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Articles published by us in the NEREJ
“Why hasn’t my business sold?” For the most part this question is asked not only of restaurant brokers but also of general business brokers, and as well of other commercial brokers.
The scenario is that an owner seeks out, what he feels is a competent professional to help him exit a business that has provided him with the luxuries of success or the pains of failure. In either case, if we take on the responsibility of accepting the listing, we’re promising the seller, and therefore morally obligated, to do everything in our power to extricate the owner from his business with the best price and most favorable terms.
When you need a restaurant specialist The National Restaurant Exchange helps you close more deals -
It’s amazing how many food and beverage businesses dot the landscape. If it’s true that “small business drives our country”, then restaurants are the life-blood of our society. No matter where you go, look to your left, look to your right…convenience stores, liquor stores, fast food, slow food, pubs, full-service, nightclubs, function facilities, ad naseum. Then you can break them down into chains, into ethnic subsets…every downtown, every shopping center, most office complexes. “my God, they’re everywhere.”
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National Restaurant Exchange is a recognized leader in the sale of food and liquor businesses. If you think its expensive to hire a professional, wait till you hire an amateur. Why would you go to anyone else to represent your interests? With many major life-style shopping centers in various stages of development, we can provide you with prime restaurant space, in prime markets, with all the assistance to bring your newest project to fruition.
Restaurant News
Oct. 31st 2023
Steady Growth in Small Business Acquisitions: Q3 2023 Insights
Volume of small business acquisitions moved up 2% in Q3 2023 despite challenges, continuing steady gains following a 13% drop in Q4 2022. Growth was led by the manufacturing sector with a 13% growth in acquisitions and a 28% increase in median sale prices. Retail business acquisitions rose by 6%, while restaurants saw a 7.4% increase in median sale prices.
Deals in Q3 moved faster, with the median days a business is on the market dropping to 164 days from 182 days in Q1, compared to a high of 200 days in 2020. Seller financing is increasingly vital as capital costs rise, and the market is adapting to a high-interest rate environment with strong demand for profitable businesses.
Legal Sea Foods recently reopened one of its most popular locations in Massachusetts.
The Boston-based restaurant chain plans to celebrate the reopening of its Burlington Mall location on Thursday evening during a private, invite-only event.
After a renovation project that took a year to complete, Legal Sea Foods is holding a big bash to show off its large new patio space and renovated dining rooms.
The grand opening event will feature an “oyster shooting ceremony,” the chain said. Those who are invited will also enjoy passed hors d’oeuvres, a raw bar featuring oysters from Scorton Creek, a sushi and sake station, a chowder and bisque station, signature cocktails, and a variety of wine and beer.
Legal Sea Foods also recently teamed up with Night Shift Brewing in Everett to create a “Legally Hazy” IPA.
The Burlington restaurant is open to the public Sunday through Thursday from 11:30 a.m. to 9 p.m. and Friday through Saturday from 11:30 a.m. through 10 p.m.
Starbucks will roll out delivery-only locations in the future
Is Starbucks rolling out Ghost kitchens?
Rachel Ruggeri, CFO and executive vice president of Starbucks, discussed the future of Starbucks at the TD Cowen annual Future of the Consumer conference
Joanna Fantozzi | Jun 08, 2023
Starbucks is constantly experimenting with new store formats and will likely be rolling out delivery-only stores sometime in the future, Rachel Ruggeri, Starbucks CFO and executive vice president said at the TD Cowen 7th annual Future of the Consumer conference on Tuesday.
“When we think about our opportunity in the future, it's how do we leverage our portfolio to unlock capacity, but also in a way that best meets the customer needs and demands?” Ruggeri said. “So that’s going to be different versions of drive-thru stores, delivery-only stores as well as different versions of pickup stores. There are lots of different store designs and types to be able to meet the increasing demand that we see.”
Related: Starbucks workers are starting to ask to leave the union
This is not the first time Starbucks has leaned into diverse, off-premises-focused store formats. In 2019, Starbucks opened the first express, pickup-only minimalist café in New York City and introduced this new format to high-traffic urban environments. Then, during the height of the pandemic in 2020, Starbucks announced that it would begin closing hundreds of stores to way for these new pickup-only and mobile-focused express stores.
Although Starbucks has not yet opened ghost kitchen cafes in the U.S., the company has already been experimenting with the format in China as far back as 2019, when Starbucks said it was partnering with Starbucks China’s delivery partner Alibaba and their Hema supermarkets to test out delivery-only cloud kitchens.
Related: A tale of two Starbucks: Performance is booming but employee sentiment is still a problem
“When we talk about a delivery-only store, we see a path towards that in the future as delivery is becoming a more and more meaningful part of our business,” Ruggeri said. “We look at delivery-only as a way to take the complexity out of the existing stores, and it creates a better experience for both the partner and the customer.”
She also said that Starbucks is looking into drive-thru-only cafes with double drive-thru lanes that service both traditional drive-thru orders and mobile order pickup customers.
“It may not be right for a customer like me who likes to walk into the store, but it's ways to be able to use the store designed to elevate the experience for the customer and also at the same time taking into account what it means for the partner,” Ruggeri added.
Besides testing out new store formats, Ruggeri also touched upon the importance of Starbucks’ digital experience, which now includes the fledgling Starbucks Odyssey Web3 community. She said that while on out of every 10 U.S. adults is a Starbucks rewards member, there is still opportunity for growth in that sector, and to work on the digital third place.
Ruggeri was also asked about the rollout of the new Siren System, the proprietary in-store equipment system that is meant to improve employee efficiency through automation. The rollout is going slower than expected, and should reach less than 40% by 2025 instead of the expected 50% of all stores by that time, as the company figures out how to best retrofit Starbucks stores with the new equipment.
Subway sale process proceeds as planned, sources say
Insiders say 10 or more potential suitors are conducting due diligence
Sept. 13, 2023
Subway’s sale process is proceeding as planned, sources at the company said this week, with 10 or more potential suitors doing due diligence. Sources suggested a sale decision could come in May.
The privately held Milford, Conn.-based sandwich franchise on Feb. 14 confirmed earlier reports that it was putting itself on the block. It hired J.P. Morgan Chase as an adviser in the sale process, and officials said they would not be making any further public comment until the process was completed.
J.P. Morgan declined comment on Thursday.
However, reports early this week that the company may lower the sales price led several company contacts to question the accuracy, saying the original sales target of $10 billion remained.
Sources said the first pool of bids were lodged in March, “and several interested parties have already been thrown out by the company’s advisers for offering too little,” the Wall Street Journal said in a report Thursday.
“More than 10 possible suitors, including some big names in private equity, are conducting due diligence that should draw to a close by the end of this month,” the Wall Street Journal said. “Final bids will likely be due around then and a buyer could emerge by the end of May, the people said.”
Private-equity firms mentioned in earlier reports included Bain Capital, Clayton, Dubilier & Rice, Goldman Sachs Asset Management and TPG Capital. Further reports indicated interest from Atlanta-based Roark Capital Group, owner of Inspire Brands and the parent company to Arby’s, Buffalo Wild Wings, Dunkin’, Jimmy John’s and Sonic. Other interest had been reported from the EG Group.
Sources declined to comment on specific bidders.
Subway has about 37,000 locations in more than 100 countries.
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