We Sell Restaurants is a brokerage company that facilitates the buying and selling of restaurants. If you’ve been thinking of selling or purchasing your own restaurant, then this company may be the one for you. To help make your decision, we’ve broken down everything you need to know in this We Sell Restaurants review below.
Overview Of We Sell Restaurants
This company is one of the top restaurant brokers in the industry. Its unique history, mission, and vision provide insight into what that is. The mission is simple: sell more restaurants than any competitor – more than anyone in the world. That definitive drive can be seen in every aspect of the business, including their specialties.
The brokerage does not just sell any business but specializes in selling restaurants, as the name suggests, restaurant space leasing, franchise restaurant transactions, and franchise resales. As a brand that is recognizable across the country, they are focused on providing out-of-this-world customer service, professionalism, and industry knowledge.
As such, they are committed to helping with all aspects of the business and transactions. To make things easy on potential clients and those just curious about the industry, the business has worked hard to create a stellar website that highlights not only the business but provides endless resources for knowledge. That includes acting as a hub for sharing knowledge and information but also offering a comprehensive listing of active sales.
To help do all of this, the team at We Sell Restaurants is trained and certified from the ground up. That’s right – this brokerage also offers its own Certified Restaurant Broker program, the only one in the entire country! Any prospective restaurant broker can get started on the right foot with an intensive education before the transition to helping clients. This also protects clients by ensuring that brokers are well-educated on the matters they’re involved in.
The company was originated by Eric and Robin Gagnon. The couple terms themselves as the country’s most productive restaurant brokers. And for a good reason, they claim to have sold more restaurants than any other person in the nation in addition to being active in the industry. They write, serve, present, frequent as radio hosts, and more, helping to spread the knowledge on all aspects of restaurant transactions.
The pair has also written a book titled Appetite for Acquisition in which they cover the topic they’re most familiar with, buying and selling restaurants. This book received many awards, including the Small Business Book Awards Best of 2012, and helped to propel their careers as business brokers.
When it comes to proving their worth in the space, the Gagnon’s let their work speak for them. The tools they’ve published over the years speak to their knowledge and hopefully demonstrate how capable they are in helping you to navigate the selling of your business or purchasing a new one.
About the Gagnon’s
Husband and wife Eric and Robin Gagnon are very familiar with the restaurant selling industry. They are the founders of the brokerage, hosts of a podcast show by the same name, and have many other accolades and attributes under their belt. In addition to their many accomplishments, the team also have numerous memberships, including:
- International Franchise Association
- Southeast Franchise Forum
- Women’s Franchise Network
- International Business Brokers Association
When not facilitating transactions, you can also find them hosting workshops or speaking on panels as they attempt to share their knowledge. Notably, they have been coined Experts by the Business Brokerage Press in Franchise Resales and Restaurant Sales.
Types Of Businesses We Sell Restaurants Sells
We Sell Restaurants exclusively sells franchises and independently-owned restaurants, but the specific cuisine types do not matter beyond that. The website lists many different options, including:
- Bagel/Bakery/Donut Shop
- Food Trucks
- Coffee Shops
- Micro Brewery
- Ice Cream
- and so much more!
So long as the business exists, this brokerage is willing to try and help you find a buyer or help you to purchase what you’re looking for. Similarly, options are available across the country as this is a national brand. While some other brokerage options are state-specific, this one is willing to broker sales in most states. There are a few areas that the business does not cover, most notably the West Coast, including California, Oregon, and Washington.
We Sell Restaurants Valuation Process
When it comes to selling with this company, the process for getting your business valued is standard. You will need to submit a few core documents that cover your business’ health and financials.
The exact needs will depend on a case by case basis, and the representative you speak with will be happy to fill you in, but generally, you will need to submit books and records detailing things like the earning amounts, investment costs, lease information, profit, and loss comparisons – dating back three years generally – tax returns, furniture, and equipment information, and more!
Once the representative has all of that information, they can begin to piece together the value of your restaurant. This is known as the Business Analysis Tool, and it is designed to inform the buyer about your business and why it is worthy of investment. This may also include defending the asking price and what it will take to prepare your business to sell.
Sales Process for Sellers
Selling your business will begin with reaching out to We Sell Restaurants and asking for a valuation. Getting this step out of the way, in the beginning, allows you to decide if the price point works for you. This saves time in the long run for all parties because you, as the business owner, know what to expect, and your business broker knows that you are willing to sell for that price.
After you have your valuation complete, it is time to list your business on the broker’s website and hopefully you catch the eye of some interested buyers. Lucky for you, the brokers will faze out who is a serious buyer and will save you time and energy. This is done via pre-screening buyers so that only those who have verified funds are presented to you.
When a buyer expresses interest, they are required to sign an NDA before moving forward and collecting more information on the restaurant they are selling. They may ask more questions about the business, and if they are interested, they will write up an offer.
You can accept the offer at face value or counter it with new terms and adjustments of your own. Most sellers are heavily involved in the process with the We Sell Restaurants team, so they will be in the know constantly on what’s happening and their choices for moving forward.
The Buying Process for Buyers
Purchasing a restaurant is an exciting time. The process is simplified via the broker’s team, and you will only need to worry about limited issues. The first place to begin when you’re looking to purchase is to speak with a broker. They can offer an initial, confidential consultation that provides insight into what to expect and how to protect yourself.
Naturally, the team also recommends that you purchase their book, Appetite for Acquisition, which covers the how and why to buy a restaurant today. In roughly 350 pages, you’ll be able to learn all about the process of buying your own business.
Beyond the initial education, you will need to be pre-screened in order to fully shop for restaurants via this brokerage’s website. This screening includes identity verification and verification of funds, though this may come at a later time when you’ve narrowed down a restaurant you would like to purchase.
This step is vital before you’re able to learn more information about a restaurant and, if delayed, may mean losing out on a dream opportunity. Once verified, you’re free to inquire about restaurants that interest you. Before more information is provided, you will need to sign a confidentiality agreement. At the point you find a restaurant you love, it’s time to put in an offer. Your broker representative will help facilitate this step but be prepared to provide documents that support your bid.
We Sell Restaurants Success Rates
The brokerage has an endless list of recently sold businesses on its website, all ranging in location, categories, and dollar amounts. On the lower end, prices were in the multi $100,000 and moved up from there.
Fees Charged By We Sell Restaurants To Sell A Business
The fees for a brokerage sale can depend on the specifics of each sale. In general, percentages range between 10-12% for sales up to $1,000,000, and then they may go into a phased approach with fewer percent taken as the number gets higher. Usually, around $25 million, the fee charged is a standard rate of 2%.
Pros And Cons Of Using We Sell Restaurants
The team at this company is passionate and very knowledgeable on the topic of selling and busing restaurants. As the name suggests, it’s all they do and something that they have been working on for years in order to perfect their approach.
All Restaurant Types
While other brokerages may narrow in on the specific type of restaurant, whether cuisine or franchised or not, this brokerage welcomes all potential sales. This means that more people can access the services and benefit from everything they have to offer, rather than only a specific sub-category.
Long List of Closed Deals
Nothing speaks quite as loudly as deals that have successfully closed. Website browsers are able to see a long list of recently sold businesses on the website, which provides insight into how successful the brokerage is at facilitating sales.
Along with being knowledgeable on a base level, the leaders at this company are also publicly known. With numerous awards under their belt and frequent gigs on radio, TV, and more, the company has a name that more people might recognize. This may lead to a sense of trust and more motivated buyers enrolling on the site to shop, meaning more eyes on your business.
Numerous Educational Resources
Beyond the learning that comes with doing a deal with this team, you will also have access to a ton of learning materials that can help you grow further. The husband-wife duo that leads this brokerage is keen on educating as many people as possible. That can mean via their book, blog, podcast, or any other materials you can find. They are widely accessible, making learning easier than ever.
Easy to Navigate Site
The website is broken down in a way that makes finding any information extremely easy. Far too often, many of these brokerage websites are outdated and hard to follow, but this company is organized and appealing.
Missing Website Information
With such a robust website that includes things buyers and sellers may not have even thought of, there is also some information missing. Prospective sellers will want to know the closing rates easily, and buyers will want to know the fee amounts they might have to pay, but neither are easily available.
Aside from the company’s own website, reviews and testimonials are hard to come by. Without the social proof that the reviews provide, it can be a little difficult to verify which claims made by the brand are true and which might be lacking. Of the few that are available, they seem to verify the company’s offerings, but more reviews would be much more helpful.