Transformational Life Change and Buying a Restaurant in Florida
You’ve probably heard many stories about people who have transformed their lives and taken a completely new direction over the last 5 to 7 years. Here’s another story about a couple with experienced in financial management who made life-changing decision to become restauranteurs in Florida.
Sunshine is abundant, but to ensure that they would experience financial abundance in a business they had no experience operating meant that these savvy financial executives would need some help from other professionals who could guide and consult them to the success they were expecting.
Russell Cohen, the Business Broker, Owner of a Murphy Business Franchise and the newly awarded for 2016, Top Business Broker of Florida by the BBF organization, recommended these business buyers get consulting from Experts.
The couple were guided in their purchasing of the business and other additional aspects that would be factors in their success as the new owners of this established family-owned and operated business.
When asked about what made them decide to hire business consultants , the new business owners shared that they knew they needed professional advice and guidance to operate this business successfully. The know the odds of success in the restaurant industry are not that high and they did not want to be a statistic. They wanted to invest in their success and needed help with how they would be able to achieve it.
The business, One Burger, had been operated with a family-like environment and the new owners wanted to stay on that same track and keep the feel of the business intact.
If there were any roadblocks or lessons learned from this sale it would be that if you are a leasing a business, make sure when you make your initial lease you have the right counsel so that there are clauses in the lease that will protect and not obligate you if and when you decide to sell the business during the term of the lease.
In the case of One Burger, the seller was obligated on the lease and the landlord would not release the original owner from the financial obligation should there be a default on the lease. If the seller would not relinquish this lease to the new buyers and not follow through it could have meant no sale.
With this legal clause and obligation to pay in the lease for the seller, the seller had to ask the buyer for additional capital as protection against their defaulting on the lease. The need to protect this lease agreement with additional money from the buyers could possibly have been a deal breaker.
The sale of this OneBurger, casual burger business was sold for more than $750,000 + and took 60 days to close.
After the closing the new buyers will have guidance and the consulting expertise to help them focus on making decisions about their menu, their brand and business expansion.
For businesses in the Hospitality Industry check in Florida you should check out FRLA. Org which stands for the Florida Restaurant and Lodging Assn. with chapters throughout the state. In the case of One Burger, they are located in Broward County.
