How to pitch your cafe or restaurant to investors

Who invests in small F&B in Turkey?

Family and friends (cheapest, most fragile), angels and family offices (want return and exit), operator-partners (restaurant groups that treat you like a franchisee), banks (KGF-guaranteed SME loans; want repayment capacity and collateral) and KOSGEB (slow, partly reimbursable). Each looks at a different slide first.

The three numbers checked in the first 90 seconds

1. Rent-to-revenue: under 10% excellent, above 15% a red flag.
2. Prime cost (food & beverage plus labor): under 60% healthy, above 65% a problem.
3. Payback month: a single-unit plan beyond 36 months rarely gets funded; under 12 is not believed.

The 16+ slides and what each does

Cover → executive summary (six KPIs and a one-sentence verdict) → concept → location and market → menu and unit economics → capacity and revenue model → investment budget → operating costs and team → 3-year P&L → cash flow and payback → scenarios → sensitivity → risks and mitigations → team and governance → the ask and use of funds → recommendations → likely investor questions → EUR/USD reference appendix → closing. Plans that are not feasible as designed get a “blockers and levers” slide after the cover and carry a DRAFT watermark. The ask must reconcile arithmetically to CAPEX and the cash trough; no number may differ between slides.

The ask: amount, equity, valuation

Ask = total investment (including contingency) + 4-6 months of fixed costs − your own equity. Investors expect 20-30% founder equity in a first venture. Typical single-unit structures in Turkey: 25-49% equity, or 60-70% profit share until 1.0x is returned, then pro rata. Implied valuation = ask ÷ equity offered; if it exceeds 3-4x year-2 EBITDA, you need to explain why.

A 7-minute talk plan

1 min what you are opening and for whom; 1 min location and street evidence; 2 min unit economics and revenue model; 1 min cash trough and payback; 1 min pessimistic case; 1 min ask and governance. Show the pessimistic case yourself, before the investor asks.

Questions you will get, and honest answers

• "What is occupancy based on?" — theoretical turns × 60-65%; counts at comparable venues.
• "What if rent rises?" — the breaking-point slide: payback stays under 36 months until rent rises X%.
• "You don't know this business." — experienced chef/manager, an advisor, monthly KPI reports.
• "What if the cash runs out?" — working capital covers N months of fixed costs; the ask exceeds the trough.
• "Exit?" — founder buy-back, sale to a group, a second unit.

Partnership agreement basics

Profit distribution order, spending approval threshold, bank-account visibility, reporting cadence, key-hire decisions, exit and share buy-back terms. In a limited company partners are liable for public debts in proportion to shares; an A.Ş. is cleaner for investor entry.

Follow-up and due-diligence list

Draft lease, title deed, municipal licence eligibility letter, equipment quotes, roster and wage band, three competitor price lists, the 36-month table. FIZIB produces most of these inside the report; collect the rest yourself.

More guides

• How to open a cafe in Turkey, step by step
• How much does it cost to open a cafe or restaurant in Turkey?
• Licences and permits for a cafe, restaurant or patisserie