Synopsis
In this book you will learn my trade secrets from being a front-line restaurant, bar, and club owner/operator, as well as my extensive experience as a buyer and seller of many restaurants, bars and clubs. For a 45 year period (1950-1996), my family owned and operated: a) Zim's Restaurants, the largest independent non-franchised restaurant chain in San Francisco, b) nearly 35 restaurants, bars and/or clubs in Northern California including Zim's Restaurants, Z's Bountiful Buffets, Kibby's Drive Ins, and Casa Carlita's Mexican Restaurants and c) miscellaneous other operations, including many cocktail lounges. Today I own Restaurant Realty Company, the largest restaurant, bar and club business brokerage in California. I have personally sold over 800 restaurant, bar and club businesses, and I have completed over 2,500 business valuations since 1996. Throughout this book I will share my experiences and knoweldge from my twenty-plus years of restaurant experience, and more than thirty years of real estate experience. Having worn many hats as a restaurant, bar, and club owner/operator, buyer, seller, landlord, and broker, I want to share my years of experience to make it easier for prospective restaurant, bar or club buyers to learn how to effectively purchase a business. My goal is to help a buyer understand the key things he, or she, needs to know in order to minimize mistakes and to make a successful, well-thought-out purchase. I want this purchase to have a strong chance for success, subject to buyers operating the business properly after they take ownership. I cover the following topics in the book: 1. The Buyer - a. motivations for buying, b. things you need to know before buying , c. qualfications needed to purchase, d. things you need to do before you purchase, e. the advantages and disadvantages of buying an existing business versus starting one from scratch, f. what are you buying, and g. how buyers initially screeen business opportunities; 2. What Do You Need - a. the essential for preparing a business plan, b. how much money do you need to open and operate, c. methods for raising money; 3. Buyers Do's and Don'ts - a. buyer's three-stage checklist, b. important questions and information to ask the seller, c. signs to look for to determine if the seller's business is in trouble; 4. Success Vs. Failure - a. key ingredients for a successful business from a customer's and buyer's perspective, b. why so many businesses fail, c. turning a losing business into a winning business opportunity, d. why do sellers sell?; 5. Valuations and Other Financial Aspects - a. various sample valuations, b. understanding financial statements; 6. Importance of Location - a. major factors in selecting a strong location, b. how an operator determines if an existing site will work for his proposed new operation, c. special types of locations, d. how to find a good restaurant site; 7. Lease and Other Legal Aspects - a. premise lease, b. how a tenant can negotiate a good lease and renew it on favorable terms, c. helpful techniques in negotiating your lease, d. why landlords want to maximize their rent; 8. Steps to the Sale - a. selling process from offer stage to close of escrow stage, b. dealing with the most common problems related to the sale and how to ensure a closed escrow, c. overcoming the most common obstacles in dealing with the landlord, d. the main three parties in the transaction: buyer, seller and landlord, e. how the sales process works, f. explanation of the asset purchase agreement, g. the buyer's due-diligence process, h. things that can go wrong during a sales transaction that a seller needs to know - and a buyer should too, i. advantages and disadvantages of an asset sale versus a stock sale; 9. Is Franchising For You? - the advantages and disadvantages of buying a franchised business versus buying an independent, non-franchised business and 10. Using a Restaurant Broker to Your Advantage.
About the Author
Steven Zimmerman has personaly sold/leased over 800 restaurant, bar or club businesses, many commercial buildings and completed over 2,500 valuations since 1996. His real estate experience also includes sales, acquisitions, management and ownership of numerous properties throughtout California including restaurants, hotels, apartment buildings and single family homes. Prior to starting Restaurant Realty Company Steven had over 20 years of restaurant experience and was President and CEO of Zim's Restaurants, which was one of the largest privately owned restaurant chains in the San Francisco Bay Area. Steven is a graduate of the University of San Francisco School of Business Administration and Cornell University's School of Hotel Administration. He holds a California State Real Estate Brokers License (Lic. ID#01310250), State of California Lieftime College Teaching Certificate, and he has earned the industry's top designations for advanced education which include: the Certified Business Broker (CBB) designation awarded by the California Association of Business Brokers and the Certified Business Intermediary (CBI) designation awarded by the International Business Brokers Association. Steven has lectured at Cornell University's School of Hotel Administration and has taught management courses at San Francisco City College Hotel and Restaurant School and the former School of Hotel, Restaurant and Institutional Management at Golden Gate University. Steven has been a regular guest lecturer at the California Culinary Academy (CCA) in San Francisco for several years and he currently teaches the principles of business brokerage to other real estate brokers. He is a member of the Golden Gate Restaurant Association, California Restaurant Association, Cornell University's Hotel Society, Cornell University's Real Estate Council, California Association of Business Brokers (CABB) and the International Association of Business Brokers (IBBA). Steven serves on the CABB Board of Directors and Education committee and he serves on the HFLA (a non-profit institutional lender) Board of Directors and is Vice Chairman of the HFLA Business Loan committee. Steven has been a regular speaker at the International Association of Business Brokers international conferences.
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