So, you’re thinking of selling your restaurant. As with everything else you ever sold, you’ll probably want the same things – price high as possible, hassle as little as possible.
Thankfully, there are some things you can do to improve the chances of selling your restaurant, at a great price.
To use a culinary example – think of this as plating the food. It’s just like when chefs at your restaurant take great care in food presentation, plating the food in a way that makes it more enticing for customers. Only, instead of a tantalizing entrée or scrumptious main course, you’ll be preparing a sweet deal that is your restaurant.
If you’re serious about selling your restaurant above and beyond its asset value, potential buyers should be able to easily understand exactly what they are getting.
Here’s a checklist that will help you do just that:
Selling a restaurant isn’t all about numbers. While you should and will spend considerable time on the due diligence, you can connect with ideal buyers by telling your story. So write up a story about your restaurant.
Talk about how and why you opened, bought (or inherited) the restaurant. Also mention the different opportunities available for the owner of the restaurant. You can even touch potential obstacles. Don’t forget to mention the reason why you are selling. It will be a good idea to include the ways in which you advertise to customers. Potential buyers will appreciate the insight you provide in your story.
You can also add some reviews from your customers. Buyers will get the feeling that happy customers are part of your restaurant story, making them more likely to continue the story.
Your loyal customers might not be deterred if your furniture is a tad bit run down. Potential buyers however, will use it as an excuse to cut your selling price. So make sure your tables, chairs and décor are in good shape. Kitchen and bathrooms should be spotless and clutter-free, and all equipment operational.
Moreover, your staff should be knowledgeable and courteous. A friendly and pleasant environment not only attracts customers, but potential buyers as well.
People looking to buy a restaurant will be wary of lease complications. Make sure you clearly lay out the expiration date of your lease. Also, note what extension options you have and whether there are any transfer clauses.
You may not be clear on these items yourself. So first get yourself up to speed regarding your lease, and then make the details presentable for the buyer.
Under no circumstances should you try to appear flustered, especially in front of potential buyers. Sometimes external factors beyond your control can delay your sale. Just follow the action steps outlined above and maintain a positive attitude. The external factors can also sometimes turn things in your favor.
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The bottom line is that you should have done your homework and be ready with an offer that’s attractive for the buyer in every way. Let us help you get started today with Restaurants for Sale Global.