Follow these tips to sell your restaurant quickly
Price is not the only factor in securing a speedy sale for your restaurant business. You need to have the buyer in mind when setting a sales price. How will someone else value your business? Most likely you are emotionally invested in your business and may possibly over-value the good will or make some other mistakes that may lead to a lengthy sales price if you can even find a qualified buyer. Follow these steps to securing a quick sale.
Set an appropriate sales price
There are different methods of valuing a restaurant business for sale such as income valuation, replacement value of the restaurant’s furniture, fixtures, equipment and assets such as the liquor license. Setting a good sales price will show potential buyers that you know what you are doing and are serious about selling your business.
Make it easy
If you want to sell your restaurant above and beyond the asset value, make sure your books and records are in order. If someone can’t understand your books and records, they generally aren’t going to pay much for your restaurant. Put together a list of inventory and other assets such as furniture, fixtures and equipment and list their replacement costs.
Review your lease
Make note of your expiration date, what extension option you have and any transfer clauses. A buyer will either assume your current lease or negotiate a new one depending on the factors within your lease agreement.
Use a restaurant broker
A good restaurant broker will help you get organized and help you determine the best price to expedite the sale. They can help qualify buyers and save you time so you can continue to focus on your business.
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