If your restaurant has been on the market for awhile and you haven’t found a buyer yet, maybe you or your restaurant broker are making one (or more) of these common mistakes.
- Not reaching the right buyers. If you are only promoting yourself on generic business for sale websites or local papers, you may not be finding the right prospects. To really generate good leads, make sure your listings are where people are looking like on RestaurantsForSaleGlobal.com – it exclusively serves those looking to buy, sell or start a restaurant. (Use Promo Code 60Free to get your first 60 days free)
- Not following up. Have you gotten leads that you don’t bother contacting. That is a surefire way to lose the right buyer. If you are short on time, create a standardized email response to help qualify the buyer – see point #3.
- Un-Qualified buyers. Spending time on unqualified prospects is sure to make your deal not happen. To qualify them, start by asking 3 important questions, you can even do this on an auto-reply email. 1. How soon are you looking to purchase a restaurant? 2. Have you ever owned a restaurant before? 3. Do you have the funding required for this purchase or is financing required? The answers to these questions, or no answer at all, will help weed out the majority of tire-kickers saving your valuable time for the serious buyers only.
- Poor write-up. Have you highlighted the reasons people would want your restaurant opportunity? Have you revealed all the reasons you want out in your write-up? This is a common mistake. Try to remember why you were so excited in the first place and make sure your write-up reflects all of those benefits.
- Price. The number one reason restaurant opportunities fail to be sold is simply because of price. If you haven’t priced it correctly, your response rates will show. Sales of restaurants are at an all time high and if you aren’t selling, look closely at price. If you need more help, read this article on Restaurant valuation, or contact a broker who will help you determine the fair market value for your restaurant.
Selling your restaurant can be a long process but simplifying it by using tools like listing on RestaurantsForSaleGlobal.com with no commissions or contracts can help you find buyers more quickly.