Selling Your Italian Restaurant?
Restaurants started to experience a recession in 2008, and with the new restrictions from COVID-19 it seems a comeback may be even harder than expected. Coronavirus-related restrictions have made it harder than ever to get food supply orders fulfilled, maintain the proper staffing or offer the expected minimum wage or even to allow the patrons to safely enter your establishment. This has added even more pressure on the Italian Restaurant business owners and a higher demand for even more of their valuable time and money. The year 2020 saw over 110,000 restaurants in the US close their doors and in 2021, experts estimate that the number of additional restaurants to close will be over 190,000.
When Italian restaurants close, the owners can find themselves overwhelmed with the process of liquidating their business’s assets such as their furniture, fixtures, equipment and supplies (FFE). We here at WBAR understand making the decision to close your Italian restaurant is very difficult. Let our experts make this simple for you.
While you are beginning the process of ceasing business operations & filing proper legal paperwork, WBAR can handle all the aspects of preparing your space to return to the landlord by removing everything in that location and giving you CASH.
After your FREE, no-obligation personal business valuation is requested, our experts will walk you through the process. We’ll ask you some questions, request a few photos & help create your asset list which may include:
Refrigeration (Walk-ins, Reach-ins, Undercounter Coolers and Freezers)
Cooking & Processing Equipment (Pasta Maker and Cooker, Dough Mixer, Vegetable Slicer)
Indoor & Outdoor Tables, Chairs, etc
Dish washer, Icemaker, Grease Filter system
Sound & Light System, POS
Smallware Equipment (Dishes, Cookware, Bakeware, Utensils, To-Go Supplies)
Any Other Non-Permanent Assets in the Property
After reviewing the information you will receive a FREE cash offer with NO obligation. Once the offer is accepted our team will immediately begin scheduling your extraction using qualified labor and proper tools and transportation.
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 Italiano ristorante, owners must the best location for the highest profitability, and the market for their chosen location. Some markets seem to strongly prefer delivery options, 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, particularly on holidays and evenings considered “date nights”. It is best to offer a space specifically for those non-smoking guests if your state allows for smoking indoors.
The average cost to open an Italian restaurant in the US is $500,000.00. When starting from scratch and designing a build-out to open a new location it should be mentioned that you should expect at least 12 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 Italiano restaurant 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 2020 there were over 450,000 Italian bistro restaurants in the US. The oldest is reported to be Ralph’s in South Philadelphia, which opened in 1900 and still operates today, currently being operated by the 4th generation of the original family. The most famous Italian gourmet foods, such as white truffles, can only be found in specific areas in Italy. Americans consume 6 billion pounds of pasta every year, which is 24% of the global consumption, and there are 50 different types of pasta. Most Italian restaurants consider it standard to provide a nice homemade bread like Ciabatta with olive oil and seasoning prior to customers ordering, and usually recommend an antipasto salad before the meal.
It is estimated that for every 100 Italian restaurants that open, only 3 will remain open after 5 years, with 90 of those closing within the first year. If you are considering selling your Italian restaurant, you understand the market. It is best to sell fast - sell NOW - before thousands of other similar restaurants 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
