How to get a higher price when selling your restaurant
Many people ask, how to sell my restaurant business? Well, you need a well-planned strategy for that.
Get the first impression right
Your restaurant’s appearance is very important. It not only attracts the customers, but also the buyers. For that, get your place cleaned. This could include maintaining the grass, parking area, cleaning the trash, cleaning the doors and windows, washing the carpets and power washing the floor. Also, look for any broken equipment. It can be a big turn off for the buyer. Remove it or get it replaced. It’s better to have no equipment than to have a broken one. See if there are any personal belongings that are not for sale and get them removed. You don’t want the buyer to have a false idea about an asset.
Be transparent in financials
If I want to sell my restaurant business, I will be very clear about my financials. A straight forward and honest financial statement is the key. This helps the buyer know the correct valuation of your restaurant. The buyer will monitor your profitability as a part of due diligence process. They will want to be sure if their investment would get them the desired return on investment or not.
Prepare a to-do list
You need to be well organized to get the right offer. This would include listing all your assets including furniture, equipment, fixtures, etc. You will also need a copy of the lease for due diligence process. Also, keep all the updated bills with you. Worker’s payroll documents will also be required. A to-do list will provide a comprehensive checklist which you can refer anytime.
Look out for potential buyers
You can either look out for potential buyer on your own, or hire a professional broker to the same for you. The process involves many steps including listing your business for sale, advertising, valuation, etc. All this requires experience and skill. Though you can also do it on your own, hiring a professional broker will save a lot of your time and effort. Ask them how can I sell my cafe business? They will provide you all what you need to know.
Once you approach a broker, be ready with all your documentation as you can get a call anytime. The broker starts working from day one. So, if you are lucky, you may expect a potential buyer at your door anytime. As the visit may be unannounced, you need to keep your restaurant presentable and fully staffed. Also, you never know if a buyer comes as a client to your restaurant to research in disguise.
Do the planning
If you are smart and careful in planning, then you will execute your plans better. Don’t waste time in organizing your assets and documents at the last minute. Sit with your broker and get all the formalities done.
When you’re finally out there in the market to “Sell My Business,” get one-on-one consultations with Julie Brigman – a name that’s synonymous with “Sell My Business Jacksonville.” Discuss the issues surrounding the sale of your business with Julie Brigman, an expert in this domain. Julie will also ensure you receive the best possible ROI (Return on Investment) so contact us now. When contemplating “Sell My Business Jacksonville,” there’s a reason Julie Brigman sells more business than any other brokerage in Florida. It’s because she’s an expert! As a business broker in Jacksonville, Florida, she is professionally trained to guide and assist you through inquiry to closing.
Julie Brigman is the top producing business broker with Transworld Business Advisors in NE Florida. She specializes in transactions ranging in size from $500,000 to $30 million.
Being a Business Broker in Jacksonville, Florida, Julie Brigman also works with individuals and companies to sell or buy privately held companies. Julie’s unique process involves confidentially working with business owners while they continue focusing on running their business. Julie Brigman also has the experience of selling many types of businesses and works with 100s of other brokers across Florida. Customarily, she also works with small business owners to determine the value of their business without charge.
If you’re interested in Selling Your Business, get in touch with her now.
Do you also want to know about how to sell my auto repair business? Contact Sell My Business JacksonVille today and we will provide you all relevant guidance you need.
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