Selling your restaurant can be an exciting time as well as one full of stress and anxiety. Regardless of the reasons you have for selling, you are letting go of a business that you have dedicated exorbitant amounts of time and energy, which means you need to receive your full asking price. Emerald Coast Restaurant Brokers & Consultants understands the emotional, physical, and financial stakes involved in the selling of your restaurant which is why we are sharing a few tips that will help you prepare yourself and your restaurant for the process of selling.
Focus On Appearances
Before you put your restaurant on the market for sale, focus on its appearance both inside and out. You want everyone who passes by and who walks into your restaurant to be impressed with its upkeep. Focusing on curb appeal and interior design doesn’t necessarily mean you need to totally remodel, it simply means to spend time and energy where it is needed most.
For instance, cleaning out landscape and tending to your outside areas will allow it to show well in first impressions. First impressions matter, you hook a potential buyer at their first sight and first experience in your restaurant, and you only have one shot at a first impression. Replace struggling plants, declutter, and clean your interior spaces, and make any upgrades that you can so that buyers can see the value in your establishment.
Financials & Legalities
Once you have the front of the house in order, turn your attention to the back of the house. According to professionals, one of the most common reasons restaurants fail to sell, or sell for far less than they are worth, is due to the owner’s financial records being poorly maintained. Inaccurate and incomplete bookkeeping and record-keeping is a warning sign to potential buyers that turn off a sale before it even gets started. Make sure your bookkeeping is in a standardized format that is easily understood, and make sure all of your purchasing and sales records for at least the last 6 months are readily available and organized.
Ensure Licensing & Permits Current
Potential buyers will be concerned about the current state of all of your licensing, permits, and health inspection results. Make sure you are up to date on everything that relates to the running of your business, such as liquor licensing and lease agreements, and organized with upcoming permitting or inspections, prior to putting your restaurant on the market.
Emerald Coast Restaurant Brokers & Consultants is ready to help you sell your restaurant, our experienced team is happy to speak with you, contact us today.