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As New Zealand hospitality looks towards its next phase, new support is being put behind the business owners who will shape it – both those ready to move on, and those looking for an opportunity to step up to the plate.
LINK Business Brokers and Restaurant Association (RA) have joined forces in a new partnership designed to support hospitality businesses through changes in ownership, providing benefits to both established owners ready for their next chapter and buyers taking the reins.
Through the partnership, current RA members who sell their hospitality business through LINK receive a 12.5% discount on commission, helping owners retain more from the sale when the time is right for their next move.
At the other end, the first six months of RA membership (valued at around $400) will be covered by LINK for eligible buyers purchasing a hospitality business through the brokerage – giving new owners immediate access to specialist advice, industry connections, business resources and commercial benefits as they find their feet.
Neil Craigen, LINK’s head of Sales, says changes in ownership are a natural part of the lifecycle of businesses, making it important that both outgoing and incoming owners have the right support around them.
“Hospitality businesses can represent years of hard work and investment, and when they change hands, there’s an opportunity to build on that foundation,” says Neil.
“That’s where this partnership comes in – recognising both sides of that transition and making sure there’s practical support for owners at either end of it.”
Restaurant Association general manager Nicola Waldren says ensuring hospitality businesses can transition successfully between owners is important for the long-term strength of the industry.
“Whether someone is ready to move on from a business or looking to take one on, having the right support makes a difference. Buying or selling a hospitality business is a significant step, and there’s a lot to navigate. Having access to advice, resources and a network of people who understand hospitality can provide a stronger foundation for what comes next,” says Nicola.
Already, hospitality buyers and sellers across New Zealand have benefited from the partnership, putting both sides of the new offering into practice.
The partnership comes at a strategic time for one of the country’s major economic sectors, with hospitality generating $21.4 billion in annual revenue and employing more than 193,000 people nationwide. As New Zealand heads towards the election, the recently completed Hospitality Sector Regulatory Review and the Government’s proposed Hospitality Action Plan have put renewed focus on the industry’s future, including opportunities to make it easier and less costly for hospitality businesses to operate.
Read the full regulatory review here
