Restaurants have become attractive targets for acquisitions despite ongoing challenges with sales rising 10.3% over the previous year in the second quarter of 2023 following a 3.2% gain in Q1, according to BizBuySell, an online business for sale marketplace. Furthermore, restaurants that sold in Q2 generated more revenue and buyers paid more for them.
"The median sale price rose by 15.9% over the previous quarter and 6.7% over the previous year, with median revenue up 10% over the previous quarter and 11.3% year-over-year," the company reported.
Nevertheless, sale activity remained below pre-Covid levels. Similarly, median cash flow rose 4.2% in 2Q 2023, but was still 1.4% below its level in the same period 2022.
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