss, as the first franchise brand ever chosen on the show. Harvard Business School has written a case study about BrightStar Care’s expansion under Sun’s leadership. Prior to founding BrightStar Care, Shelly was a Certified Public Accountant and held executive positions with United Airlines, CNA Insurance, and BlueCross BlueShield.

An innovative, forward-thinking trailblazer, Shelly is focused on driving results, building a strong culture, and delivering the highest quality care by building a network of like-minded small business owners to activate her brand vision. Shelly’s strategic mindset to innovate, create new opportunities, and increase her brand’s market share drives brand growth and performance.

Learn more about Shelly and Bright Star: https://www.brightstarcare.com/
Contact Gary: [email protected]
Visit: www.frangrow.com

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IS A MYSTERY SHOP PROGRAM VITAL TO YOUR CUSTOMER’S EXPERIENCE AND YOUR SUCCESS?

MasterMind Minutes – One Guest, One Question, One Expert Answer in Minutes not Hours.Today our guest is Kurt Eddins.
Kurt is the Owner and President of 360 Relay (formerly known as 360 Intel and Goodwin Hospitality over the last 20 years). 360 Relay provides an array of services centered on gathering various types of customer feedback, with mystery shopping being the primary service. Their portfolio of clients ranges from national chains all the way down to single units.

Kurt has been involved in the mystery shopping industry going back to his high school years, starting out in the family business setting (known Goodwin Hospitality at the time and then ultimately coming on board full time in a managerial role after graduating from UNH in 2012.
Contact Kurt at: https://www.360-relay.com
Contact Gary at: [email protected]
Visit: www.frangrow.com

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HOW TO MOLD A MINDSET OF SUCCESS IN BUSINESS AND IN LIFE.

MasterMind Minutes One Guest One Question, One Answer. Today my guest is Darrell Bennett. Mr.Bennett is a Harvard Law School alum, former attorney and the founder of The B-Squared Global Group and creator of the Kingdom Wealth Circle, who has helped more than 100 business owners create more than $10M in profit and has sizable equity stakes in dozens of profitable enterprises.

Also known as The Comeback King, for his Voice, his personal story and his work helping people turnaround negatives into positives, Darrell has helped more than 100 people launch their business dreams.

In 2022, Darrell turned his personal memoirs, Come. Back. Swinging., into a Mentorship Accelerator, to help people beat the odds and break down barriers in their personal lives and business endeavors.

Contact Darrell via LinkedIn: https://www.linkedin.com/in/darrellbennett/
Contact Gary: [email protected]

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CREATING A UNIQUE EXPERIENCE FOR PEOPLE IN THE PET SERVICE BUSINESS

Today our guest is Michelle Boggs. Michelle is the Managing Partner at MUTTS Canine Cantina, so she oversees MUTTS’ brand development and is well connected with the brand’s ongoing media and marketing efforts which have been crucial in MUTTS’ growth since their 2019 announcement to franchise. She is also the co-founder of McKinley Marketing Partners, a marketing consulting firm based in Virginia.

With her leadership, she has attracted hundreds of franchise leads and presented multiple ways to help position MUTTS as an unrivaled, first-of-its-kind restaurant, bar and off-leash dog park concept. I’m positive she has a wealth of valuable insight to share with your listeners that could help them grow their businesses and position them at the forefront of their industry.

Contact Michelle at: https://muttscantina.com/
Contact gary at: [email protected]
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HOW TO SUSTAIN GROWTH LONG-TERM VS. JUST SURVIVING TOMORROW.

Master Mind Minutes – One Question – One Question – One Answer in Minutes Not Hours. Today our guest is Ed Quinlan.
Ed is the President of Chem-Dry, part of the BELFOR franchise group. Chem-Dry is the world’s leading carpet and upholstery cleaning service with a network spanning 55 countries, serving over 11,000 homes and businesses a day worldwide.

Ed oversees business support services for Chem-Dry’s franchisees, including training and business coaching programs designed to improve performance and the implementation of software improvements designed to make business easier and more profitable.

Contact Ed: https://www.chemdry.com/
Contact Gary: [email protected]
Visit: www.frangrow.com

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KEY CHALLENGES EMERGING FRANCHISORS FACE AND HOW TO OVERCOME THEM?

Today our guest is Tom Spadea..
Tom is the co-founder and Partner at Spadea-Lignana Law. The firm has offices in Philadelphia and NY and specializes in the areas of: Franchising, Buying or Selling a Business, Lease Negotiation, Litigation, Commercial law and Securities Law
But Tom didn’t start out as an attorney. He has a vast entrepreneurial background. He was the co-owner and President of a communications equipment manufacturer where he co-founded a factory in Latin America, successfully created an international sales network in Asia and invented a product for which he was granted a US Patent.
He spent more than 15 years in corporate and entrepreneurial positions before completing law school.
Tom has been named a “Legal Eagle” by Franchise Times magazine, a distinguished award recognizing Tom as a leader among his peers in franchising.
He is also the founding member of the Philadelphia Franchise Association and is the current President and Chairman.

Contact Tom at: https://www.spadealaw.com/
Contact Gary at: [email protected]
Visit: www.frangrow.com.
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KEY TIPS FOR FRANCHISEES AND FRANCHISORS ATTEMPTING TO SECURE FINANCING FOR THEIR NEW BUSINESS, LLC
https://youtu.be/PkG_7ydGZ-o

Today our Guest is Beegees Hebert Senior Account Manager
Beegees came to Guidant in 2011, and since then, she’s become a small business financing aficionado. Every day, she puts her superior listening skills to good use to become a true advocate for her clients. As an Account Manager, she’s committed to helping individuals identify and deploy the financing solution(s) that will help them reach their short- and long-term goals, making the process to funding as smooth as possible.
Beegees also has firsthand knowledge of what it takes to run a small business or franchise. Prior to joining Guidant, she served as the General Manager for a chain of tanning salon franchises, and before that, she was the Sales & Marketing Director for an independent health and fitness business. Today, she uses that experience to relate to clients and provide firsthand advice.
Contact Beegees at. https://www.guidantfinancial.com/abou…
Contact Gary at: [email protected]
Visit www.franchisegrowthsolutions.com
Visit: www.franchisemoneymaker.com

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MasterMind Minutes – WHY DOES FRANCHISE EXPERIENCE MATTER?
Our guest today is John Ramsay of Noodles & Company.

With over 28 years of experience in restaurant franchise sales and development, John Ramsay joined Noodles & Company in November of 2020 as the vice president of franchise sales. Prior to Noodles, John most recently held positions in franchise and restaurant growth efforts for Bruxie International and Marco’s Pizza Franchising. John’s successful career includes the growth of over 900 restaurants across all 50 states and 12 different countries. Having graduated from Virginia Tech University with an architecture degree, his vast skill set came through during his early career positions in design, construction and real estate for brands such as T.G.I. Friday’s and Jack in the Box.
A resident of southern California, John and his wife love traveling and spending time with their two kids in their free time.

Contact John at www.noodle.com
Contact gary at: [email protected],
Visit www.frangrow.com
Visit: www.franhisemoneymaker.com

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DEALING WITH RESTAURANT SUPPLY CHAIN ISSUES

Our Guest today is Bob Ray, who has been with Margaritas since 1992 in a wide variety of positions, became an owner and board member assuming the role of Chief Operating Officer. The brand also expanded its leadership team to include a star-studded mix of owners and board members with decades of experience managing and growing successful restaurants.

For more information about Margaritas’ franchise opportunities, visit www.margs.com/franchising/overview.
Contact Bob at: https://www.margs.com/Contact Gary at: inforwww.frangrow.com
Visit: www.frangrow.com
Visit www.franchisemoneymaker.com

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WHAT ARE THE INNOVATIONS AND KEY DIFFERENTIATORS THAT HAVE LED McALISTER’S DELI TO ACCELERATED GROWTH OVER THE LAST FEW YEARS?

Our Guest today is; Mike Freeman, Chief Brand Officer, McAlister’s Deli
Mike has been working with the brand for 13 years and most recently served as vice president of operations.
Mike started as an assistant general manager at the McAlister’s Deli in Bossier City, La. He has worked in various operations and training leadership roles.
Contact Mike at:https://www.mcalistersdeli.com/
Contact gary at: [email protected]
visit: https://www.franchisegrowthsolutions….
visit: https://www.franchisemoneymaker.com/

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WHY IS IT MORE IMPORTANT THAN EVER FOR LEADERS TO HONE THEIR LISTENING SKILLS & HOW CAN THEY DO THIS
MasterMind Minutes shares expert business information in Minutes Not Hours.

My guest today is Stephen Kohler. Stephen is the Founder & CEO of Audira Labs. Audira Labs enables leaders, teams and organizations to amplify their leadership through transformational 1:1 executive coaching and, music-infused, experiential team effectiveness workshops.
Contact Stephen at: https://audiralabs.com/
Contact Gary at: [email protected]
https://www.franchisegrowthsolutions….

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MasterMind Minutes INVESTING IN PUBLICLY HELD RESTAURANT COMPANIES -WHAT DID THE PANDEMIC TEACH US?
Today’s guest is Roger Lipton – Roger is an investment professional with over 4 decades of experience specializing in chain restaurants and retailers, as well as macro-economic and monetary developments. After earning a BSME from R.P.I. and MBA from Harvard, and working as an auditor with Price, Waterhouse, he began following the restaurant industry as well as the gold mining industry. While he originally followed companies such as Church’s Fried Chicken, Morrison’s Cafeterias and others, over the years he invested in companies such as Panera Bread and shorted companies such as Boston Chicken.
Contact Roger at: https://www.liptonfinancialservices.com/contact/
Contact Gary at: [email protected]
www.franchisegrowthsolutons.com

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MasterMind Minutes – BIGGEST CHALLENGES FACING A START UP OR EMERGING BRAND FRANCHISORS?
One Guest – One Question – One Expert Answer – Minutes Not Hours

WHAT ARE THE BIGGEST CHALLENGES FACING A START UP OR EMERGING BRAND FRANCHISORS? Today’s guest is Evan M. Goldman. Evan is a partner at A.Y. Strauss and serves as chair of the Franchise and Hospitality practice group and co-chair of the Litigation practice group. Evan is a leading expert on franchises, working closely with both franchisor and franchisee clients to draft, negotiate, and register disclosure documents, franchise agreements, and related key documentation. Evan represents franchisor and franchisee clients in dispute categories such as terminations, breach of contract, trademark disputes, fraud claims, employment matters, and enforcement of non-competes.
Contact Evan at:https://www.aystrauss.com/professionals/evan-m-goldman-esq/
Contact gary at: www.franchisegrowthsolutions.com

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IN THIS TIME OF UNCERTAINTY, PANDEMICS, SOCIAL UNREST AND A TUMULTUOUS ELECTION YEAR, HOW CAN PEOPLE STAY MOTIVATED AND WORK TOWARD A MORE POSITIVE PERSONAL AND COMMUNITY FUTURE?

Today my guest is Jermain Miller, the Founder of MiLL Real Estate and CEO of Jermain Miller Consulting.
Prior to launching MiLL RE in 2015, Jermain carved his way to being one of the top real estate professionals in NYC after being homeless and starting with only 93 cents in his bank account.
He is a best selling author of two and soon to be three books Wake Up and Win and now Wake Up and Live…
You can reach Jermain at: [email protected]
You can reach Gary at: [email protected]
www.franchisegrowthsolutions.com
www.franchisemoneymaker.com

IN THE CURRENT ECONOMIC CLIMATE & LENDING ENVIRONMENT, WHAT ARE BANKS LOOKING AT WHEN CONSIDERING A BUSINESS LOAN.
Today’s guest is Reg Byrd.
Reg is the Managing Partner DCV Franchise Group
For over 25 years Mr. Byrd has been a business venture strategist assisting entrepreneurs with a focus on financing, business plan development, financial projections and blueprints for aggressive return on investments. The scope of his work ranges from sole proprietorship businesses to capital intensive Fortune 500 hotel development projects. To date, DCV Franchise Group has served more than 300 franchise systems placing debt for franchisees in the U.S., Puerto Rico, Panama and Canada.
Contact Reg at https://lnkd.in/eDhmeqs
Contact Gary at: [email protected]
Learn more at: https://www,https://lnkd.in/d89cb29

HOW TO EVALUATE A STARTUP OR EMERGING BRAND FRANCHISE WITH ONE OR NO FRANCHISEES?
Our Guest Today is: Ed Teixeira.
Ed has over 40 years of experience in the franchise industry and is the VP Franchise Development for FranchiseGrade.com a leading franchise market research firm. Ed is the author of Franchising from the Inside Out and The Franchise Buyers Manual and has spoken before the International Franchise Expo, Chinese Franchise Association in Shanghai, China and has lectured at the Stony Brook University Business School on Franchising.
Contact Ed at: https://www.franchisegrade.com/. 1-800-975-6101
Contact Gary at: [email protected]
Learn More About Franchising: https://www.franchisegrowthsolutions.com

WHAT SHOULD EMPLOYERS THINK ABOUT WITH RESPECT TO LIABILITY CONCERNING EMPLOYEES GETTING CORONAVIRUS AT THE WORKPLACE?
today’s guests are:
Joel Greenwald is the Founder and Managing Partner of Greenwald Doherty LLP, a national management-side employment law firm. Focusing on labor relations and employment law. AND Michael Einbinder is a founding Partner of Einbinder & Dunn. He is a participating member of the American Bar Association Forum on Franchising.
Contact Michael at: [email protected] – Contact Joel at:[email protected]

HOW A COMPANY CAN SUPPORT THE COMMUNITY, ITS EMPLOYEES AND ITS FRANCHISEES IN TIME OF CRISIS – Today’s guest is Hector Westerband. Hector is the Founder and CEO of ACAI EXPRESS. He has over 20 years in the hospitality industry. He was introduced to the amazing Acai Stone Fruit. It was there where he started his own Acai Food Truck Called Acai Express in 2013.development.
Acai Express: https://lnkd.in/eESYZ6U

WHAT ARE THE FRANCHISE BRANDS THAT ARE DOING WELL DURING AND WILL DO WELL AFTER THE PANDEMIC? – Today’s guest is Lance Graulich
Lance is the founder & CEO of ION Franchising, an industry leading franchise consulting and development group, that represents over 500 franchise brands & business opportunities within 90 categories. Lance helps prospective entrepreneurs find their perfect franchise for FREE.

ARE YOU OVERLOOKING POTENTIAL MONEY SAVING CHANGES IN THE FEDERAL TAX LAWS THAT WERE INCLUDED IN THE COVID STIMULUS BILLS? – Today’s guest is MICHAEL IANNUZZI
Michael Iannuzzi is a partner and co-leader in Citrin Copperman’s franchise practice providing a variety of services to a wide spectrum of clients within the franchise community.

GROWING YOUR FRANCHISE COMPANY POST COVID-19 – Today’s guest is Harold Kestenbaum.
Harold is a franchise attorney who has specialized in franchise law and other matters relating to franchising since 1977. https://youtu.be/OOCXqhGPA_U

WHY DO FRANCHISEES FAIL – Today’s guest is Tom Scarda, CFE, Founder & CEO of the Franchise Academy, Best selling author and Podcaster.

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MATTO FRANCHISE
A Revolution is Brewing
LEARN MORE HERE:
https://www.mattofranchise.com/

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HOW ARE BANKS RESPONDING TO LOANS FOR NEW BUSINESSES?
Today’s guest is Reginald Heard – Founder and CEO of Bankers One Capital.

HOW ARE YOU MARKETING AND GETTING THE WORD OUT THAT YOUR BUSINESS IS GETTING READY TO REOPEN? Laura Skulman, Director of Marketing and Events for B&D Burgers in Savannah Ga.

HOW FRANCHISORS ARE CREATING A DIGITAL STRATEGY AS THE ECONOMY OPENS UP – Today’s guest is Aubree Coderre, National Sales Manager at C-Squared Social

Stephen McCluskey Insurance Expert – Discussing what you can do if your Insurance Company is not paying business interruption insurance due to Covid 19 closure

Michael Einbinder – Founding Partner of Einbinder and Dunn, a Law firm focusing on the needs of franchisees and franchisors

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MATTO FRANCHISE
A Revolution is Brewing
LEARN MORE HERE:
https://www.mattofranchise.com/

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OPPORTUNITIES TO OPEN A RESTAURANT NOW! Today’s guest is David Simmonds – Commercial Rental Expert

MasterMind Minutes – One Question – One Expert Answer – Minutes Not Hours
Our guest today is Doug Smith… He is the Director of Sale for ROI Experts which is a digital marketing agency that works with restaurants around the world. ROI Experts generates trackable ROI using their unique ROI engine platform. Doug is 27 year veteran of the radio, sales and marketing. Visit their website at www.roiexperts.com‍

Restaurant Marketing for the Upcoming 2021 Recovery

Restaurant owners are infamous for being callous with their marketing decisions, this is partly because the research process in the restaurant industry itself can be quite tricky. Gathering insightful data within a small or slightly larger community will be tricky as it is. This is precisely where digital surveys, restaurant management software, etc play a huge role.

MARKETING YOUR RESTAURANT THROUGH 2020-’21
Business Articles | November 19, 2020
BY KEVIN JOSEPH

Although it may seem rather glamorous at first glance, starting a restaurant is no easy feat. In fact, the restaurant & food business, in general, is one that is extremely time-consuming, high overheads, razor-thin margins & a manager’s nightmare.

But, it is also one that is central to our society and the eating-out culture in every country is the cornerstone of its culinary heritage. This is precisely why, especially during the light of the lockdowns, restaurants, in particular, are facing a very uncertain & grim future which, if left unchecked, can turn into a disaster for the industry.

There are a few things that we as consumers can do in order to help the restaurant industry and the entire hospitality industry in general, but more than anything else, this post is aimed at a few marketing strategies that restaurants can easily adopt.

1. Understanding Their Audience

Restaurant owners are infamous for being callous with their marketing decisions, this is partly because the research process in the restaurant industry itself can be quite tricky. Gathering insightful data within a small or slightly larger community will be tricky as it is. This is precisely where digital surveys, restaurant management software, etc play a huge role.

But more than anything that a machine can do, understanding what the consumers themselves experience while at the restaurant is something priceless in itself. For this, employees & busboys must be trained to ask the right questions and keep an eye out for understanding the consumer experience.

This practice is so conspicuous in its absence that several suppliers & marketing companies for restaurants have taken birth for a study that would probably best be done by the restaurant owner himself. For Instance: folks over at FurnitureRoots, a Jodhpur based manufacturer of restaurant furniture, on several occasions has recommended styling themes depending on the clientele. For a clientele that largely comprises of the youth, industrial style furniture happens to be the best option.

You may visit FurnitureRoots at Plot No 58/2, Jodhpur-Pali Highway, Sangariya, Basni Baghelao, Jodhpur, Rajasthan. 342013

Rustic style furniture is another great option for restaurants that see customers visit with their families.

2. Adapt With The Changing Times

Most non-western countries have more or less been out of the eating out trend in the past. However, many countries have seen a drastic change in this trend. Countries like India are at the forefront of these shifts in trends.

Several cafes in India have seen a rise in environmentally friendly themes. Cognizant of this fact, Prithvi Cafe in Bombay began manifesting an eco-friendly establishment replete with cups and saucers made with disposable leaves, 4 different cans for recycling different types of materials & of course, greenery all around the place.

Naturally, Prithvi Cafe did understand its market’s shifting needs and adapted to it accordingly.

3. Spatial Strategies

These happen to be the strategies that are short term in nature (hoping the pandemic won’t be around for long).

Spatial strategies during these times are to ensure that the image of the restaurant reflects trustworthiness and safety. Although this does involve a bit of mental, time & a minor cost investment, it will forever instill a sense of trust among the local & regular customers.

Spatial strategies are the ones that aim to maximize the seating area while ensuring the social distancing norms for restaurants are maintained and are intact as well. This can also include moving to temporary outdoor seating as has been advocated by several governments across the world to curb the spread of the virus.

4. Go Digital

I bet most of you must be tired of hearing this every now and then but the fact remains that the digital landscape is no longer some sort of a novel initiative that one must undertake. It has become the staple of a business and several businesses are almost exclusively reliant on their digital strategies.

For restaurants, however, this does not mean simply enlisting themselves on food aggregating platforms. Several restaurants suffer from a lack of long term thinking, they fail to realize that the aggregating platforms own the customers and not the restaurants themselves.

Making an app or a website nowadays has become a complete breeze & it is also a sound business practice. Small wonder that Dominos, Burger KindHealth Fitness Articles, Mcdonalds have all invested heavily on their own platform to ensure loyal customers don’t have to purchase from them via a third party.

This is no less true for any other restaurant.

We hope all businesses in hospitality a speedy recovery after this dreaded misfortune of a virus.

Stay Safe!

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

Kevin is the Marketing & Content Lead at FurnitureRoots.com, a hospitality furniture manufacturer, supplier & wholesaler

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Franchise, Restaurant, Profit
Franchise Your Business Here: www.franchisegrowthsolutions.com

Getting A Higher Price When Selling Your Restaurant In 2019

Getting A Higher Price When Selling Your Restaurant In 2019
Chris Viscup a prominent New York Business Broker with Transworld said “One of the other most important parts of selling your restaurant is to make sure your books are in order. It will be your job to prove out how much money trickles down to you through the company and what this can look like to potential buyers.

Getting A Higher Price When Selling Your Restaurant In 2019
by Gary Occhiogrosso Contributor
Photo by Rod Long on Unsplash

It’s 2019 and after years of hard work you’ve now decided to sell your restaurant, perhaps to open a different business, or retire or relocate. Whatever the reason, selling a restaurant requires a strong strategy, careful planning, and detailed preparation. In this article, we’ll explore some essential tips and steps needed to put you on a path for a quicker sale at the highest possible price along with a smooth transition.

Let’s Start With First Impressions.

The appearance of your restaurant not only matters to your customers, but it also matters to potential buyers. Bad “curb appeal” on the initial visit may be all it takes for a potential buyer to take a pass on a more in-depth look into the investment potential of your restaurant. Make sure everything inside and outside the restaurant is clean. If your establishment is a free-standing building, then the quality of care for the property will be an early indication of the level of care taken in building and growing the business over the years. Items like trimming the grass, keeping the parking lot and surrounding area clean and free of trash are crucial to curb appeal. Maintaining clean windows & glass doors, polishing handles, deep cleaning the grout in tile floors and shampooing carpeting are some simple things that will pay dividends to the buyers first impression. If the restaurant is a storefront location, then you’ll also need to make sure any cleaning and improvements that may be the responsibility of the landlord are taken care of before showing the business.

Nothing says “I don’t care” or “I’ve given up on this place” more than broken or missing equipment. If your kitchen equipment is not in 100% working order, it may set up doubt in your financial presentation regarding production capabilities. Also, nonfunctional equipment is detrimental to employee morale and productively. Ultimately that lack of productivity shows up on the Profit and Loss Statement (P&L) in the form of increased labor cost. Every part of the restaurant should present itself as credible to handle the current volume as well as to grow the business in the future. Make sure all of your equipment works. I can not emphasize enough to take the time in advance to replace or repair any broken equipment.

Remove personal items you do not intend to include as part of the sale. Doing this helps avoid any misunderstandings later between buyer and seller. For example, your personal laptop computer used for the business sitting on your desk may be mistaken as part of the assets for sale. Later in this article, we’ll cover making sure a complete equipment and asset list is written. However, the cleaner and less cluttered the visual aspect of the facility, the less chance for any misunderstanding when it comes time to negotiate.

And lastly regarding the facility, don’t be afraid to spend a little TLC money. Making a small investment, such as freshening up the paint, or replacing ceiling tiles, or reupholstering a ripped seat cover can go a long way to increase the visual appeal of your restaurant. These quick fixes will have a positive impact on your sale price and the time it takes to sell the business.

Put Your Financial House In Order Now

Presenting an honest, straightforward, financial picture of your restaurant is the most critical factor in determining accurate valuation and sale price. Professionally documented results regarding unit economics, profitability, and true owner benefit are what buyers, their accountant, and lawyer will be investigating in the due diligence phase of the process. Whether or not potential buyers purchase your restaurant depends on whether or not they think it will make money and provide a reasonable return on investment (ROI). Therefore, the financial information you provide to the buyer is the most significant factor in determining the success of the sale.

Ideally, you have practiced clear and organized bookkeeping since you started your business. If not, then arrange financial records going back at least one year before the time you list your restaurant for sale. That way potential buyers will have a trailing 12-month picture of the restaurant’s performance and trending. It is likely that buyers will ask to see a profit and loss statements and a balance sheet. If you are unable to create them yourself, have your accountant prepare them in advance so you do not feel rushed later in the sale process.

Make A To-Do List For Yourself

Financial statements aren’t the only aspect of getting organized. This step also includes creating a written list of all hard assets such as furniture, fixtures, small wares, and equipment. Also, a copy of your lease should be available for review in the due diligence phase of the transaction. Additionally, be prepared to document that all of the restaurant’s bills are up to date. Be ready to prove in writing that your sales and payroll taxes are current and paid in full. Employee payroll information needs to be in a presentable format and up to date. A to-do list will help you make sure everything gets done so that the sale goes as smoothly as possible.

The Hunt For Buyers

There are two ways to find potential buyers: find them yourself or hire a business broker. The process of valuation, listing, advertising, and vetting potential buyers is time-consuming and in my opinion, requires professional experience and know how. Although many sellers take this step on their own, a professional business broker can support the process by offering recommendations and presentations that save time and attract more potential buyers.

When you interview brokers, be sure to ask them how long they have been in the business of selling businesses, what their specialty is, how many listings they have now, and how many restaurants they have sold in the past year. Also, ask if they have prepared contracts for this type of transaction and how they plan to determine the value of your restaurant. Discuss their answers with your financial and legal advisors to determine if the broker has the right qualifications, experience, and track record.

One prominent New York Business Broker I spoke with said “One of the other most important parts of selling your restaurant is to make sure your books are in order. It will be your job to prove out how much money trickles down to you through the company and what this can look like to potential buyers. Without this component, you will either fall prey to lower offers than you would otherwise be getting, no offers, or end up with buyers wasting your time and never getting to the finish line. Not having good books leads ultimately to the two biggest deal killers – lack of trust and too much time for the transaction to close. With a good broker and good books, most of the heavy lifting is completed in the beginning, before putting the business on the market. Once you sign with a broker, there should be significant time dedicated to proving out the numbers – what they are, and what they could be. Every minute you spend in the beginning will save 5-7 minutes later.”

On the other hand, if you decide to go it alone and forgo hiring a business broker, then you’ll need to get some additional advice from your attorney and account. They can assist you with the proper valuation and selling price. Setting an unrealistic or emotional price on the business will slow the sales process or cause it to fail altogether. Actions to take also includes advertising and listing the restaurant on websites that post restaurants for sale. Keep in mind professional business brokers also use these websites, so competition exists. However, if you study these websites carefully, you should be able to get a good idea on how to word your ad for better results.

Always Be Ready

Whether you list your restaurant on your own or with a broker be prepared to show your restaurant to potential buyers at all times. Since you may have a buyer visit you unannounced, it means keeping the restaurant clean, fully staffed and well-managed no matter the day and time. You never know when a buyer might drop by to take a look. I also remind my clients that any customer in the restaurant may actually be a buyer doing some research before they contact you.

Once The Buyer Is found

At this point, if you’ve found a buyer and negotiations have been successful, then the final step is the paperwork necessary to complete the transaction. The paperwork usually starts with an “Asset Purchase Agreement.” Your attorney should prepare this document for you. The Asset Purchase Agreement details all the components of the sale. Items such as the sale price, the terms (if you are holding a note), a full and complete equipment list, the amount and value of the inventory you will have at the time of closing, the length of time (if any) that you are willing to train the new owner as well as any contingencies regarding the lease assignment from your landlord and of course a deadline date to close the transaction. Regardless of whether you’re working with a business broker or selling on your own, in all cases, I recommend you have your attorney involved to ensure the Asset Purchase Agreement covers all the various aspects of the transaction.

In addition, once you have a buyer engaged but before the final closing date, you should continue to operate your restaurant as if you are not selling it. Acquisitions sometimes fall through at the last minute, and you don’t want to create extra work for yourself in getting everything back up to par again if that happens.

Plan And Proceed

Smart and detailed planning will minimize glitches and deal-killing problems, throughout the transaction. Business Brokers warn: “The biggest disasters all come with one thing in common – wasted time. Without proper planning, not only may you decide to accept an offer lower than what you desire, but you will lose a good portion of your time getting there. As the saying goes – An ounce of prevention is worth a pound of cure! Make sure you front-load your business and get all the materials you need in order before you sell it.”

I recommend you spend the time upfront, planning the sale, organizing paperwork, investigating brokers and deciding the best time to execute your plan. Selling a restaurant can be a smooth, simple transaction if these tips along with the advice of your accountant and attorney are put into practice.

Six Ways to Finance a Restaurant Franchise

Six Ways to Finance a Restaurant Food Franchise…

Before seeking financing of any kind, make sure you’ve done your own due diligence. Prior to beginning your search, it’s important to know your own net worth, your credit rating, and to have a comprehensive business plan that includes pro forma documents, operations details and market comparison analysis.

Six Ways to Finance a Restaurant Food Franchise

If you are considering investing in a franchise opportunity, the very first question that may come to mind is whether you qualify financially. Most entrepreneurs, restaurant aficionados, or business executives exploring opportunities for a restaurant food franchise will seek outside sources of financing. The golden rule is to expect to contribute 15% to 30% of your own money to start with, and then go from there.

If 30% seems daunting, there’s good news. Often a franchise business opportunity is looked upon by financial institutions as less of a risk, compared to independent business start-ups. This can be further reinforced by the history and recognition of the brand name, the number of units in operation, and even the support provided to the franchisee by the franchisor.

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Click Here to Learn about Franchising Your Business

Before seeking financing of any kind, make sure you’ve done your own due diligence. Prior to beginning your search, it’s important to know your own net worth, your credit rating, and to have a comprehensive business plan that includes pro forma documents, operations details and market comparison analysis.

Franchise financing can be complex, but it doesn’t have to feel impossible. Consider these six ways to finance a restaurant food franchise like Taboonette.

1. Friends and family, as well as experienced business owners,d business owners turn inwardly toward friends and relatives to help finance their franchise or start-up business. With this kind of financing, individuals and families get to create their own terms for repayment and enjoy the collaborative support from those closest to them.

2.SBA loans.
The Small Business Administration is a government agency that helps entrepreneurs plan, launch, manage and grow their businesses.1 They work with financial institutions to provide SBA-secured loans. A lender may be more likely to approve financing for individuals backed by an SBA loan because it is 90% secured. This means if the loan goes into default, the SBA guarantees repayment of 90% of the loan to the lending institution.

3.Bank and private loans.
Since the 2008 recession, it has been more difficult to secure bank loans or loans from venture capitalists or angel investors. A bank loan not secured by the SBA is perhaps the most challenging to obtain, but if you have a good relationship with a financial institution, a stellar credit rating and the required minimum liquid capital, it may be a good option.

4.Veterans loan.
The Department of Veterans Affairs, another government institution, offers qualified veterans financing opportunities for franchise and business loans. The program, called the Patriot Express because of its speedy process, makes loans up to $500,000 to active-duty military preparing to transition to civilian life, as well as to spouses and survivors of veterans. The loans come with the SBA’s lowest rates.2

5.Home equity.
A home equity line of credit or second mortgage is a way of obtaining financing but comes with a personal risk. Financing in this way uses your home as security. This means if you default on a business loan, you lose your home. But with sufficient equity in your home, it can be a relatively easy financing source to tap.

6.401(k), stocks and other personal accounts.
It is not unusual for people to tap into their retirement or savings accounts to help finance business ventures. In an interview with the Wall Street Journal, Bernie Siegel, founder of Siegel Capital LLC, discusses a rollover plan where the franchisee creates a C corporation that will own and operate the new franchise business. That corporation then creates its 401(k)-retirement plan. The C corporation’s 401(k) plan then purchases stock in the C corporation. The cash paid to the corporation is then used as the down payment, and the balance can then be financed through an SBA guaranteed loan.3

At Taboonette, we are excited to work with financially qualified individuals to help them reach their goal of owning a restaurant food franchise. Together we look forward to growing both our Taboonette franchisee and customer bases and bringing our delicious trademark Middleterranean® food and a unique dining experience to more hungry guests.

For franchise information contact [email protected] . “Offer by Prospectus only”

1.https://www.sba.gov/
2. http://guides.wsj.com/small-business/franchising/how-to-finance-a-franchise-purchase/
3.https://www.wsj.com/articles/SB120242422031851929