If you’re thinking of selling your restaurant business in Toronto, don’t try to cut corners by negotiating the sale process alone. For someone with no prior knowledge, it can be completely overwhelming and complex, as there’s a whole host of procedures to follow and paperwork to complete. You’ll of course also want to achieve the best possible price for your restaurant business, so is it really worthwhile jeopardizing that if you’re going to be in the dark about exactly what is required?
There are many benefits to be had by choosing a reputable and experienced Toronto Restaurant Broker. Ultimately, your goal should be to have as smooth as possible and hassle-free sales process, whilst getting the best possible return for your business. A specialist restaurant broker with in-depth knowledge of the Toronto restaurant scene will be able to work with you to meet that goal.
Here are some top reasons you’ll be glad you took the time to find a restaurant Broker to assist in the sale of your business…
1: Specialists in their field
The commercial and restaurant real estate market in Toronto is a whole different animal from the residential market. Restaurant Brokers specialize solely in this market and will have gained invaluable experience in navigating the successful sales of all types and sizes of restaurant premises. They will understand the current climate, trends and pace of the market in Toronto and the GTA, as well as have knowledge of what other businesses are on the market.
2: There to guide you
From the offset, you should be able to rely on an experienced Broker to have your best interests at heart. Using their expertise, they will guide you seamlessly through every aspect of your business sale, from evaluating your premises and its fixtures and fittings to negotiating a final sale price and preparing a contract with the buyer. The Broker will be there to answer any of your questions, assist you with all the necessary paperwork, and make sure that all legal aspects of the sale are compliant and fully covered.
3: Permits and Licenses
All food businesses and restaurants in Toronto require the necessary permits and licenses in order to operate. A Broker will review your restaurant’s current permits and licenses, and where possible, whether these can be transferred as part of the sale, or if new permits and licenses will be required. The Broker will want to make sure that your restaurant sale package contains all the relevant information to fully inform and attract potential buyers.
4: Investor connection
An experienced restaurant Broker in Toronto will be well-connected and may already know potential buyers who may be interested in your business. This can be highly beneficial if you are aiming for a quick sale of your restaurant. There are different types of buyers which you may also not have considered that your Broker has access to. For example, a business investor or landlord may want to purchase your restaurant in order to rent out the premises. A pop-up user who may be able to provide some immediate funds if needed etc.
5: A quicker transaction
Any restaurant sale will require liaison with a range of third parties to ensure that the process runs smoothly and that all activities and legalities are covered. A specialist restaurant Broker will be well-versed in the process and on your behalf will take on the responsibility of communicating with any legal representatives, accountants, license offices etc. Their objective will of course be the successful and timely completion of your restaurant sale, whilst minimizing your inconvenience.
CHI is dedicated to keeping up with local and national trends in the Restaurant Industry to help serve our customers better and keep them one step ahead. If you are interested in opening, purchasing, or selling a restaurant CHI Real Estate can help. Get in touch with our team today.