Learn how to sell your restaurant
So you are at the point with your restaurant business where you are ready to sell. Learning the how to sell your restaurant can help you maximize the value of your business. You put the time and effort into creating a successful business and now are ready to relax and enjoy the fruits of your labor. A proper exit strategy is essential to getting the best dollar for your restaurant business.
To prepare your restaurant business for sale it is very important to have all of the proper documentation readily available. This can help your restaurant broker evaluate the business and create a marketing strategy. Such documents include but are not limited to:
1.) Three year financial tax returns.
2.) A detailed asset listing.
3.) A copy of your liquor license if you have one.
4.) A copy of your lease agreement if renting.
5.) A copy of the most recent real estate agreement if you own your property.
Evaluate financial position and understand your net
If you are selling your restaurant and still owe a balance to the bank or another investor then it’s important to know where you are financially positioned and what you need to net in the transaction to pay off your creditors as well as put money in your pocket. When calculating your net gain on the transaction don’t forget to factor in any fees related to broker commissions, legal fees, and taxes if applicable.
Don’t stop running your business
Selling a restaurant often takes a long time unless your price it very aggressively. Just because you decide to sell it doesn’t mean you can stop running your restaurant. If potential buyers see a decline in financial performance just because you aren’t giving your restaurant the same attention as before you decided to sell it may hurt your chances of selling at a good value.
Hire a restaurant business broker
Restaurant business brokers can help you prepare your restaurant for sale. They have the knowledge and expertise to position your business and get the most exposure. they can also offer consultation and connect you with other professionals you may need such as attorneys or accountants.
For more information on selling your restaurant contact us at firstname.lastname@example.org or 724-935-2151.