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.”
"RESPECT THY NEIGHBOR" "MASK UP" ITS THE LAW"
Papa John’s pandemic success continues with record-breaking Q2 same-store sales increase of 28% for North America stores
Papa John’s rate of store closures is also the lowest the company has seen in a decade
Papa John’s continued on its path to financial recovery following a rough couple of years, with same-store sales in North America increasing a record-breaking 28% and international same-store sales up 5.3% for the second quarter ended June 28, 2020. Despite the industry-wide challenges of the coronavirus pandemic, the Louisville, Ky.-based pizza chain has thrived in the off-premise driven consumer culture over the past several months, with margins and profits at “the highest they have been in several years” and unit closures at their lowest in a decade.
Papa John’s attributed their same-store sales jump during the strong second quarter to both their long-term recovery strategy and to their quick pivoting during the pandemic, including adding three million new digital customers during the second quarter. The company’s success continues to grow into the third quarter, with preliminary same-store sales for July estimated to have increased 30.3% domestically and 13.9% internationally.
Papa John’s president and CEO Rob Lynch emphasized the company’s continued focus on five tenants they committed to at the end of 2019: building a diverse company culture, improving unit economics, establishing product innovation (like their new Shaquille O’Neal-branded extra-large Shaq-a-Roni pizza), expanding their footprint domestically and internationally, and building a stronger technology infrastructure.
“Mobile ordering is our fastest-growing platform as customer ordering and consumption continues to be affected by pandemic,” Lynch said during Thursday’s Q2 earnings call. “This is accelerating our growth […] We currently have robust partnerships with three out of four of the major delivery aggregators and our transactions delivered by delivery partners are up by more than 100% to 5% of our total sales. Papa John’s strategy is to win by providing better pizza wherever our customers are and however they choose to order.”
Moving forward, the main priority for Papa John’s is unit growth.
“Development is my number-one priority right now,” Lynch said. “We’ve built a strong foundation in North America. The next phase of turnaround would be getting development ramped up. We recently added a chief development officer when we previously had not had one. Barring unforeseen circumstances, we are targeting a significant growth in units in 2021. We are building infrastructure right now we’re working to make up for lost ground.”
For the second quarter ended June 28, revenue increased $61 million to $460.6 million, compared with $399.6 million in the same period a year earlier. The company reported net income of $20.6 million or 48 cents per share, up from $8.4 million or 15 cents per share in the same period a year earlier, driven by improved operating sales.
Papa John’s closed a net total of 31 stores systemwide during the second quarter ended June 28, 2020. As of June 28, Papa John’s had 5,347 locations in 48 countries worldwide.
Three New Pizza Options Arrive in the Boston Area — and More Restaurant Openings
CHESTNUT HILL 8-25-20
Roman-style pizzeria Mr. Roni Cups, also serving rotisserie chicken, crispy nori sushi tacos, and more, arrives inside Bianca on August 20 at the Street Chestnut Hill (47 Boylston St.) with delivery and takeout, as well as some indoor and outdoor dining. Bianca itself isn’t open yet. Both come from the O Ya and Hojoko team, Tim and Nancy Cushman.
Boardwalk Pizza is now open at Victory Point (332 Victory Rd., Marina Bay) from the Frattaroli family (who are also behind quite a few restaurants in Boston’s North End) and executive chef Pino Maffeo. The crispy, thin-crust pizza is available by the pie for delivery and takeout as well as big slices (a quarter pizza each) for eating on the go around the Marina Bay boardwalk.
The menu for the waterfront pizzeria appropriately includes some seafood pizzas, with toppings such as local clams and lobsters. In addition to pizza, there are salads and subs (think chicken parm, meatball, and Caprese.)
Boardwalk Pizza is open daily, year-round, from 11 a.m. to 10 p.m. (11 p.m. Thursday, Friday, and Saturday nights).
New Haven’s famous Frank Pepe Pizzeria Napoletana continues its Massachusetts invasion with a brand new location at Watertown’s Arsenal Yards development (24 Eldridge Ave.), open as of August 17. The Connecticut institution, around since 1925, is known for its pleasantly charred coal-fired pizzas, which typically have a somewhat asymmetrical shape and a haphazard slicing pattern. This is the 12th location and the third in Massachusetts, joining Chestnut Hill and Burlington. All locations are currently offering takeout and delivery only; the dining rooms are temporarily closed due to the pandemic.
The new Watertown location follows in the footsteps of all the others, featuring a 600-degree coal-fired oven that is a replica of the original in New Haven. On the menu, of course, is the popular white clam pizza, Foxon Park sodas, and more. When it eventually opens for indoor dining, it will seat around 90 diners, but for now, it’s takeout and delivery only (no delivery fees for online orders over $40). Beer and wine will be available for the eventual dine-in service but not for takeout and delivery.
CONCORD, N.H. — 8-26-20
All New Hampshire restaurants are now able to open at 100% capacity, as long as they continue to follow state reopening guidelines including maintaining 6 feet of distance between parties, Gov. Chris Sununu announced Friday.
Previously, restaurants in six northern New Hampshire counties were able to operate at 100% capacity, but the southern counties were restricted to 50%. Over the course of the pandemic, COVID-19 has hit southern parts of the state harder than northern areas.
Sununu said there have been no signs of increased coronavirus spread in areas that had been fully reopened, giving health officials confidence that the same rules can be applied across the state.
Some restaurants might still be unable to serve as many customers at once as they used to because of the need to keep customers from different parties apart. Other restrictions, such as no standing in bar areas, remain in effect.
"All those provisions are in place and will remain in place for quite some time," Sununu said.
The change comes after News 9 reported that bar and restaurant owners were concerned about cooler weather ahead making it impossible to continue outdoor seating. Restaurant owners said that without an easing of the indoor dining restrictions, their businesses wouldn't be able to survive.
Sununu said that if COVID-19 numbers begin trending worse in the state, the decision could be revisited, but a single outbreak would likely not lead to new restrictions. He said it would also be possible to reimpose restrictions on certain counties again.
What NREX is all about!
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.