How do I work with a restaurant broker as a buyer?

Restaurant brokers know which owners are thinking of selling, and many sales never appear on a public listing. A broker is paid by the seller, which is why you should treat the relationship as a working one rather than advice for your side. Brokers tend to work most with buyers who are prepared and easy to reach.

Getting on the broker’s list

Call or write with a short buyer profile: the kind of restaurant, the area, your experience and your timeline. Brokers pass opportunities to buyers who seem serious and clear. Return calls quickly and say plainly when a listing does not fit. That saves everyone time and keeps you in mind for the next one.

What the broker will ask of you

Expect a request for proof of funds and a signed confidentiality agreement before you see the name or the numbers. The sale is kept quiet to protect staff and guests, so keep it that way. Questions to ask a broker before signing lists what you can ask in return.

Viewings that protect the staff

Viewings are often held after closing or before the doors open, so staff are not alarmed. If you want to see service, the broker may suggest you visit as an ordinary guest. Do not question employees or suppliers, and do not hint at the sale. Wait for the seller to introduce people at the right time.

Who answers which questions

• The broker explains the process, timing and what the seller has shared.
• The seller answers questions about operations, staff and guests.
• Your lawyer reviews the agreements and the lease.
• Your accountant reads the financial statements with you.