Houston, TX
Black Cow Enterprises was a Back Yard Burgers franchisee in Houston. When the owner received a once-in-a-lifetime opportunity to return to the oil and gas industry, he jumped at the chance. The owner retained Colliers International to find a Buyer for his business and the underlying real estate.
The Challenge…
The restaurant was located in The Woodlands, Texas. This is a highly soughtafter market but completing deals in The Woodlands can be difficult due to rigorous building standards. The highest and best use for the property was to remain a restaurant, but the development costs required to complete the improvements made the pricing very difficult.
Solutions…
Patrick completed a review of the property and the surrounding retail buildings. Patrick quickly realized that the restaurant was one of the only fast-food establishments with a drive-through window. Knowing how difficult it is to obtain a drive-through in The Woodlands, Patrick created a marketing strategy that focused on this important point. He then blitzed the material out to as many fast food operators as he could find. Patrick followed up his marketing mail outs with a cold-call to determine the level of interest.
Results…
Thanks to Patrick’s diligent follow up and cold calling, a Buyer was found. Raising Cane’s Chicken Fingers had two sites under contract in The Woodlands, but they backed out of those purchases when they realized this location came with a drive-through. The Seller was able to achieve his exit strategy and the Buyer acquired a great location. This was a classic “WIN-WIN” scenario.
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