where should i be listing my business restaurant, lawyer, real estate

How to find the best restaurant real estate?

When searching for restaurant real estate, be sure to take your time and consider all the above factors before choosing the site that’s best for your restaurant. No matter where you’re at in your restaurant ownership journey, a business plan will be your north star. Organize your vision and ensure that nothing is overlooked with this free template.

How do I find a restaurant for lease?

There are three basic approaches to finding a restaurant for lease. Numerous free and paid services advertise restaurants for lease and sale. Here’s a list of some popular sites that advertise properties for lease: If you are going to lease a restaurant, there is a 99.9% chance a commercial real estate agent or broker will represent the landlord.

Who should you work with when buying or leasing a restaurant?

Remember: Always work with professionals when leasing or buying a restaurant location. For any purchase of space, you’ll want to work with a real estate agent, lawyer, and, if possible, a restaurant consultant. Find out who to work with here. What Is a Lease Agreement?

Should you hire a commercial real estate broker to lease a restaurant?

If you are going to lease a restaurant, there is a 99.9% chance a commercial real estate agent or broker will represent the landlord. Whether you decide to hire a broker or lease a restaurant on your own, it’s essential to understand the commercial real estate broker’s role.

How do I advertise my restaurant for sale?

Marketing Your Restaurant for SaleDetermine your restaurant's key selling points.Set your price, and justify that price to buyers.Write an ad that attracts attention from serious, qualified prospects.Make a great first impression with buyers by preparing your restaurant for sale.More items...•

Where can I list my company?

Top 10 Free Places to List Your BusinessGoogle My Business. Is anyone surprised Google My Business (GMB) is at the top of the list? ... Bing Places. After Google, Bing is the most often used search engine in the United States, with 2.55% of the market share. ... 3. Facebook. ... Yelp. ... Apple Maps. ... Foursquare. ... Dun & Bradstreet. ... Yellowpages.More items...•

What is the best online directory?

Top 100 Online Business Directories (2021)No.Directory NameMoz Domain Authority1Google982Facebook963Yahoo!884Bing9475 more rows•Jan 2, 2020

How do I sell my business privately?

How to Sell a Small Business in 7 StepsDetermine the value of your company. ... Clean up your small business financials. ... Prepare your exit strategy in advance. ... Boost your sales. ... Find a business broker. ... Pre-qualify your buyers. ... Get business contracts in order.

Where can I advertise my business for free?

Here are the 40 best ways to get advertising for free:Google My Business. Google My Business offers free local advertising. ... Bing Places. Bing Places for Business is the Bing version of Google's local business offering. ... Other Search Engines. ... SEO. ... 5. Facebook. ... Pinterest. ... Instagram. ... Twitter.More items...•

How do I get my business listed on Google Maps?

Add your business through Google MapsOn your computer, sign in to Google Maps.You can add your business in 3 ways: Enter your address in the search bar. On the left, in the Business Profile, click Add your business. ... Follow the on-screen instructions to finish signing up for your Business Profile.

Do business directories work?

Listing your small business on an online directory increases your website's visibility on the web and helps to create inbound links to your business' website. Online directories make it easy for people to find what they are looking for.

Where can I list for free?

32 Free Local Business ListingsGoogle My Business. Google My Business is one of the most popular search services on the Internet. ... Yelp. ... Yellow Pages. ... Manta. ... Super Pages. ... Local.com. ... Cyclex. ... Foursquare.More items...•

How do I create a directory for my business?

How to create a directory website (5 steps)Choose a website platform. Here at Themeisle, we always recommend building websites with WordPress. ... Select a hosting plan and domain name. ... Install a WordPress directory theme. ... Decide how to monetize your site. ... Add extra functionality via plugins.

How can I sell my restaurant without a broker?

How To Sell Your Business Without a Business BrokerDelays Kills Deals. First, understand that delays kill deals. ... Market Small Businesses on the Web. Most small businesses these days are marketed on the Internet. ... Manage the Process. ... Keep on it Through Due Diligence. ... Pay Attention To Taxes. ... Use an Attorney.

How do you value a business quickly?

There are a number of ways to determine the market value of your business.Tally the value of assets. Add up the value of everything the business owns, including all equipment and inventory. ... Base it on revenue. ... Use earnings multiples. ... Do a discounted cash-flow analysis. ... Go beyond financial formulas.

How do I calculate what my company is worth?

The formula is quite simple: business value equals assets minus liabilities. Your business assets include anything that has value that can be converted to cash, like real estate, equipment or inventory.

What licenses do restaurants need?

Restaurants require business licenses , food safety licenses and, if you plan on serving alcoholic beverages, liquor licenses. Further licensing requirements may also apply in specific jurisdictions. An attorney can identify and apply for all necessary licenses, so you can legally serve the hungry hordes.

What are the regulations for restaurants?

As a restaurant owner, you will be subject to both federal and state regulations. You should expect regular surprise food safety inspections and your restaurant might be closed following a negative inspection. Areas that are extensively regulated by state and federal authorities include: 1 Employee hygiene; 2 Employee safety; 3 Food preparation methods; 4 Food labeling; 5 Food sourcing; and 6 Maintenance of food storage and preparation equipment such as freezers, ovens, counters, etc.

What are the different types of restaurant agreements?

Three types of agreements are particularly common in the restaurant business--franchise agreements, commercial restaurant lease agreements and employment contracts (particularly for management employees). All of these must be carefully negotiated and drafted to suit your business’s needs and protect your restaurant.

What can an attorney do for you?

If you do encounter any funding difficulties, an attorney can also assist with any sale or leaseback transactions, as well as restructuring troubled operations for owners, lenders or franchisors. Working with an attorney is critical to avoid disputes with investors or costly litigation.

Is fundraising difficult for restaurants?

Fundraising can be particularly challenging for a new restaurant. Investors anticipate that restaurants have a high rate of default and also face high upfront costs for inventory and equipment, both of which rapidly lose value.

Is a restaurant subject to state and federal regulations?

As a restaurant owner, you will be subject to both federal and state regulations. You should expect regular surprise food safety inspections and your restaurant might be closed following a negative inspection. Areas that are extensively regulated by state and federal authorities include:

Is dining out good?

Dining out is more than great food. With food delivery apps growing in popularity, it’s more important than ever for restaurant owners to create a dining experience that allows diners to feel like getting dressed and going out is worth the effort. A great experience for diners begins before they even arrive at your restaurant.

Is it good to be close to other restaurants?

Most large cities have clusters of dining and entertainment establishments strewn in neighbourhoods across the metropolis. Believe it or not, being closely situated to other restaurants can be good for business. Diners usually arrive in these areas en masse, which gives you a better shot than if you were located in an isolated area. And your business will no doubt benefit from the overflow of other restaurants.

Do brokers work for the landlord?

Professional help usually makes the process easier. However, it’s important to note that most brokers work for the property owner or landlord. That means their true loyalty lies with the seller. And if they work on commission, they won’t be motivated to help find you a lower-priced rental.

What is the biggest challenge when selling commercial real estate?

As mentioned earlier in the guide, correctly pricing a property is one of the biggest challenges when selling commercial real estate. It almost always makes sense to hire a professional commercial property appraiser to help you set an asking price.

How much does a commercial real estate broker charge?

Commercial real estate brokers typically charge a 4-8% commission. For a multi-million dollar property, the commission is a hefty price that some owners are unwilling to pay. Typically, a broker will work with multiple clients at the same time.

Why is it important to be aware of the condition of your property?

Being aware of the condition of your property, as contained in the inspection report, can help you during negotiations with a buyer. A buyer cannot as easily blind-side you with supposed problems when you know the condition of your commercial real estate .

What can a broker do for you?

They can save you countless hours of managing the marketing of your property. A skilled broker will already have a list of potential buyers for your warehouse, office building, vacant industrial property, or other types of commercial real estate.

What are the advantages of selling a commercial property?

Advantages of Selling “By Owner”. Privately selling a commercial property has the potential for the owner to pocket the most amount of money. Without hiring a realtor, 4-8% of the purchase price can be saved. A sale ‘by owner’ can be the best choice if the seller knows a potential buyer.

What are the advantages of working with a commercial real estate broker?

A commercial real estate broker can help you put together a comprehensive marketing plan that will expose your property to the right potential buyers. They can save you countless hours of managing the marketing of your property.

What is a commercial real estate broker?

A commercial real estate broker is a licensed real estate agent who helps clients buy, sell, or lease a business property. Typically, commercial brokers have a college degree related to finance or real estate. Knowing how to price a commercial property accurately is one of the biggest challenges when selling commercial real estate.

Know Your Incorporation Options

Even if you know how to invest in real estate, the legal intricacies of incorporation require a different type of knowledge. One of the simplest options for incorporation is an S-Corporation.

Consider the Limited Liability Company Option

Due to the way corporations are regulated, forming a limited liability company (LLC) might be preferable. Compared to corporations, the regulations are less strict and allow for greater flexibility in defining the company. At the same time, the LLC remains a separate entity, conferring protection from liability.

What are the advantages and disadvantages of buying a restaurant?

Advantages. You’ll be investing in your own space, paying your own mortgage instead of someone else’s. Oftentimes mortgage payments are comparable to monthly rent. A mortgage also has the possibility of being paid off.

What happens if your rent is below market?

Your rent is below market and your landlord would prefer to have a new tenant to earn a higher rate. Other tenants in the building may be expanding and they have been offered the space. Your landlord is unhappy with you or your business and would prefer to have a new tenant in your space.

How long does a commercial lease last?

Commercial landlords tend to follow either a 1-2 year or 3-5 year lease agreement, and in hot markets they will likely not waver from their agreements. You may, however, be able to negotiate an option to renew that will allow you the opportunity to continue to extend your length of time in your space.

What are the disadvantages of commercial property?

Disadvantages. You may need to compromise on location; most popular, high traffic commercial properties are not for sale. As the owner of the property, you’ll be responsible for maintenance and repairs. These costs can add up over time and put a strain on your business if you’re not doing well.

Do commercial leases require credit?

Acquiring a commercial lease is a little different than a residential lease. Unlike a residential lease, there is no standard practice for credit requirements to get a commercial lease.

What is operating business?

An operating business is an entity all its own. Jim Kimmons wrote about real estate for The Balance Small Business. He is a real estate broker and author of multiple books on the topic. Selling a working business requires a very different approach to valuation, especially when the real estate is included.

Is good will a business?

A working business will have " good will" considerations, in addition to existing contractual and possibly supplier agreements. These can't always pass to a new owner. Good will is somewhat intangible, and agreements might include clauses that prohibit transfer.

Can a business owner sell both real estate and close down a business?

A business owner who owns the property will want to either close down the business and sell its real estate or sell both at the end of the day. Agents and brokers are often tempted to list both together, but that can be a mistake without a full understanding of all the intricacies involved.

Should real estate professionals be involved in brokerage?

Most real estate professionals shouldn't be engaged in the brokerage of operating business enterprises unless they have the experience and expertise to do so. A far better approach would be to partner with a business broker who doesn't do real estate brokerage. It will be a mutually beneficial relationship, with each of you bringing your own maximum experience and value to the client.

What to do when you see a restaurant?

If you view a restaurant that is currently open for business, don’t ask any employees or neighbors’ questions. Act as a customer and order something to eat or drink to view the interior. You will need to schedule a meeting to see the kitchen and areas not visible to a customer.

How long does it take to lease a restaurant?

Give yourself more time than you think you need. A good rule of thumb is six months to find a location, sign a lease and, ...

How much of your gross sales should be occupancy?

The general rule of thumb is your total occupancy cost (rent and additional fees for property taxes, insurances, etc. ). It should not exceed 6-10% of your gross sales. The numbers that are right for your business may be lower or higher, depending on other factors.

When do you receive keys for a vacant property?

If the vacant space is vacant and the landlord is not responsible for any work before delivering the premises, you may receive the keys when you sign the lease. If the premises are delivered later after the landlord completes the landlord’s work, a Letter of Lease Commencement defines the lease commencement date.

Do you need to rely on real estate agents?

You don’t need to rely on real estate agents for information. You will learn a great deal by spending time in your target neighborhoods and speaking with brokers, landlords, and restaurateurs.

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• You will need to check local zoning ordinances before you choose a restaurant location. Once you’ve found your dream space, you will need to consider purchasing the property or negotiating a commercial restaurant lease agreement. Restaurant leasesoften contain specific provisions regarding venting and kitchen needs, which an attorney can help you t...

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