National Franchise Sales completed a Denny's opportunity consisting of three restaurants and three fee properties in the Fort Myers area of Florida. NFS conferred with Colliers International for representation on the real estate assets, and negotiated an agreement with their company to assist in the process of the valuation of the real estate and represent the sale.
NFS generated a list of interested buyers in the region and existing franchisees to target and began contacting them to solicit offers on the business and real estate opportunities.
As a result, an existing franchisee presented a Letter of Intent for all three Denny's and the underlying real estate. The process of reaching an agreement on the LOI and the subsequent APA were taxing as we dealt with issues of the seasonality in Florida and a pending remodel. The process was further met with the challenges of a lengthy financing process with the buyer's lender, and the escrow with an attorney representing the buyer, whom NFS had previously not worked with.
The sale was funded at year-end and the close of escrow occurred on January 2nd.