5 Questions to Ask When Choosing a Restaurant Broker in Toronto

By September 10, 2019 News
CHI Blog

5 Questions to Ask When Choosing a Restaurant Broker in Toronto

Selling your restaurant in a big city can be an intimidating task to undertake on your own. There are a ton of things you’ll need to know about the selling process to ensure you are getting a fair deal.

That’s why most people hire a restaurant broker to act as a buffer between you and prospective buyers. They help both parties reach a fair deal and keep the process moving along at a nice pace.

There are lots of things you should know about the broker you’re looking to hire. Here are some questions to ask when looking at restaurant brokers in Toronto:

1. What Are Their Background and Credentials

You should learn as much as you can about what the restaurant broker has done in the past, and why they feel they are qualified to help you with this very important process.

Get as much information about past restaurants they have helped their clients sell and why that experience will help them work through the process you are hiring for. If they are a broker who has worked with other businesses, but not with the sale of a restaurant, then you might ask why they think they will be able to do well in your endeavor.

2. How Many Active Listings Are They Managing?

It’s perfectly fine to ask a broker about how many listings they handle at one time. There’s a sort of middle ground that the best brokers hover within.

If they are handling too many listings, they might be too busy to give you the time and effort you deserve. You could find yourself waiting for a phone call back or having to book appointments a few days later than you’d like because you can’t seem to fit into their schedule.

If they are handling too few, it might mean that they are inexperienced, have a low reputation, or are not motivated to succeed.

Someone who is able to find work, understands their workload, and can say no to jobs they can’t handle – or aren’t a fit – is the Toronto restaurant broker that will be the best fit for you.

3. What Is Their Screening Process?

Ask the broker what their process will be to screen prospective buyers once the restaurant has been put up for sale. You shouldn’t meet with every person who has shown a bit of interest in buying your restaurant and having the broker pick out actual potential buyers for you is something they’ll be doing.

Getting some more information behind how they screen prospects is a question you should get some more information on when you talk to brokers.

4. How Will They Promote Your Sale?

Many restaurant brokers will promise that they will get lots of interest in your sale, but finding out exactly how they will do that is something you should ask.

It might take time but get a detailed breakdown of their strategy and the steps they’ll take. Having them take the time to create and go through every detail of the process will also show you their dedication to working with you.

Quality brokers have a strong network of connections that should be able to help through the process, so learning a bit about how they can leverage some of these people might be something included in the step-by-step breakdown.

5. Are They Even Interested in Selling Your Restaurant?

The fifth and final thing to determine when choosing a restaurant broker in Toronto is if they are genuinely interested in your restaurant. If they want to learn about it and ask a lot of questions, you might be able to answer this one on your own.

A good broker will ask you about what you want to accomplish from the sale and learn about your history of owning the business.

By taking a real interest, and by learning as much as they can about you, they will be in a better position to market your restaurant to potential buyers. The broker will be paid by you and should have a real interest in your goals.

Is There Anything Else I Should Ask Restaurant Brokers in Toronto?

You need to make sure there is a trusting relationship between you and the broker you hire. This goes beyond more than just the sale of a restaurant. After all, it’s a big decision that will impact both your professional and personal life.

Ask these questions and more when talking with potential brokers and look for the broker that listens to you, responds to your requests, and give you the honest truth to what you hope to accomplish.

This restaurant broker is going to become a part of your team, and you should feel comfortable with that, so don’t rush the process. Make sure you make the right hire.

Contact the team at CHI Real Estate now to set up your meeting with Toronto’s best restaurant brokers.