Restaurant Deal Making EXPOSED! With Patrick and Andy

Not all restaurant deals are created equal, but what makes one transaction so different from another? Buying or selling a full-service restaurant isn't the same as buying or selling a bar, bakery, commercial kitchen, or franchise. Each type of business comes with its own requirements, challenges, and potential complications that can affect how the deal comes together.

In this episode, we break down the differences between restaurant transactions and why understanding the type of business you're dealing with matters. We discuss how licensing and permits, specialized equipment, franchise requirements, and landlord approvals can affect a...

What happens when a restaurant receives a Yelp review so ridiculous that it becomes an opportunity for a good laugh? For restaurant owners, online reviews can be frustrating, personal, and sometimes downright absurd. But knowing which feedback to take seriously and which to let go can make a big difference in how you run your business.

In this episode, we're joined by Chef Brenda, owner of Brenda's French Soul Food, to discuss her experience navigating Yelp reviews over nearly two decades in the restaurant industry. We talk about the outrageous review that recently went viral...

Most restaurant owners spend a lot of time thinking about how to open and grow a business, but what about how they eventually plan to leave it? A restaurant exit strategy isn't something to figure out only when you're ready to sell. The decisions you make along the way can have a major impact on what your business is worth when that time comes.

In this episode, we break down what goes into planning a restaurant exit strategy and why that plan should evolve alongside your business. We discuss how the way you enter the...

What financial mistakes could be quietly costing your restaurant thousands of dollars? Even when sales look strong, poor cost tracking, unchecked expenses, and financial habits that seem small in the moment can add up quickly and make it harder to see when your business is heading in the wrong direction.

In this episode, we're joined by returning guest Dan Engel, restaurant accountant and owner of Engel Accounting, to break down some of the most expensive mistakes he sees restaurant owners make. We discuss where owners commonly lose track of their money, which costs deserve closer...

When negotiating a restaurant deal, how do you know when to stand your ground and when to let something go? Buyers can spend so much time negotiating small details that they risk losing sight of the issues that can actually affect the success of the business.

In this episode, we break down what really matters when negotiating a restaurant acquisition and where buyers can sometimes go too far. We look at the difference between protecting your interests and overnegotiating, why it's important to consider the deal from both sides, and the five things buyers should...

What happens when the business you built for freedom starts controlling your life instead? Many restaurant and franchise owners find themselves working long hours, making every decision, and feeling like they can never truly step away. In this episode, we look at how owners can get out of that cycle and build a business that works for them.

We’re joined by business coach, speaker, and former multi-unit franchise executive Mike DeJong to discuss what he calls the “operator trap.” We explore the importance of systems, delegation, developing the right people, and defining what freedom actual...

What does it mean to sell a restaurant that has been part of a community for 50 years? For Dennis and Bill, owners of Orphan Andy's, the decision marks the end of an era and the beginning of a new chapter. In this episode, they reflect on the journey of building one of the city's most beloved diners and what it means to pass that legacy on.

We're joined by Dennis and Bill to look back on the story of Orphan Andy's, from its beginnings in the late 1970s to becoming a 24-hour institution that welcomed...

Have you ever wondered why buying or selling a restaurant takes so much longer than expected? While many people assume a deal can close within a few weeks, restaurant transactions involve multiple parties, approvals, and milestones that can significantly extend the timeline.

In this episode, we break down the restaurant transaction timeline from the moment a buyer and seller reach an agreement through due diligence, lease approval, escrow, liquor license transfers, and closing. We also explain the controllable and uncontrollable factors that can affect a transaction and why setting realistic expectations is essential for everyone...

What do restaurant owners need to know about insurance in today’s market? From rising premiums and stricter coverage requirements to wildfire risk and liquor liability, securing the right policy has become more complicated than ever. In this episode, we break down the key insurance issues restaurant owners, buyers, and operators should understand before problems arise.

We’re joined by Greg Gurovich, co-founder and managing broker of OnMarket Insurance Associates, to discuss how restaurant insurance has changed in California and what operators should be paying attention to today. We cover everything from property and liability cove...

What has changed most in the restaurant industry over the last 25 years? While the fundamentals of hospitality, great food, and hard work remain the same, the way restaurants operate has evolved dramatically. In this episode, we look back at how technology, consumer behavior, labor, and operating costs have reshaped the business and what those changes mean for restaurant owners today.

In this episode, we’re joined by fellow Restaurant Realty agent and former restaurant owner Dan Baker. Together, we reflect on the restaurant industry then and now, discussing everything from Yelp and social media to re...

What does “turnkey” really mean when it comes to restaurant listings? While the term is often used to suggest a buyer can walk in and start operating with minimal effort, the reality is often much more complicated. In this episode, we discuss why buyers should look beyond the label and understand what costs and requirements may still be waiting beneath the surface.

In this episode, we break down some of the most common surprises restaurant buyers encounter after going under contract. From change of ownership health inspections and ADA considerations to equipment maintenance records and plum...

What shapes the public perception of the restaurant industry today? Traditional journalism, social media influencers, and online narratives all compete for attention, but they often approach restaurant stories from very different angles. In this episode, we explore how those perspectives influence the way restaurant openings, closures, and industry trends are understood by the public.

In this episode, we sit down with Alex Barreira, hospitality beat reporter for the San Francisco Business Times, to discuss the realities of covering the restaurant industry in today’s fast-moving media environment. We talk about how restaurant stories are sourced, ho...

What goes into curating the food experience for one of the country’s largest music festivals? With nearly 100 restaurants serving more than 225,000 attendees over a single weekend, the Outside Lands food lineup is about far more than great food. It’s a carefully built reflection of Bay Area dining trends, operational strategy, and brand exposure.

In this episode, we welcome back Tanya Kollar, Food Program Director for Outside Lands, to go behind the scenes of the 2026 festival’s food lineup. We discuss how Tanya selects restaurants, balances legacy institutions with emerging concepts, and helps brands tailor...

What stands out after 50 episodes about restaurant deals? From navigating leases and due diligence to understanding timing, financials, and risk, certain themes come up again and again.

We celebrate our 50th episode by each sharing our top three favorite and most impactful conversations from the show. We revisit topics like when to walk away from a deal, the right time to sell, financial discipline, and the importance of working with the right professionals. Along the way, we reflect on the guests and discussions that shaped how we think about restaurant transactions and the value they’ve...

What happens when someone with years of restaurant experience buys their first business? You might expect the process to be smoother, but even seasoned operators face challenges when stepping into ownership for the first time.

In this episode, we continue our conversation on what virgin buyers want to know, but with a different perspective. We’re joined by Joshua Rabbie, owner of Benny’s Tacos in Santa Monica, who brings decades of experience across kitchens, front-of-house operations, and multiple restaurant concepts. We talk through his first acquisition and the realities he faced, including what caught him...

Buying a restaurant can be exciting, but for “virgin buyers,” the process can also feel overwhelming. From writing your first offer to figuring out whether a listing is actually worth pursuing, there are many questions that come up long before a deal ever reaches the finish line.

In this episode, we sit down with Drew Butler, owner of Market Pizza by Drew Butler in Culver City, to talk through the questions first-time buyers are asking right now. Drew joins us as someone actively searching for his first brick-and-mortar restaurant, and we walk through the realities behind restaurant list...

When should you walk away from a restaurant deal? Not every transaction is meant to close, and knowing the difference between a solvable challenge and a true red flag can save you time, money, and stress. In this episode, we talk about the real reasons restaurant deals fall apart and how to recognize when pushing forward no longer makes sense.

From delays and shifting motivation to emotional dynamics between buyers, sellers, and landlords, we discuss why trusting your instincts matters. Not every red flag is fatal, but not every deal should close. If you are...

What should restaurant buyers and sellers be preparing for in 2026? As the year unfolds, we are seeing clear themes emerge that are shaping how deals are getting done and who is stepping into the market. Some of these shifts have been building for years, while others are newer developments that are changing expectations on both sides of the table. In this episode, we share the three areas we believe will matter most this year.

For buyers, we talk about where opportunity may be coming from and how the financing environment is influencing purchasing power. For...

How should restaurant owners and operators think about 2026 from a financial perspective? In this episode, we step back and talk through what it really takes to stay profitable in the current restaurant landscape, from planning ahead and adapting to cost pressure to building the right financial mindset for the year ahead.

We’re joined by Matt Granville, a longtime restaurant executive with deep experience in finance and operations, most recently serving as CFO and COO of a multi-unit barbecue concept. Together, we discuss how strong operators approach budgeting, forecasting, and prime cost management, why waiting for monthly re...

What’s the right time to sell a restaurant or bar? It’s a question every owner eventually faces, and one that rarely has a simple answer. In this episode, we talk through how timing affects value, options, and outcomes, and why selling at the right moment often has less to do with urgency and more to do with preparation.

We explore the idea of selling when a business still has momentum, clarity, and appeal, rather than waiting until fatigue, pressure, or declining performance force the decision. If selling is on your horizon, whether soon or s...

How do smart restaurant owners start the year by strengthening their business? In this episode, we talk about why January is a natural moment to step back and evaluate how a restaurant is really operating. We explore how reviewing financials, questioning assumptions, and looking closely at costs can help owners build a healthier business, whether or not a sale is coming soon.

We discuss the financial habits that tend to show up in stronger operations, including cleaner books, clearer separation between personal and business expenses, and reviewing numbers across different time frames. We also share...

What kind of year was 2025 for restaurant deals? In this episode, we look back on the past year and talk through what stood out most to us as brokers working closely with restaurant owners, buyers, and sellers. We reflect on how the year unfolded, what surprised us, and what stayed consistent even as conditions shifted.

To close things out, we spend some time looking ahead and sharing a few personal reflections from the year, along with some holiday stories and moments that made us laugh along the way. It is a chance to wrap up...

Securing an SBA loan for a restaurant isn't easy. Banks understand the risks involved, especially given the high failure rate of restaurants. In this episode, we sit down with Scott Cisneros, a senior loan officer at City National Bank, who specializes in SBA 7a loans for restaurant acquisitions. With decades of lending experience and a reputation for straightforward advice, Scott is a trusted resource for brokers and buyers navigating restaurant financing.

Scott explains why most banks prefer SBA financing for business acquisitions. We dive into why experience matters in the application process, how seller financing c...

What happens from the moment you find a restaurant listing to the day escrow closes? Buying or selling a restaurant is an exciting journey, but the process can be overwhelming if you're unfamiliar with each step. In this episode, we break down the entire transaction process. Understanding what happens along the way can be the difference between a smooth deal and a transaction that falls apart.

We’ll explore the key players in every restaurant deal and the impact they each have on the process. By the end of this episode, you'll have a clear roa...

What are the biggest financial mistakes new restaurant owners make? We’ve seen them all, and we’ve made many of them ourselves. When you’re opening a restaurant, it’s easy to focus on the excitement and overlook the numbers. But running out of working capital, mispricing your menu, or overpaying for your lease can turn a dream into a financial strain faster than you think.

In this episode, we share the top five financial mistakes we made as former restaurant owners and that we continue to see with our clients today. From underestimating startup c...

What’s the real cost of working with a general attorney or accountant who doesn’t specialize in restaurants? We’ve seen firsthand how relying on the wrong professionals can create major problems, from messy books to painful lease negotiations, and how quickly these issues can spiral into expensive fixes. Running a restaurant is complex enough without learning the hard way that your CPA or lawyer doesn’t understand your industry.

In this episode, we share our own experiences and stories from clients who discovered why specialized professionals are worth every penny. We cover everything from book...

How can quick service restaurants stay relevant in a market that changes overnight? Matthew Blair knows what happens when a concept stops evolving. After selling his original World Wrapps and buying it back eight years later, he saw firsthand how a brand that pioneered global fusion wraps could lose its edge when consumer expectations shifted.

In this episode, we sit down with Matthew, co-owner of World Wrapps, to explore the trends reshaping the QSR space. Matthew shares how he revitalized his concept by embracing fresh-pressed tortillas, implementing smart technology like kiosks, and finding the right b...

How is social media reshaping the restaurant industry, and what can owners do to protect their business? We’ve seen firsthand how TikTok videos, Instagram posts, and Yelp reviews can drive massive traffic or create unexpected backlash overnight. Unlike traditional critics with context and standards, today’s influencers are building their own brands while reviewing your business, sometimes amplifying issues unrelated to food or service.

In this episode, we break down how intent and impact can differ, and why a single post can ripple across your business and staff. We also discuss practical strategies for prote...

What happens when a restaurant deal is nearly complete and a sudden change threatens to derail it? Material adverse changes (MAC) can turn a smooth transaction into a complicated situation, and they often appear when you least expect them. From equipment failures to unexpected employee raises, the time between signing a contract and closing escrow is full of risks that can dramatically alter a business’s value.

You’ll learn how to navigate MAC situations, including why thorough seller disclosures are your best defense, how to handle disagreements when buyer and seller perspectives clash, and when...

How do festival food lineups come together, and what does it take to make them successful? In this episode, we’re talking with Food Curator Tanya Kollar, who manages food programs for major events such as Outside Lands and Lightning in a Bottle. Tanya shares how she works with chefs and restaurants to create menus that appeal to diverse audiences, balance operational realities, and meet the unique challenges of serving thousands of attendees in the middle of a festival. She explains how pop-up restaurants are changing the landscape of festival food and why thoughtful planning makes all the difference fo...

Getting a liquor license can make or break a restaurant deal. The regulatory side of alcohol businesses is often the most challenging part for entrepreneurs, filled with complex bureaucracy, paperwork, and rules that most operators dread. Yet without proper navigation of the Alcoholic Beverage Control (ABC) system, even the most promising restaurant transaction can stall for months or fall apart entirely.

In this episode, we're joined by Jemma Jorel Lester, a California hospitality licensing specialist who spent nearly a decade mastering ABC approvals before launching Proper Pour Company. Jemma shares her expertise on everything from...

What are the biggest challenges that can derail a restaurant deal? Restaurant transactions are complex, with multiple parties involved: buyers, sellers, landlords, lenders, and health departments. Any one of these parties hitting a snag can cause months of hard work to unravel in a matter of days. Having been both restaurant owners and now brokers, we understand the emotional and financial stakes that come with these deals.

In this special crossover episode with The Restaurant Dealmaker Show, we’re joined by Steve Zimmerman, a seasoned restaurant broker with years of experience in the industry. We sh...

What happens behind the scenes of a successful restaurant acquisition? In this episode, we explore the sale of Steins Beer Garden in Mountain View, where seasoned operator Ricky Singh shares how he navigated a competitive bidding process to acquire a well-established restaurant in the heart of Silicon Valley.

Ricky talks about his approach to buying existing restaurants with proven revenue, the value of keeping operations running during a sale, and why he sees established businesses as less risky than starting from scratch. Whether you’re a first-time buyer or a seasoned restaurateur, Ricky’s insights into...

What happens if ICE shows up at your restaurant’s door? The restaurant industry has long depended on immigrant labor, but with increased ICE enforcement, owners face new threats to their staffing and operations. From heightened raids to the uncertainty about their employees’ status, restaurant owners are now asking: How do we protect our teams, our businesses, and ourselves?

In this episode, immigration attorney Helen Lawrence joins us to discuss the current state of immigration enforcement and its impact on the restaurant industry. Helen provides insight into how the administration is focusing on low-hanging fruit and...

What does your restaurant’s bookkeeping say about its true value? Many owners load up their books with expenses to reduce taxes, but this can obscure the actual market value of the business, especially when it’s time to sell.

In this episode, we welcome back restaurant accounting expert Dan Engel, who discusses the trade-off between tax savings and clean financial records. Whether you’re thinking about selling in the near future or just want to improve your financial management, maintaining clean books will ultimately help you secure better lease terms, qualify for loans, and maximize your busine...

What determines the true value of your restaurant? You might have a valuation from your CPA, but does that number reflect what your business would actually sell for in today’s market? In this episode, we dive into the difference between accounting-based valuations and market-based valuations, and why understanding the true market value is key when selling a restaurant.

This episode provides real-world examples, breaking down how market-based valuations take into account more than just financials—they factor in location, equipment quality, lease terms, and residual goodwill. Understanding these methods will help you better position your restaurant for...

What do you need to know before buying a restaurant or bar? It’s easy to get caught up in the excitement of the deal, but what you don’t know can lead to expensive mistakes down the road. In this episode, we’re covering our top five critical due diligence items that can either make or break your restaurant purchase.

As former restaurateurs and seasoned brokers, we’ve seen it all. Whether you’re an experienced operator or a first-time buyer, this episode provides practical insights to help you navigate the due diligence process with confidence.

Get f...

What does it take to build a restaurant empire from scratch? We sat down with Chef Billy Ngo, a Sacramento culinary icon whose journey from humble beginnings to James Beard Award finalist is anything but ordinary. Billy didn’t follow the typical chef path—he didn’t even plan to work in restaurants.

What makes Chef Billy’s story so compelling is his mix of vision and humility. This episode offers a behind-the-scenes look at a career built on instinct, heart, and the kind of perseverance that turns ideas into lasting impact.

Get full show notes, r...

Have you ever wondered what it's really like to be a food journalist in one of the most competitive restaurant scenes in the country? Today, we're pulling back the curtain on the fascinating world of food journalism with Lauren Saria, Food Editor at the San Francisco Standard.

Whether you're a restaurant owner, food enthusiast, or simply curious about what goes on behind the scenes of your favorite dining spots, this conversation offers a fascinating glimpse into how the stories we read about food come to be.

Get full show notes, resources, transcript, and more information...

Are you a restaurant owner who believes your business is a gold mine waiting for the right buyer? We've heard it all before – "I have the best location in town," "This business has tons of potential," or "We just don't have time for it anymore, but it's fantastic." As restaurant brokers, we regularly encounter these claims, but the reality of restaurant valuation is often quite different.

In this episode, we tackle the biggest misconceptions sellers have about what makes their restaurant valuable. Whether you're considering selling your restaurant now or in the future, this episode provides an ho...