The National Restaurant Association reports that 46 percent of restaurant employees want to own restaurants at some point. Include non-restaurant employees interested in the restaurant business, and you can see the financial benefits of selling your restaurant. It doesn't matter if you're selling because you're losing money, you can't operate the restaurant any longer or you're bored with the industry. What matters is taking the proper steps to make your restaurant appealing to potential buyers.
Article by Michelle Strait
Maintenance ConcernsYou can increase your chances of making a quick sell and getting your asking price by making the restaurant appealing to potential buyers. Concern yourself with two things: the inside and the outside of the property. On the outside, make sure the grounds are neat and safe. For instance, if the stairs leading into the restaurant are broken, fix them before putting the restaurant on the market. Simple things like cutting the grass, removing weeds or removing dead flowers will make the property look better. On the inside, you should make sure the restaurant is clean and presentable. You also might want to make any necessary repairs. For instance, if there's a hole in the wall from a leaky pipe, it will help to get the pipe and the hole repaired. If you can't afford to do maintenance on the outside or the inside, it's still possible to sell the restaurant. However, potential buyers will not pay top price for a restaurant that requires a great deal of work before it's operational.
Legal ConcernsYou must make sure that all parts of the sale are legal. For instance, if you're planning to include the kitchen equipment, make sure it's legally yours to sell. If you're leasing the equipment, the company will probably want it returned instead of including it in the deal. There's a chance that your lease for the equipment isn't transferable. You also might not have a legal right to sell the restaurant if there are additional owners. If someone else owns 50 percent of the restaurant, you cannot legally sell their share unless they agree to it.
Financial ConcernsTo sell your restaurant, you will need to set an asking price and prepare a financial profile for potential buyers. Before setting your asking price, you might want a real estate agent to appraise the restaurant. Some realtors also give letters of opinion regarding the value of your property. This helps you decide on an asking price that's fair to you and potential buyers. You also can present potential buyers with a financial profile that shows the value of the business, and potential revenue and growth.
Listing ConcernsYour restaurant will never sell unless potential buyers know it's available. There are several ways to advertise the sale of your restaurant: online, by word-of-mouth, with local advertisements or through a real estate agent. You can use as few or as many listing methods as you want. According to Restaurant Hospitality, restaurants are the type of business frequently bought and sold online. Listing your restaurant online also gives you widespread exposure.
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