Challenging but true, do you like people? You are in the food business, selling food businesses to PEOPLE!
Professional hospitality/restaurant brokers should have vast amounts of hospitality-related, restaurant, bar, and/or club experience, and understand the people, operations, marketing, and financial aspects of the business. Human skills, the people component to a hospitality business is the make it or break it component. If you do not enjoy the company of people constantly then you should think twice about the hospitality industry. Competent restaurant brokers should have successfully completed numerous sales transactions involving hospitality-related businesses, restaurants, bars, and/or clubs.
In reference to the understanding of the people of the business, I refer to all the facets of the industry employees, employers, and guests. For any broker to negotiate a successful transaction for all parties to benefit the mindfulness of the people involved is crucial. The consideration of the TEAM that remains after the sale of a hospitality business is imperative to the success of the new buyer.
The documentation and administration of any business are imperative and therefore you will need a strong sense of getting the paperwork done and all the i’s dotted and the t’s crossed. Keeping all the role players in the loop and up to date with the progress of the transaction is critical. So clear, concise, and direct communication skills will keep the lines open and everyone on the same page!
Once the boxes above are ticked the basic requirements of being a professional hospitality and restaurant broker are there and a foundation is laid. That said, Specialized Hospitality and restaurant brokers can be tremendously helpful and influential to a potential buyer or seller in completing a successful transaction.
Hospitality and restaurant brokers have to enjoy analytic’s, tasks that will be undertaken will be continuously analyzing the performance of the business at hand and every project will be analyzed with varying merits to be considered. Due to the fact that all information required comes from different sources, patience could be tested so the next characteristic that will be tested at the best of times is the broker’s patience.
Due to the fact that the result of your work as a Specialised Hospitality and Restaurant Broker depends on other people’s vigilance, you require nerves of steel, to patiently paste the puzzle of selling your client’s hospitality business together.