WHERE CAN I WORK, WHERE I CAN MAKE $100,000 - $200,000 PER YEAR, DRIVE A MERCEDES, HAVE A HOME IN NEWTON, AND NEVER WORRY ABOUT GETTING FIRED , BUT I DON’T HAVE A COMPUTER SOFTWARE DEGREE FROM MIT OR A LAW DEGREE FROM HARVARD?
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Articles published by us in the NEREJ
Straddling the invisible line to satisfy the seller’s needs, while appreciating the position of the buyer -
“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.
Investor behind &pizza and Momofuku shares tips for securing growth capital
March 30th 2023
RSE Ventures’ Uday Ahuja discusses the state of restaurant financing and what emerging brand leaders should do to find the right investment partner.
“Shaky” might be the best word to describe the economy today. Between stubbornly high inflation and the recent collapse of Silicon Valley Bank, uncertainty is reining over global financial markets and what might come next.
The instability of the past few years has led to many investors sitting on the sidelines, said Uday Ahuja, chief investment officer at RSE Ventures, a private investment firm that has funded restaurant brands like &pizza, Bluestone Lane and Momofuku. The unstable economy means investors don’t have confidence in the investments they’re making.
But that won’t last long. Ahuja said capital should be flowing in the next 6-12 months as the economy settles out. And restaurant leaders interested in securing capital for growth can take actions today to ensure they’re attractive investment targets in the future.
Ahuja joined the latest episode of Take-Away with Sam Oches to talk about the state of restaurant financing, RSE’s investment strategy, and what leaders can do to improve their chances at securing investment.
In this conversation you’ll learn more about:
Founders are the heartbeat of an emerging restaurant brand
There are multiple ways to achieve scale
Today more than ever, strong unit economics and profitability are key to securing capital for growth
The capital will start flowing when there’s more certainty in the economy
A team that starts a business is very different from one that’s scaling it in the future
If you’re planning to scale your business, you should be networking with as many investors as you can\
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.
MAY 14th 2023
Restaurant sales top $1 TRILLION in 2022
Real Estate Editor & Manager
Sit-down restaurants are seeing their 'best' results in the Sun Belt.
There’s a good reason why retail real estate developers vie for restaurant tenants like The Cheesecake Factory and Olive Garden. Consumer demand for full-service eateries is now higher than it was before COVID took root.
Food-and-beverage category sales topped one trillion dollars in the United States in 2022, up 24% from 2019 and 14% from last year, according to a report from the global real estate services JLL.
With families entrenched in their homes, grocery store sales spiked by nearly 30% from February to March of 2020. But the tide turned at the outset of 2021 when a higher portion of consumer dollars were spent in restaurants.
By February of this year, for every $100 consumers spent on groceries, they spent $130 dining out. And while restaurant traffic was still much higher at quick-service restaurants, full-service dining establishments did better in year-over-year traffic comparisons, up by 6% over February 2022.
Table reservations have now fully returned to pre-pandemic levels, according to Open Table data accessed by JLL. January 2023 bookings were up more than 3% over 2019 levels—an indication that consumers were pivoting away from buying goods and dedicating more of their budgets to service and experience spending, according to JLL.
Subway sale process proceeds as planned, sources say
Insiders say 10 or more potential suitors are conducting due diligence
MAY 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.
Chipotle sues Sweetgreen over its new Chipotle Chicken Burrito Bowl
The lawsuit was filed in federal court on Tuesday, less than one week after Sweetgreen announced the new menu item
MAY 5th 2023 Chipotle Mexican Grill has sued Sweetgreen for trademark violation less than one week after the Los Angeles-based salad restaurant chain released a new Chipotle Chicken Burrito Bowl. Chipotle said in the lawsuit, which was filed in California federal court on Tuesday, that the company had sent Sweetgreen a “cease and desist” notice to drop the word “chipotle” from the name of the new menu item but did not receive a reply.
Related: How technology is central to Chipotle’s guest and employee experience
The lawsuit, which was filed by the law firm Holland & Hart, accuses Sweetgreen of marketing and selling the ‘Chipotle Chicken Burrito Bowl’ which is “very similar” and “directly competitive” with Chipotle’s own chicken burrito bowl. The lawsuit also takes issue with the fact that the marketing for the menu item features a similar font and shade of red that Chipotle Mexican Grill uses and has trademarked, called “Adobo Red.”
Chipotle is asking for a court order that blocks Sweetgreen from using the Chipotle name and seeks an unspecified amount in damages.
Related: How Sweetgreen plans to bounce back
“We don’t typically comment on litigation, but we will say generally that we’re committed to protecting our valuable trademarks and intellectual property,” Laurie Schalow, chief corporate affairs officer for Chipotle said in an emailed statement. “Consistent with that, we will take appropriate actions whenever necessary to protect our rights and our brand.”
Sweetgreen announced the new Chipotle Chicken Burrito Bowl menu item on March 30, calling it “the latest iteration of Sweetgreen’s menu innovation strategy” to delve into new menu categories, including green-free bowls. Releasing more grain bowls would make Sweetgreen more of a direct competitor with fast-casual burrito bowl giant, Chipotle. The company said that the menu item is named for its “thoughtfully sourced chipotle powder” and is made with blackened chicken, roasted chipotle Salsa, wild rice, cilantro lime black beans, sliced tomatoes, and cabbage “instead of greens” so that it “won’t be confused for a salad.”
Sweetgreen has defended its new menu item but declined to comment directly on the lawsuit:
“We are excited about our new warm bowl featuring a thoughtfully-sourced chipotle powder that provides the perfect slightly spicy, smokey bite,” the company said in an emailed statement.
“We are aware of the lawsuit Chipotle Mexican Grill has filed over the name of our new bowl. However, we do not comment on pending litigation.”
The price of Sweetgreen’s stock tumbled $1.38 after the news of the lawsuit was released.
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