4 minute read
Robin Gagnon
THE NExT CourSE:
cAreer oPtIons AFter ownInG A restAurAnt
Over the past several years, many people have considered a career change, both by choice and out of necessity. Recent events have made this a difficult time for the restaurant industry. The pandemic resulted in costly restrictions for restaurants, and even after they were allowed to reopen their doors, they were required to limit seating for dine-in customers. Other factors like supply chain delays, hiring shortages, high gas prices, and other rising costs have added to the stress and frustration of restaurant operators.
Despite the resurgence of restaurant industry over the past year, the challenges that came about following the pandemic resulted in a feeling of weariness and burnout among many operators. Some have evaluated exit strategies to potentially leave the field but have often wondered what career options are possible. Luckily, there are a lot of great opportunities for those with experience in owning or operating a restaurant.
Buying and selling
We Sell Restaurants is the nation’s largest business brokerage franchise
robin Gagnon is the Co-Founder and CEO of We Sell Restaurants, the nation’s largest restaurant brokerage firm and the only business broker franchise specializing in restaurant sales.
specializing exclusively in restaurant sales. The company assists others in both the purchase and sale of restaurants. The growing brand has sold thousands of restaurants across the 45 states in its twodecade existence.
They have found former restaurant owners and managers make great restaurant brokers. More than 40% of their franchisees are former or current restaurant owners with several others having backgrounds in the food industry. Many of the skills they acquired and honed over the years with restaurant management have served them well as brokers.
For example, customer service always translates, whether it is with customers or clients. Multi-tasking experience is important when trying to sell multiple restaurants. Communication and staff management are crucial when working with other brokers and keeping in touch with clients on sales. Knowing the accounting behind running a restaurant is vital in restaurant valuation analysis and pricing.
experience matters
A deep knowledge of the industry and understanding of the market is essential regardless of a role one occupies. Former restaurant owners not only have the skills to be good brokers or consultants, but they also have the firsthand experience in the field to provide valuable advice to others. They understand the financials of operating a restaurant which translate to determining its market value.
Former owners understand that having to sell a restaurant can be an emotional experience. The owner may not want to sell, but needs to sell, for financial, family, or health reasons. They might be letting go of a restaurant that’s been in their family or was something with deep roots and sentimental ties. Being able to empathize with the seller will help make the process less stressful for them.
a Wealth of opportunities
There are many different potential careers in which former restaurant owners can apply the skills and knowledge they have gained in the years in the industry. These are just a few examples:
• restaurant Supplier – Knowing what supplies and ingredients restaurants need, when they need them and in what quantities, as well as being skilled in inventory management and multi-tasking makes former restaurant owners well suited for this job. • Consulting – Restaurant technology companies often look for people who know about the needs of restaurant owners and their staff. Restaurant franchisors are often interested in expert advice on creating or improving their business models.
• facilities Management – Former restaurant owners know about staff coordination, scheduling, and inventory management. These are all skills useful to managing the maintenance of a large facility. • Event Manager – Once again, former restaurant owners are good at multitasking, coordinating staff, setting and maintaining schedules, and conflict resolution. All of this makes them wellsuited to organizing large events where there are multiple activities going on simultaneously or one after the other.
• Hospitality Manager – Hotels, motels and inns deal with a lot of the same needs and requirements as restaurants.
A former restaurant owner puts their budgeting, staff coordinating, customer service and conflict resolution skills to work providing customers with a place to stay while they’re away from home. If the business has an in-house restaurant, the manager may even get to relive their restaurant days occasionally.
an easier pace
There are a lot of benefits that come with being a restaurant owner. They are providing people with a fun, social experience with friends and family on a daily basis. Restaurant owners can also make a very nice living. But let’s face it – the long hours and pressure to keep customers coming through the door can take its toll.
Many of these other careers are far less stressful than managing a restaurant. There are more standard 9-to-5 hours or flexible scheduling so more time can be spent at home. Some jobs, such as a business broker, don’t even require an office or physical workspace. They can work remotely or from home with a phone and a laptop, giving them greater control over their daily schedule.
the right person for the right Job
The restaurant industry can help people prepare for many different types of careers, from sales to business advising. Finding the right position is all a matter of doing the proper research and deciding on which career choice has the most appeal. It’s important that for whatever job someone aspires, they have not only the skill and know-how to do it, but the interest and the drive to succeed and flourish.
Everybody has a dream job, as well as jobs they’d be comfortable doing. It’s up to whoever is doing the work to decide for themselves what feels right.
