It is 2023 and after years of efforts and hard work, you have decided to sell your restaurant. Maybe you want to open a new business or just retire. Whatever your reason is, selling your restaurant is not going to be an easy process. After all, it requires detailed preparation, careful planning, and a strong strategy.
Here are some tips you should consider to help facilitate the sale of your business.
Make a Strong Impression
You must understand that the appearance of your restaurant is important and it matters not only to your visitors but also to any potential buyers. On the initial visit, a bad appeal might be all that takes for a buyer to pass on to another restaurant and leave you behind. You do not want that to happen. Therefore, you should ensure that everything outside and inside the restaurant is clean and nice. Maintaining the clean glass doors and windows, cleaning grout in floors, cleaning and degrease the equipment can help significantly in increasing the restaurant value.
Get all documents ready, buyers will need a copy of the Lease, PNL, List of chattels included and Not Included in the sale, photos, floor plan, Etc…
When it comes to pricing, there are many important factors in valuing your business. Location, Profit & Loss statements, Goodwill, Lease terms & rates, age of the Equipment, Leasehold Improvement, Size of the space, Patio, Liquor License and parking accessibility.
An experienced real estate broker can help you on determine a listing price, guide you on the process on the sale and also screen qualified buyers without wasting anyone’s time. Further experience Broker will understand what the landlord requirement from the Buyer to be approved on the Lease assignment.
Hunt for Right Buyers and Interview Brokers
There are a few ways you can find yourself some potential buyers. One way is to find them yourself while the other way is to recruit a Real Estate Broker.
Generally, the process of advertising, listing, valuation, and getting potential buyers are not only complex but it is quite time-consuming as well. In fact, it requires you to possess professional experience if you want to take this step yourself. Even though some owners tend to take this step without needing assistance, an experienced broker can offer you support, he/she should have the connection and exposure to potential Buyers, and facilitate the process by providing you with presentations and recommendations that save your time and attract more buyers.
It is, however, important to note that when you consult brokers, you should make sure to ask them about their experience in the industry are they commercial or residential brokers and are they able to provide you with their Sold history.
A great first step is booking a business evaluation with me. Once we get in touch, we can set up a convenient time for me to come over to your restaurant and start the process.
At your restaurant, we’ll discuss your situation, timeframe, and expectations for the business selling process. If you have any questions, don’t hesitate to ask; I’m here to lend a helping hand and to make the process as easy as possible. You’ll get a clear understanding of what your business is worth in today’s market and what the process of selling your business will be like when you work with me.