Emerald Coast

Selling Your Restaurant: Everything to Know

If you own a restaurant, you have likely thought about selling at one time or another. However, even if your restaurant is a huge success and customers are lined up at the door, figuring out how to sell your restaurant is not as simple as selling a car or a home. It may take a few months to make a sale, and it will pay to start preparing as much as a year ahead of time.

Deciding to Sell

You may get into the restaurant business to keep it until you retire. However, today, this is rare. Several obstacles may be keeping a good restaurant staying that way. Illness may affect the owner’s productivity, burnout can occur, and economic conditions can change.

However, not everyone will decide to sell because something went wrong. Partnership disputes may occur, or owners may get bored with the business. It does not matter what the reason is for wanting to sell; you must decide this is what you want and then set your mind to it.

Create a Marketing Plan to Sell

After you have decided that selling is the right option, you must market the business. There are several things to consider when creating a marketing plan. These considerations include:

  • What does your location offer?
  • Does your restaurant offer any unique features?
  • Is scarcity a selling factor?
  • What is the lifestyle of a potential buyer?

When you consider these things, you can begin to build a viable marketing strategy that will ensure you have the best chance of selling quickly and for the price you want.

Appraising Your Restaurant

After you have created a marketing strategy, you can set a price. Setting the right price for your restaurant is often tricky. If you choose a price that is too high, you may have to wait for years to sell. However, if the price is too low, you may be giving buyers the idea there is something wrong. Also, you will lose money on the sale.

If you want to figure out the value of your restaurant, you must assess everything valuable, from the smallest to the largest. Your physical assets are the easy part of this process. It is possible to put a fair market price tag on your building, the land, and equipment. The next step is your financials. Possible buyers will want to know if your restaurant is making money and request your bank statements and tax returns to back up the claims.

Are You Ready to Sell?

Are you ready to sell your restaurant? If so, it is a good idea to seek help from professionals. They can help you figure out the right steps to take to ensure that you get the right price and that you can sell with ease when the time is right. Being informed is the best way to ensure you are successful. While there are no guarantees. Since this is true, working with a restaurant consultant is a smart move.