Texas Restaurant Advisors Research
Advisory Approach
Texas Restaurant Advisors is a specialized Main Street business brokerage focusing exclusively on the restaurant and hospitality industry. Founded in 2018 by Aaron Evans, a 22-year veteran of the food service industry, the firm operates as the business brokerage division of bigInk Commercial Real Estate (partnered in 2020). The firm's thesis is grounded in operator expertise: unlike generalist business brokers who may lack industry-specific knowledge, Texas Restaurant Advisors' team are themselves restaurant owners who understand the unique variables, operational complexities, and valuation dynamics that define hospitality businesses.
The firm focuses on the lower end of the lower middle market—what they describe as the "Main Street Market" of businesses with under $5 million in annual revenue. This segment is underserved by traditional investment banks (which typically target $10M+ EBITDA businesses) but too complex for generic business brokers. Texas Restaurant Advisors positions itself as the specialist bridge: a firm that speaks restaurant operations fluently while providing institutional-quality transaction guidance.
Sector Focus
Texas Restaurant Advisors maintains a laser focus on food and beverage businesses. Their core specialization includes:
- Independent restaurants (full-service, quick-service, fast-casual concepts)
- Bars and nightlife venues (clubs, lounges, taprooms)
- Catering companies and event venues
- Food trucks and mobile concepts
- Franchise restaurant units (both selling existing locations and helping franchisees expand)
The firm operates exclusively in the North Texas market, with primary concentration in the Dallas-Fort Worth metropolitan area and surrounding counties. This geographic focus allows for deep local market knowledge, buyer network development, and understanding of Texas-specific regulatory and licensing requirements.
Deal Track Record
Texas Restaurant Advisors' public deal footprint is characterized by active listings rather than announced transactions—a typical pattern for Main Street business brokers, where confidentiality agreements and the private nature of transactions limit public disclosure. The firm maintains an active portfolio of restaurants for sale across Texas, with recent listings including:
- A highly-rated comfort food restaurant and bar in Dallas County (SBA-approved, $145K SDE)
- An established fan-favorite restaurant with $723K+ SDE
- A historic steakhouse with full bar and real estate in Lavaca County ($255K+ SDE)
- National hamburger franchise restaurant opportunities in North Texas
The firm notes that only 20% of businesses listed in the Main Street Market actually sell, a statistic that underscores the challenges of this segment: unrealistic seller expectations, poor financial documentation, geographic constraints, and landlord issues frequently derail transactions. Texas Restaurant Advisors' value proposition is increasing the odds of success through rigorous buyer screening, realistic valuation guidance, and operational expertise that helps sellers position their businesses for viable exits.
Process & Fee Structure
Texas Restaurant Advisors employs a straightforward, seller-friendly fee model designed for alignment:
- No upfront or monthly marketing fees—the firm explicitly contrasts itself with brokers who charge $10K-$15K retainers just to list a business
- Success-based compensation: 6-10% of the sale price, with a $5,000 minimum fee
- Engagement structure: 6-month service agreement with an automatic 6-month rollover provision
- Typical timeline: 9-12 months from initial marketing to closing
The firm's sell-side process follows a disciplined 10-step workflow:
- Financial recasting and price opinion development using market multiples and comparable sales
- Service agreement execution
- Marketing profile and business summary creation
- Multi-channel marketing (online platforms, direct email, newsletter campaigns)
- Buyer inquiry management with automatic NDA distribution and buyer qualification (proof of funds, relevant experience)
- Confidential information sharing (P&L, balance sheet, asset list, lease summary) post-NDA
- Detailed information exchange and confidential property tours for qualified prospects
- Letter of Intent (LOI) negotiation outlining proposed terms
- Asset Purchase Agreement (APA) preparation including asset schedules, bill of sale, purchase price allocation, transition periods, and escrow provisions
- Closing and key transfer with transition support
The firm emphasizes SBA financing expertise, operational assessments, and a strong network of transaction attorneys, CPAs, and lenders to support deal execution.
Buyer Network
Texas Restaurant Advisors maintains a network of registered buyers who have been pre-screened through NDA and qualification processes. The buyer pool includes:
- Individual operators seeking to expand their restaurant footprint
- First-time restaurant buyers transitioning from corporate careers
- Strategic acquirers looking for add-on locations or concept acquisition
- Franchisees seeking additional units or expansion opportunities
The firm markets businesses through online business opportunity platforms (BizBuySell, LoopNet, industry databases), direct email campaigns to registered buyers, and social media channels. All prospective buyers must sign NDAs before receiving confidential information, and the firm conducts financial qualification to ensure buyers have the capacity to complete transactions.
Competitive Positioning
Texas Restaurant Advisors differentiates through several key advantages:
- Operator expertise: Leadership are current and former restaurant owners who understand operational realities, not just financial metrics
- Industry specialization: 100% focus on restaurants and hospitality, not a generalist brokerage with a "restaurant practice"
- No upfront fees: Success-only compensation model aligns incentives and reduces seller risk
- Main Street expertise: Deep knowledge of the sub-$5M revenue segment where traditional investment banks don't operate
- Integrated real estate capability: Partnership with bigInk Commercial Real Estate provides seamless handling of real estate transactions (many restaurant sales involve leased or owned property)
- Confidentiality-first approach: Rigorous NDA enforcement and limited public information sharing protect seller businesses
- SBA financing expertise: Guidance on Small Business Administration lending, which is critical for many Main Street restaurant acquisitions
The firm's emphasis on "variables and details many business brokers do not ask that are second nature to us" speaks to their restaurant-operator DNA—they understand kitchen equipment depreciation schedules, the value of recipes and intellectual property, seasonality in cash flow, and the importance of lease assignment clauses in ways that generalist brokers miss.
Not a Fit If
Texas Restaurant Advisors explicitly indicates they are not well-suited for:
- Businesses seeking unrealistic valuations unsupported by profitability or market comparables
- Restaurants with poor or non-existent financial documentation (buyer-lender markets require professional P&L statements, tax returns, and balance sheets)
- Concepts with severe geographic limitations or unfavorable lease terms that cannot be assigned
- Businesses with pending litigation, significant deferred maintenance, or operational issues that substantially impair value
- Sellers seeking limited-process transactions or quick sales (the firm's value is in exhaustive buyer outreach and disciplined process management)
Team
Aaron Evans – Founder & President of Business Brokerage
- 22+ years in restaurant and catering industry as operator, manager, and owner
- Certified Business Intermediary (CBI) certification
- Member, International Business Brokers Association (IBBA)
- Member, M&A Source (CBI credential verified)
- Founded Texas Restaurant Advisors in 2018 after identifying need for specialized restaurant brokerage
- Partnered with bigInk Commercial Real Estate in 2020 to provide integrated business-and-real estate transaction services
- Email: aaron@texasrestaurantadvisors.com | Phone: 469-726-9222
Jeffrey Yarbrough – CEO, bigInk Commercial Real Estate
- 30+ years in hospitality industry as executive, manager, and owner
- Founded bigInk PR (recognized by Dallas Business Journal as Top 25 PR firms in DFW)
- Founded Concept Nouveau, Inc. (Dallas' original four-clubs-in-one complex: Art Bar, Blind Lemon, Club Clearview, Red)
- Founded Liberty Noodles (Texas' first pan-Asian noodle house, 1998)
- Co-authored "Complete Idiot's Guide to Asian Cooking"
- Provides strategic oversight and commercial real estate expertise to Texas Restaurant Advisors transactions
The firm employs 2-10 professionals according to LinkedIn, with additional team members including associates in commercial brokerage and finance who support transaction execution.
Geographic Coverage
Primary Market: Dallas-Fort Worth metropolitan area, Texas Secondary Markets: North Texas region including Collin, Dallas, Tarrant, Rockwall, and Lavaca counties Headquarters: 17766 Preston Rd, Dallas, TX 75252
The firm's Texas-only focus allows for deep understanding of state-specific business requirements including:
- Texas Alcoholic Beverage Commission (TABC) licensing and transfers
- Texas Department of State Health Services food establishment permits
- Texas Workforce Commission employment regulations
- Local municipal zoning and health department requirements
Valuation & Deal Size Focus
Typical transaction range: Sub-$5M annual revenue (Main Street market) Valuation methodology: Multiples of Seller's Discretionary Earnings (SDE) or gross sales
- Going concern restaurants: 1-3x SDE (occasionally 4x for exceptional businesses)
- Asset sales: Fair market value of assets OR 15-35% of gross sales
- Real estate-inclusive transactions: Property value adds to business enterprise value
Minimum engagement: Implicitly low given the $5,000 minimum fee structure; firm likely handles transactions as small as $50K-$100K in total value given Main Street focus
FINRA Registration & Credentials
FINRA Broker-Dealer Registration: No (not a FINRA-registered broker-dealer; operates as business brokerage rather than investment banking) Professional affiliations:
- International Business Brokers Association (IBBA)
- M&A Source (CBI-certified member)
- Texas Association of Realtors (TAR)
- National Association of Realtors (NAR)
- Texas Real Estate Commission (TREC) licensed
The absence of FINRA registration is typical for Main Street business brokers focusing on sub-$5M transactions. The firm operates under state real estate and business brokerage licenses rather than SEC oversight applicable to larger investment banking transactions.
Summary
Texas Restaurant Advisors occupies a clear niche: specialist brokerage for owner-operated restaurants and hospitality businesses in the North Texas Main Street market. The firm combines operator expertise (22+ years of hands-on restaurant experience) with transactional discipline to serve a segment overlooked by both generalist business brokers (who lack industry knowledge) and investment banks (who target larger deals). Their success-only fee model, integrated real estate capability through bigInk, and 100% restaurant focus create differentiated value for sellers seeking confidential, industry-savvy representation in the sub-$5M market.