What’s it really like selling a restaurant? In our experience, selling a restaurant that you’ve poured your heart and soul into leads to emotional highs and lows, unexpected challenges, and a sense of relief when it's all over. In this episode, we pull back the curtain on the complexities of the restaurant sale process with a restauranteur who's been through it all.
Dave Peter, former owner of the iconic Galley Seafood Grill and Bar in Morro Bay, joins us to share his experience selling his beloved restaurant after 15 years at the helm. As only the second owner of this landmark establishment, Dave was deeply invested in finding the right buyer to carry on the Galley's legacy.
If you’re considering selling your restaurant, or you’re simply curious about what goes on behind the scenes of a restaurant sale, this episode is for you. From navigating the complex escrow process to managing staff concerns, Dave offers a candid look at the emotional roller coaster of selling a restaurant. He also shares how working with a broker who specializes in restaurant sales made all the difference.
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What You’ll Learn from this Episode:
Why finding the right buyer was Dave's top priority, even if it meant compromising on other aspects of the deal.
How Dave prepared his staff for the ownership transition and managed their concerns.
The unexpected challenges that arose during escrow and how Dave and his broker worked through them.
Why Dave chose to work with a restaurant-specific broker versus a local generalist business broker.
How Dave's relationship with the buyer evolved from contentious negotiations to a close friendship and business partnership.
The importance of being emotionally prepared for the ups and downs of the sale process.
How Dave managed the public scrutiny that comes with posting a liquor license transfer notice.
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