Article provided by: restaurantbusinessbroker.ca
There comes a time when you may decide to get out of the restaurant business. You might be ready to move, or you might be tired of the long hours that you had to work. Regardless of the reason, you need to know the best options for selling a restaurant business.
How Do I Value My Restaurant?
Restaurant valuation is a serious matter so you should consult with a professional before you sell your restaurant. There are two main methods that you can use to value property including asset-based or cash flow based. You want to make sure that you receive enough money when you sell the restaurant. You should take inventory of all the items in the restaurant including the fixtures. You will have to provide financial records to the prospective buyer, so you should get your paperwork in order.
Prepare Your Business for Sale
Start preparing your restaurant for sale. Selling a restaurant business is competitive, so you want to make sure your business looks as good as possible. Clean the entire restaurant from top to bottom. If you have carpeting, you should get it cleaned by a professional. Clean the windows and any other glass surfaces. Make sure to repair the tables and booths. Check the lighting to make sure that it works properly. Organize and clean the kitchen and storeroom areas. If you have appliances that don’t work, you should fix them.
Inspect the Premises
As the owner of the restaurant you may not always look at the premises with an objective eye. Take a walk through the entire restaurant and take notes of anything that detracts from the appearance. Then you should make a list of the items that need your attention. You may be able to fix some of the minor repairs or hire a handyman to resolve the major problems. The goal is to make sure that when selling a restaurant business it is in the best condition possible. Seek help from your employees to clean and organize the restaurant. You don’t need to inform people that you intend to sell the place because you don’t want to lose business.
How Can I Get Help Selling A Restaurant Business?
A professional restaurant broker will help you sell your business. Talk to the broker to discuss your intentions. Our experienced restaurant broker is available to meet with you to talk about placing your business on the market. Your broker will visit the premises and give you tips on how to make any changes. The broker will take photos of the inside and outside. You must provide some financial documentation that is necessary to sell the property. It can take some time to sell your restaurant so it is best to continue with your current menu and marketing plan to keep business booming. The broker will list your restaurant and bring prospective buyers to view the property. To learn more about selling a restaurant business contact our experienced team at Restaurant Business Broker.