23 Aug Restaurants for Sale: 5 Important Tips
Selling a restaurant comes with its own unique considerations and concerns. In this article, we will look at the top five tips to consider when it comes to restaurants for sale.
Tip One-Be Patient
Patience is definitely a virtue when selling a business. While it is true that selling a business takes time, it is also true that you can use that time to your benefit. Take steps to improve your business while you are waiting.
Consider upgrading your equipment, décor and making positive staff changes. Small and inexpensive changes, such as making minor repairs, installing new bathroom fixtures and a fresh coat of low-VOC paint can dramatically improve the overall impression your restaurant makes.
Also, while waiting to sell your business, you can do other activities that will add value. It’s the perfect time to review your finances. You’ll want to make certain that your financial systems are well organized and that you have a clean profit & loss.
Tip Two-Evaluate How Your Restaurant is Managed
Restaurant buyers will want to see that your establishment is properly managed. Most of your buyers will not be excited about the idea of jumping in and managing a restaurant themselves; this makes having proper management in place absolutely essential. Remember, when buyers review restaurants for sale, they are not seeking a job. They are seeking an investment.
Tip Three-Make Your Operating Hours Attractive
A simple fact is that if your restaurant is open 24/7, it will be less attractive to a potential buyer. A new owner isn’t likely to be too excited about the prospect of the extra work involved in operating a restaurant around the clock. If your restaurant has to operate for long hours, then be 100% certain that you have a highly effective management team in place. Ideally this should also be management that has committed to staying on after the change in ownership.
Tip Four-Organize Your Customer Database
If you don’t already have a customer database of your loyal and more frequent customers, then try and build one. Prospective buyers of restaurants for sale will want to see that you have a customer database in place, as that will allow them to tap into that existing stream of revenue from day one. One savvy move is to have your customers book their reservations on your website, as this will build up your database automatically.
Tip Five-Get a Business Broker
Strategic Business Brokers Group are experts at handling restaurants for sale. They also have established networks of buyers who are interested in restaurants. The time you invest working with a business broker will be time very well spent.
In many ways a restaurant is like any other business. But of course a range of factors makes selling a restaurant unique. Follow these five tips and you’ll be able to come out ahead of the game.
Copyright: Strategic Business Brokers Group