01
First-time operators
Career-pivot buyers — usually SBA-pursuing, need clean books.
Sector · Hospitality · Texas
Restaurants, bars, lodging, and event venues live and die on lease transferability, permit continuity, and brand portability — three things generalist business brokers consistently underwrite poorly. Legacy structures around the Texas-specific permitting and lease assignment realities that determine close speed.
what the numbers actually look like.
1.8–2.5x
5–10 yr
30–90 d
60%
who's actually writing offers.
02
Multi-unit operators
Existing TX restaurant groups expanding into adjacent concepts or geographies.
03
Hospitality holding companies
Roll-up buyers — fast on deals with strong unit economics and transferable systems.
what kills these deals — and what works.
Texas hospitality sales succeed or fail on three pre-market items: a lease with assignable terms and at least 5-10 years remaining, current Texas Alcoholic Beverage Commission (TABC) permits with documented transferability, and a stable kitchen and FOH team that's likely to stay through transition.
What kills hospitality deals: lease assignment clauses that landlords use as leverage at closing, TABC transfer surprises (especially on premise types like beer-and-wine vs full liquor), and brand-name licensing that the seller doesn't own outright. All three are diligence-able and fixable.
what owners actually ask.
How do Texas restaurants sell?
Independent restaurants typically sell on SDE multiples of 1.8-2.5x for established cash-flowing operations. Concepts with proven multi-unit potential or franchise revenue command higher multiples (3-5x EBITDA). Lease quality and remaining term materially affect both.
What happens to my liquor license?
Texas TABC permits don't transfer automatically with a business sale — the buyer must apply for a new license or take an assignment. Permit-pending closings are routine but require structuring around the typical 30-90 day TABC processing window.
Will my landlord block the sale?
Texas commercial lease assignments require landlord consent in most cases. The landlord conversation should happen pre-marketing, not at LOI. Legacy structures the consent conversation so the landlord becomes a deal facilitator, not a roadblock.
the first conversation costs nothing.
Whether you're a year out or six months out, the conversation costs nothing, sets the value bar, and protects the asset while you decide.