Sell Restaurant -Steps to Selling a Restaurant
If you are thinking about selling your restaurant, there are a number of specific steps that need to go into this process. There is no one-size-fits-all approach to the sale of a restaurant that will work for everyone, so it is important to weigh the pros and cons of each choice carefully before entering into any contract.
It is common for restaurants to sell for above asking price, but that does not necessarily mean that a restaurant owner is receiving a high enough return on their investment.
Selling your restaurant can be tricky, since there are several factors to consider. The first step in the process is to make sure your restaurant has been cleaned and sanitized so you can start looking at options for selling the business. The next step will be to open a business bank account with an independent accountant who can keep track of any funds that are coming in and going out. That will allow you to see if you have enough money coming in to cover all of your expenses, as well as any expenses that may arise during the sale process.
You should also get an appraisal on the property itself, along with any equipment and furnishings that are included with the sale. This can help you determine how much you will be able to ask for with your business, as well as how much of a down payment you need.
Once the restaurant is ready to go on the market and has been listed, there are several ways a buyer can choose to buy a restaurant. Buyers may choose to lease the business for a certain period of time until they are ready to take over full ownership. In other cases, buyers will want full ownership from the start or may want to work out some sort of shared ownership arrangement between you and them.
Once you begin to receive inquiries about your restaurant, you will want to make sure you have all of the documentation that goes along with selling a restaurant. These documents will include employment records, tax records and information on vendors associated with the restaurant. You must also make sure you handle any pending legal issues and tie up any loose ends or legal issues that may arise while you are selling the business.
The final step in selling a restaurant is actually closing on the deal and making sure everything goes smoothly. This can be significantly more difficult when it comes to big ticket items like a multi-million dollar business sale. Many times, buy and sell agreements allow for more than one meeting between the buyer and seller before the deal can be finalized. This allows the buyer to ask questions and make sure they are getting exactly what they want before they sign any papers.
Keeping these steps in mind can help a restaurant owner get the best price for their business and ensure that the transition is as smooth as possible.
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Ron Zisconti is a restaurant success coach and restaurant industry consultant who works with established restaurants, restaurateurs and aspiring restaurateurs who want to start their own business. Find more tips and expert advice on the "Articles to Read before Opening a Restaurant" page at www.RonZisconti.com
Ron has written hundreds of articles for EzineArticles.com, Sott.net, SmallBizArticles.com, CafeMom.com , RestaurantOwner.com and many other niche sites. His bestseller book " Art of the Start: How to Write Articles and eBooks that Sell " is available at Amazon.com and BarnesandNoble.com . He also offers a free download of his latest eBook on the e-commerce GoogleDocs program called "The Power of Articles"
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From the site : A restaurant is a type of food service business that prepares and serves food and beverages to customers in exchange for money. The sale of such services does not require a large amount of capital, however the sale of a restaurant may require more than one transaction.
A business that sells or leases its premises to those who want to open their own businesses is likely to experience increased foot traffic. There are going to be more opportunities for catering services, diners and other local businesses. Additionally, the lease agreement will indicate that the seller is responsible for supplying utilities to the tenant.
Your business may generate a lot of revenue but if you cannot keep expenses under control, then you are unlikely to see profits or be able to sell your business at a premium price. You should analyze your business' balance sheet from time to time and see if you can make any changes that will improve your bottom line.
Selling a restaurant is not always an easy process, but there are some things you can do in order to ensure that your potential buyer gets what they want and pay what they are willing to spend. Use the following tips to help make your sale go as smoothly as possible.
#1 Price it Right!
You will want to do market research when you're looking at prices for your business, and you will also want to keep up with the retail environment in order to determine if the price is an appropriate one. Your buyer may be interested in purchasing your business at a discounted rate because they are currently unable to buy a new location or they may have another location that they are trying to sell.
#2 Be Prepared For Negotiations!
If you are not sure what your asking price is, or if you are not sure what options a potential buyer has available, then you should prepare in advance.
Conclusion
Many people are at a loss when they are trying to figure out how to sell a business. The information that you find here may be of help to you. There are many different factors in selling your business and it is important to do research and make sure that you have all of your bases covered.
You can find more tips, advice and real estate advice at Ron Zisconti's blog on EzineArticles: http://EzineArticles.