What actually happens, step by step.
A realistic walk-through of a restaurant sale from first conversation to closing day — not a sales pitch, just what the process actually looks like once you're in it.
Most sales take four to nine months from a serious conversation to closing — largely driven by how the purchase is financed, and by liquor and health permit transfers that often run in parallel but don't always finish by closing day.
Confidential conversation & readiness
You submit a confidential intake, take the readiness quiz, or just talk something through with an advisor. Nothing here is public or binding — many owners start this a year or more before they're seriously ready to sell.
Valuation
You get a directional value range based on your Seller's Discretionary Earnings (SDE) and years in operation. If you move forward, a more formal valuation is often used to support financing later in the process.
Getting to know each other
Because we're the ones interested in acquiring your restaurant — not a service matching you with outside buyers — this stage is a direct conversation between us. We ask about your numbers, your goals for the transition, and what a fair outcome looks like to you, before either side talks specifics on price.
Letter of Intent (LOI)
Once we're both serious, we submit a Letter of Intent — a short, largely non-binding document outlining proposed price, structure, and timeline. It typically includes an exclusivity period, during which you agree not to negotiate with other parties while we complete diligence.
Due diligence
We (and our lender, if financing) review your financial records, lease, equipment condition, licenses, and outstanding liabilities like gift card balances. We set up a secure online data room for this stage, so documents are shared in one controlled place instead of scattered across email threads. This is exactly why clean, organized records matter — it's the stage where deals most often slow down or fall apart.
What's a data room? A private, access-controlled online folder where you upload documents once — financials, lease, licenses, equipment lists — instead of re-sending them over email. You control who has access throughout the process.
Purchase agreement
The actual binding contract — covering price, deal structure, non-compete terms, seller financing (if any), and what happens to the name and recipes. This is negotiated in detail, usually with each side's own attorney.
Financing approval
If we're financing the purchase with an SBA or conventional loan — which is common — our lender underwrites the deal directly against your financials. This step often overlaps with purchase agreement negotiation rather than following it.
Licensing transfers
Your liquor license and health permit generally have to be reissued to us as the new owner, not transferred automatically. This is the step most likely to stretch past closing day if it isn't started early — worth kicking off as soon as a purchase agreement is signed.
Closing
Final documents are signed, funds are transferred, and ownership officially changes hands. If licensing transfers haven't fully cleared yet, this is often when a temporary operating arrangement gets used so the restaurant can keep the doors open.
Transition period
Many sales include a defined period where you stay involved — training our team, introducing us to staff and regulars, or simply being reachable for questions. How long, and in what capacity, is something you negotiate as part of the deal itself.
Wondering where you'd start?
A confidential conversation costs nothing and commits you to nothing.