An Exclusive Interview with “Diner Bob” Gillis
1. Mr. Gillis, thank you for taking the time to be interviewed today. Why don’t we begin by allowing you to briefly provide us with an overview of your professional career.
After completing a twelve (12) year initial career in sales and sales management, running the regional offices for two major corporations in Edison, NJ and Philadelphia, PA, I made my first entrepreneurial venture into the hospitality industry, purchasing a bar in Lakehurst, NJ. This was the beginning of a (28) year career in the food & beverage industry. During this period, I owned and operated six (6) successful bar/restaurants including Hooters, two other sports bars, two gentlemen’s clubs and a waterfront club. Bielat Santore & Company was my real estate broker for three of these locations.
2. Was it while or after you were in the restaurant and bar business that you joined Bielat Santore & Company as a salesperson?
In 2016, I decided to sell my business and take a year off to care for my elderly mother. During this time, I was able to complete the New Jersey Real Estate Licensing Course at night, passed the exam, and became a licensed NJ real estate agent. The plan was to join Bielat Santore & Company, Allenhurst, NJ.
3. So, in 2016 you decided to enter the commercial real estate industry as a salesperson. What made you decide to choose Bielat Santore & Company as your preferred brokerage?
Not exactly. After my Mom’s passing in late 2016, I joined Bielat Santore & Company, but only as part time agent for most of 2017. Realizing that I could not be successful in this challenging and time-consuming business without being fully committed, it was really in 2018 that I went all-in with BSC. Why Bielat Santore? That’s easy! First, company president and founder, Barry Bielat was my roommate in college and is still a lifelong friend. But that was not the only reason. More importantly is what I had learned about the company by experiencing their representation on three of my food and beverage ventures.
i. Professional approach and forty (40) years of experience in this space.
ii. Confidentiality, aided by the company’s vast customer base of qualified clients.
iii. Involvement in the sale from start to finish; locating a qualified buyer; preparing and presenting the LOI; negotiating the price; preparing the initial draft of the agreement for sale; quarterbacking the application and transfer of the liquor license (if applicable); securing financing with banks that they have developed a trusting relationship with and that have an appetite for food and beverage related businesses and real estate.
4. I understand that over the past five (5) years you have sold a fair number of diners, thus earning for yourself the nickname “Diner Bob.” Tell us about your diner sales and why you decided to concentrate on diners.
When I joined the firm, I was surprised to learn that in forty (40) years our company had only sold one Diner! I decided to investigate. The rest is history as I uncovered a vast opportunity for the sale and acquisition of Jersey Diners – AND there is almost (500) of them throughout the state.
What I found was this…Diners are traditionally family owned and operated and therefore often in the family for decades. Many Diner owners are baby boomers who are now looking to retire, cash in on their hard work or pass the business along to their children. Problem is that the kids these days are not interested in the hard work and long hours required to run a successful Diner/Restaurant. They have reaped the benefits of their parents’ success and have become professionals, doctors, lawyers, businesspersons etc. Thus, I realized a tremendous opportunity to develop relationships with these owners and sell their businesses when the time is right. In addition, many Diners are situated on prime real estate sites; an acre or more of property; highway locations; often at a signalized corner; ample parking. Perfect for the development of a convenience store, self-storage facility, medical build, bank, etc. – yet another opportunity.
Over the past five (5) years I have sold several Diners and two Breakfast & Lunch Cafes. More importantly I have developed relationships with, and in some cases become close friends with, up to (100) diner owners throughout the state.
Fun fact: what started out as a joke has now become my moniker – “Diner Bob” as well as my email signature and caricature (see below). Most get a kick out of it, and some have said I look like Donald Trump! Maybe I should change the color of the tie from red to blue depending on the political persuasion of the client.
5. Do have a specific territory that you work in?
My main areas of concentration are Mercer and Burlington Counties. However, because of my previous experience as a bar/restaurant owner and my empathy for what they must go through, I like to consider myself the company “utility man,” handling any prospective customers that come my way. I have listed restaurants from Edison to Brigantine. As far as Diners are concerned, I handle all of New Jersey.
6. How do you develop your leads? Specifically, targeting properties you list as well as assembling a book of qualified prospective buyers?
Good old fashion prospecting! Although we get a lot of word-of-mouth referrals – not only from existing satisfied clients but also from professionals that we have worked with – attorneys, accountants, appraisers, bankers, inspectors, etc. Nothing replaces the hard work of direct prospecting. Phone calls and letters to targeted restaurants along with cold calling after your scheduled appointments is the way to keep your sales pipeline flowing. We also have a professional website that generates interest in our area of expertise. Maintaining contact with and updating existing clients on the latest BSC happenings will ensure the formation a list of qualified Buyers you can call upon in the future. Testimonials are important as well.
7. Does Bielat Santore & Company sell only restaurant real estate and/or businesses?
Food and beverage related businesses and real estate are certainly our sweet spot. However, our restaurant clients may also have other non related real estate holdings that we often are asked to handle. Personally, I have sold two bowling centers and three commercial properties and have currently listed a marina and a prime highway industrial commercial property.
8. It must be difficult to market those types of properties while maintaining the confidentiality of the sale. Can you elaborate?
Confidentiality is the major concern for a Seller when considering listing their restaurant for sale. Concern about losing customers during the sales process is paramount. In today’s post-covid environment, losing staff as the thought of losing their jobs causes them to look for another, maybe even more important. The advantage that Bielat Santore & Company has is an expansive customer base of experienced, qualified, ready-to-buy prospective Buyers. Often, we can find the right fit, Buyer to Seller, without even publicizing the sale. If not, we display extreme discretion in presenting information on our listed properties, arrange to show the business before or after hours and only discuss details of the business with those that have signed a confidentiality agreement.
9. You gave us a brief history of your professional experience to open this interview. How would you rank your tenure as a commercial real estate agent within your career accomplishments?
Although my previous careers in the corporate sales environment and then as owner operator in several food and beverage related businesses were rewarding and contributed greatly to who I am today, I have to say that my current position as a commercial real estate agent tops the list. It is very challenging, competitive and time consuming but at the same time provides the freedom of setting your own schedule and for all intents and purposes, operating your own business under the umbrella of your broker of record. You must, however, have the constitution to handle working on a straight commission basis. Our office slogan is: “we eat what we kill.” So. it may not be for everybody. If I could turn back the hands of time, I would have gone into real estate directly out of college.
10. Is the anything else you would like to add before we conclude?
No, I believe that about covers it. If you are considering selling, looking for another location, or would like a free, no obligation, professional valuation of your business and property, feel free to give me, “Diner Bob” a call – 732-673-3436.
Bielat Santore & Company, Allenhurst, NJ is an established commercial real estate firm. The company’s expertise lies chiefly within the restaurant and hospitality industry, specializing in the sale of restaurants and other food and beverage real estate and businesses. Since 1978, the principals of Bielat Santore & Company, Barry Bielat and Richard Santore, have sold more restaurants and similar type properties in New Jersey than any other real estate company. Furthermore, the firm has secured more than $500,000,000 in financing to facilitate these transactions.
Phone: 732-531-4200
Website: www.njrestaurantsforsale.com