3 Myths About Selling A Restaurant | With Joseph McKeown

**A restaurant doing $1 million in sales can still be worth far less than the owner expects if the profit, team, and operations aren’t built correctly.** In this episode of the Restaurant Growth Accelerator Podcast, Andrew Scott sits down with restaurant owner and business broker Joseph McKeown to share what really makes a restaurant valuable. Whether you're looking to increase restaurant profits, reduce food and labor costs, build a business that runs without you, or prepare your restaurant for a future sale - this episode reveals the financial and operational changes that create long-term success (and higher business valuations). **In this episode, you'll learn:** ✅How to increase restaurant profits without relying on more sales ✅The one thing that matters more than revenue when valuing a restaurant ✅The biggest mistakes restaurant owners make before selling ✅What buyers actually look for when purchasing a restaurant ✅How to lower food costs and labor costs through better systems ✅The truth about restaurant business valuations and EBITDA multiples ✅Why most restaurants struggle to sell…and how to avoid becoming one of them ✅How to prepare your restaurant for a profitable exit years before you sell **Key moments:** 00:00:00 Intro 00:01:15 Meet Joseph 00:02:35 From $10K to $1.2M 00:04:15 The 15% profit swing 00:06:55 Death by thousand cuts 00:11:35 Summer is go time 00:14:21 Why he became a broker 00:16:15 Three selling myths 00:21:58 What buyers pay for 00:25:48 Multiples explained 00:34:46 Net profit is the scoreboard 00:41:00 Biggest seller mistakes 00:42:35 The staff mistake 00:50:50 Steps to sell now 00:51:57 Two things to fix \- **👉Connect with Joseph** https://minneapolisnorthwest.fcbb.com/meet-our-team https://www.linkedin.com/in/josephmckeownfcbb/ \- **✅Tools For Restaurant Owners✅** Claim your FREE Restaurant Weekly Financial Tracker to uncover thousands in hidden profits and optimize your costs (in less time than it takes to finish your morning coffee): https://ghl.ownershifttraining.com/weekly-tracker-lp?el=podcast \- **✅About Us✅** The Restaurant Growth Accelerator Podcast is hosted by Andrew Scott - founder of OwnerShift Training. Andrew Scott successfully scaled his restaurant business to 4 locations while working a handful of hours each week. He’s since helped over 1,000 restaurant owners increase their sales, profits, and free time - and he’d love to help you too. **✅For Restaurant Owners✅** Interested in growing your restaurant business while working less? Book your free assessment call: 👉 Restaurant Assessment Call **✅Connect With Us✅** https://www.facebook.com/groups/multiunitempirebuilders/ https://www.instagram.com/andrewrichardscott https://ownershifttraining.com/?el=podcasthttps://ownershifttraining.com/