Restaurant Round Up: July 2017

Usually July is a slow month in business for all, but not at Corbett Restaurant Group. We started the month of July off strong when we announced the sale of Wild Willy's Burgers in Worcester


We recently had a Corbett Restaurant Group team dinner at the newly opened Finn McCool's in Boston, and the food was dynamite if you haven't checked it out already. 

President Todd Smith was also featured in UpServe's article "Restaurants Rethink Everything As Market Pains Pile Up" as well as the Boston Business Journal's Lessons Learned.  

Facebook post also just told us that our friends from our restaurant sale in South Boston at Certified Meatball Company will be opening soon!

Restaurants Sold In Boston in 2017

A list of the Boston restaurants sold in 2017 by Corbett Restaurant Group. 

High Spot Deli

Thinking of buying or selling a restaurant? Learn more about working with us.

Liquor Stores sold in Boston in 2017

A list of the Liquor Stores sold in Boston sold by Corbett Restaurant Group in 2017. 

Atlas Produce & Provisions in Everett 
Social Wines in South Boston
T&T Ocean Liquors in Somerville


Thinking of buying or selling a liquor store? Click here to learn more about working with us.

Corbett Restaurant Group In The Boston Globe

The Boston Globe
FOR RESTAURATEURS, THERE’S STRENGTH IN CLUSTERS

Are too many restaurants in one area competition? 

Several restaurant groups in Boston have found their destiny in density, opening eateries in clusters along one block or square. And they’ll argue that they’re not cannibalizing their business, but building on it.

Read what Corbett Restaurant Group President, Todd Smith tells The Boston Globe about how it helps, not hurts restaurants.


DUDLEY SQUARE RESTAURANT SPACE

City’s plan for a big new Dudley Square eatery by Feb. stalls but one of Boston’s busiest restaurant real estate brokers wonders if the city was equally inexperienced.
“They really should have offered more incentives, like landlords do in the private space,” said Todd Smith, the owner of Corbett Restaurant Group. “That’s a big project. It’s a tough sell.”
Smith said big public investments in Dudley have not gone unnoticed by private investors. But he estimated that building out the large restaurant space would cost more than $2 million, limiting the pool of potential operators.
This article was originally posted by The Boston Globe here

Corbett Restaurant Group in The Griffin Report



Corbett Restaurant Group In The Boston Business Journal

An interview with the Boston Business Journal. Read the full Boston Business Journal article here.

HIRING NEW EMPLOYEES IS WORTH DOING RIGHT

President, Todd Smith discusses the channels he uses for hiring need with the Boston Business Journal.


Finding The Sweet Spots In The Restaurant Sector

By Steve Adams | Banker & Tradesman Staff | Oct 30, 2016
Todd C. Smith
Title:President; Managing Partner, Corbett Restaurant Group
Age:42
Experience: 9 years
Boston’s restaurant scene is evolving. New concepts are spicing up ground-floor spaces in once-overlooked areas such as the Financial District, and a new allocation of 75 liquor licenses has been allocated for historically underserved neighborhoods. Todd C. Smith has completed over $93 million in sales and leases in the food and beverage industry since founding Boston-based Corbett Restaurant Group in 2007. Recent transactions include a 380-capacity sports bar called Finn McCool’s which is moving into the former Julep bar space 200 High St., a 60-seat Bistro 131 at 131 Broad St. and All Star Pizza in the former Griddler’s location at 204 Cambridge St.
Q: What was your real estate background before founding Corbett Restaurant Group?
A: I did 12 years in corporate America doing sales and commercial leasing for American Tower. We’d do 25-year leases with Verizon, AT&T and Sprint. That was my first exposure to long-term leasing. I did some work for a business brokerage and then I started my own company in 2007. As far as the economic cycle, it wasn’t the best time, but my plan was years in the making so I just pushed through it. I’d owned a restaurant of my own and saw an opportunity in the marketplace: UFood Grill in the Landmark Center on Brookline Avenue. I started (Corbett) with a cell phone and a laptop, just me out of my apartment. If you want to go into something like this, it’s a sink-or-swim opportunity. It takes a while. You have to be ready to take a pay cut for a while before you move on to what your larger goals.
Q: Why does the typical restaurant deal take up to eight months?
A: Usually because of licensing. If it’s a cafĂ© or food use, those can be done in a few months. With a liquor license transfer and the city and state approval processes it can take on a minimum of 120 days, on top of marketing and lease assignment and negotiations. With a lease, usually you don’t get paid until after they take occupancy.
Q: How important is confidentiality in restaurant transactions?
A: We do all types of hospitality transactions: nightclubs, restaurants, food trucks, catering, you name it. There’s two basic transactions we specialize in: the sale of an existing business, and the other is leasing the space to a tenant, whether representing the landlord or developer or tenant. If you’re selling a specific restaurant, confidentiality is almost always crucial. That’s because the value of a restaurant entity is tied up in the gross sales and profit, and once your employees and key managers get wind you’re for sale, you might lose those folks. It can be devastating if it’s not managed properly. Once people get wind, you lose your customers, you lose everything.
Q: Is seller financing included in most transactions?
A: We see it in about 60 percent of the deals. Seller financing can make things happen but sometimes people just want the money and want to move on. It depends upon the seller’s situation. If they believe in the concept and don’t need the money right away, they’re more likely to offer the seller financing.
Q: What’s the formula for determining the value of a restaurant?
A: If you’re going to buy an existing business and run it as-is, it comes down to sales and profitability. If you want to change the concept, that usually comes down to location, quality of the lease, leasehold improvements and things like licenses.
Q: How much is a full liquor license worth in Boston?
A: About $400,000. Beer, wine and cordial licenses are going for about $100,000 to $110,000, which is up. It’s supply and demand.
Q: Boston was awarded 75 additional liquor licenses in 2014, including 60 for neighborhoods outside downtown that haven’t had many restaurants and bars in the past. What effect is that having?
A: It’s good because it helps us and helps businesses, but they need to add it responsibly. If you have over (900) licenses in Boston currently, you don’t want to render those licenses valueless by adding all of those licenses at once. Somerville just added 71 licenses, so by holding a license that two months ago you could get $200,000 for, now you can’t get anything. The value of a license in Somerville is zero right now, so if you hold a license, it’s not good for you. It’s good if you’re trying to open a restaurant.
Smith’s Top Five Places To Watch Boston Sporting Events:
The Playwright
Lincoln South
Jerry Remy’s
The North Star
The Greatest Bar
Original Article: http://www.bankerandtradesman.com/2016/10/finding-sweet-spots-restaurant-sector/

Somerville Liquor Licenses

A dramatic increase in the number of available liquor licenses seems, on the surface, like a boon for Somerville’s bars and restaurants. But not everyone is convinced that the influx serves the best interests of restaurant owners—or the city as a whole.
Earlier this year, the Massachusetts legislature awarded Somerville 65 new liquor licenses—an increase of more than 60 percent from the city’s previous stock. It’s an unprecedented number of new licenses, and it means more bars and restaurants will soon be able to serve beer, wine and liquor.
This story originally appeared in Scout Somerville here.

For Restaurateurs, There’s Strength in Clusters

Are too many restaurants in one area competiton?
Several restaurant groups in Boston have found their destiny in density, opening eateries in clusters along one block or square. And they’ll argue that they’re not cannibalizing their business, but building on it.
Read what Corbett Restaurant Group President, Todd Smith tells The Boston Globe about how it helps, not hurts restaurants.