Selling your cafe is not dissimilar to selling any business, however cafes are often owner operated and owners are working long hours and trading 7 days a week (sound familiar!). As much as you are busy, the time you now put in to selling your business will pay off. Many café owners have already decided to sell, long before they put it on the market for sale.
A good business should ALWAYS BE FOR SALE especially for the right price! It is often best to sell when your business is ‘on the up’, or prior to your busy season. When selling for a good reason, you are often in a better negotiating position to get the best price possible for your sale. But don’t beat yourself up if you are not ready, perhaps timing is more the issue. No matter what the reason, the decision has already been made!
No matter what the reason, you probably already know why! Don’t make the mistake of putting it off so far ahead that it doesn’t get done. The last thing you want is to keep the business longer than you wanted because more often than not you will get tired and lose interest in the business and possibly have less profits.
No one knows the business better than you but the first rule of thumb “It is the BUSINESS you are selling and NOT YOU!” Prospective buyers don’t want to hear how hard it is for you, or how hard it has been to get the business to where it is, or even how good YOU are!
They want to know about the BUSINESS. So make a list of all the benefits of your Café. Things like:-
This is easy to do. Just list all the items that you have in your cafe, right from refrigerators, to display fridges, to cash registers, ovens, grills, hotplates etc. You may find that this has already been done, as you may have a depreciation schedule in your financials. Some cafes also have certain equipment like a coffee machine that is leased, so these should be included on your list with any financial commitment details. Tip: Check with your accountant.