Are You Wondering: How Do I Sell My Restaurant?
At some point, almost every business owner asks the question: is it time to sell my business?
For those in the restaurant industry, this is often asked sooner than later. After all, the industry is well known for long hours and intense competition, which can lead to burnout far before retirement age. Other restaurant owners use a profitable sale to provide capital for another business venture, possibly even a new restaurant.
So, if you’ve been asking if now is the time to sell your business, the following steps are ways to prepare your restaurant so that the selling process is more streamlined and you get the highest possible price for it.
Focus on First Impressions
You would never put your house up for sale without taking time to be sure it has maximum curb appeal. The same is true for your restaurant. Ensure that your dining area is clean, well-lit and inviting for both by-passers and patrons.
How is your landscaping or walkway? Is trash visible? Do the bathrooms look and feel clean? Spend some energy and a little money on making sure that the first impression a potential buyer has is a positive one.
It’s also important to consider your equipment; if it looks damaged or outdated you may need to upgrade. If buying new equipment is outside your budget, consider the possibility of leasing. Since the restaurant will likely remain open while on the market, income should continue to come in to offset the costs of equipment upgrades.
Check Your Financials
In any business sale, buyers want proper documentation. Inaccurate, incomplete or poorly detailed paperwork may lead to a much lower offer. Organize your profit sheets, tax returns, and profit/loss statements so that you can ensure you get the true value of the business during the sale.
This includes lease agreements, health inspections, liquor licenses and any other recertification or permit renewal. This will also help with your appraisal. Without proper paperwork, buyers get the upper hand in negotiations or your business may appraise for less than what it’s really worth.
List & Market Your Business
Once the business has been prepped, it’s time to find a buyer. However unless you have one in mind already, this is where the process becomes more complex. The easiest way to mitigate stress is to find a successful business broker, one who has experience and connections and a solid support team.
At Alliant Capital Advisors, we have spent years developing a proven selling model. We market your business confidentially to our backlog of active buyers, our extended business networks, and our online listings portal, which receives thousands of views.
As we like to say, “Our only business is selling your business… CONFIDENTIALLY.”
Unlike other firms, we do not charge any fees until the deal closes. You don’t have to worry about upfront, out of pocket expenses for services that may not work.
Once you hire a business broker, keep the focus on running the business. Now is not the time to pump the brakes and stop pushing sales. Keep sales up and costs down to present an attractive opportunity to potential buyers.
Selling your restaurant is an exciting way to start a new chapter in life, whether that’s entering retirement or a new business venture. In order to help you get top dollar for it, take time to get your business in order and showcase its full potential.
If you’re considering selling your restaurant in the near future, contact us today. Talk to an expert and discover the true market value for your business.