Selling Your Asian Restaurant?
Since 2008, restaurants have been struggling to recover from a recession that seemed like it might never end - and then, restrictions related to COVID has made it even harder. Between properly covering shifts due to labor shortages and an increase in minimum wage expectations, finding suppliers capable of covering orders for food and supplies, and safely allowing patrons in the establishment to dine, restaurant owners are finding it harder than ever to keep their restaurant business profitable. This has required even more time and money from the owners of the Asian restaurants. Between 2020 and 2021, it is estimated that over 300,000 restaurants will close for good.
When the owners of an Asian restaurant make the decision to close or to sell, it can take approximately 10 months to find a buyer to maintain the same business. At WBAR, we understand this can all be stressful and we want to help. With decades of combined experience, WBAR is the right buyer at the right time for your Asian restaurant.
WBAR can manage any size or location. We’ve already done all of the research – now let us do all of the work.
Submit your request for valuation and an expert will contact you to confirm some details about your Asian restaurant. After just a few questions about your Asian restaurant, we will assist you with gathering a general list of the furniture, fixtures and equipment from your restaurant. Some of these items may include:
Refrigeration (Commercial Refrigerator, Walk-in Cooler, Underbar Freezer)
Cooking Equipment (Griddle, Fryer, Oven, Range)
Ice Maker and Bin
Seating Packages, Sushi Case, Deli and Dessert Cases
Décor, TVs, Hostess Stand
Serverware, POS System
Smallwares (Pots & Pans, Plates, Bowls, Cups, Dishes, Flatware, Bags and Boxes)
Any Other Assets Not Considered Permanent to the Property
Our expert will review the information on your Asian restaurant and make you a fair market offer. If accepted, we will schedule a mutually convenient time for our team to bring the proper trucks and tools to quickly and safely remove all assets from the premises.
Still owe on your equipment? Leases? Multiple owners? Franchise agreements? Outstanding debt?
IT DOESN’T MATTER. We can help. CALL NOW!!
We Know the Restaurant Business!
When opening a new Asian cuisine concept eatery, owners must consider their regional area and select a location that will allow maximum visibility and profitability. Some markets seem to strongly prefer delivery options, utilizing the convenience of food delivery options such as GrubHub, DoorDash, Uber Eats, Postmates or Caviar, while others choose to more frequently dine in. Outdoor dining on a patio, porch or other dedicated space can increase in the warmer seasons for variable climates, and year-round in warmer states will increase your traffic, especially when paired with an outdoor bar. It is best to offer a space specifically for those non-smoking guests if your state allows for smoking indoors. Asian fusion food has become very popular, and sushi is almost expected at any Japanese hibachi restaurant. Chinese restaurants are widely known for their variety of rice as well as delicious entrees.
The average cost to open an Asian restaurant in the US is $400,000.00. When starting from scratch and designing a build-out to open a new location it should be mentioned that you should expect at least 24 months before beginning to see a profit – maybe even longer when taking into account labor shortages resulting in higher wage requirements, food and beverage shortages along with reduced capability to provide expedited delivery of those commissary orders resulting in higher costs, higher security deposits or stricter lease terms and requirements for lessors since landlords, property owners and commercial property owners that lease restaurant spaces have experienced a higher incidence of broken leases, bankruptcies, non-renewals or simple business abandonment due to the large amounts of loss suffered in lieu of profits for these businesses. In addition, the owner needs to consider whether they can await profitability while maintaining their own financial responsibilities and while awaiting the business to generate enough profit to properly pay them for the many hours they will be putting into the business. Anyone who has ever owned an Asian restaurant or buffet or any other type of food establishment knows that working twice as hard for half as much is almost a given, usually it needs to be enough working for the simple reward of a business that makes enough money to make up for all of the time and energy they have poured into their family business or franchise.
In 2021 there are over 68,000 Asian restaurants open and operating in the US. The oldest is reported to be Pekin Noodle Parlor in Butte, Montana, built in 1909 and founded in its current location in 1911. Asian food was first introduced to the US in the mid-1800’s in California, becoming most popular in the 1920’s as it was considered “exotic”. Satay is the most popular food in Asia, is a Southeast Asian dish with seasoned meat (usually chicken) kebabs, served with a sauce, and is typically served as the entrée or main dish. Believed to be originated in Japanese cuisine, it has become Indonesia’s national dish.
It is estimated that for every 1,000 Asian restaurants that open, only 30 will remain open after 5 years, with 900 of those closing within the first year. If you are considering selling your Asian restaurant, you already know the market. It is best to sell fast - sell NOW - before thousands of other restaurants like yours flood the market, devaluing your investment right alongside the daily depreciation factors.
Stop struggling to earn a living, and start living! Call WBAR NOW for your FREE valuation.
