How to Sell My Restaurant
As exciting as it may be to sell your restaurant and embark on a new venture in life, it can sometimes be difficult to let go and move on from the things you spent so much time and effort on. Read on for more on how to sell your business for the best price possible and move on to your next opportunity in life as quickly and easily as you can.
With a little motivation and some more information, selling your restaurant will be a piece of cake. Just remember that there are many ways to go about advertising your restaurant for sale, whether it be listing your business through a broker or selling it yourself with the help of a marketing company.
Fresh new style
Firstly, regardless of what you are advertising, the same rules always apply when it comes to the presentation and the quality of your product. In this case, if you’re planning on selling your business, you must first make sure that it is in the best condition possible. It’s worth spending the time, as even a little rearranging and dusting up around the place can really bring the restaurant to the next level.
However, it is also important to realise that while the presentation and wow factor may first draw in potential buyers, it isn’t enough to secure a sale. To keep your buyers interested, your restaurant must be impressive in its establishment, organisation, and financial success. Be prepared to show interested buyers some figures, such as your financial sheets and number of sales, to convince them that your restaurant is what they’re after.
Marketing and advertising
Marketing is by far the biggest and most important step of selling your restaurant. Henry Ford once said, “a man who stops advertising to save money is like a man who stops the clock to save time”. If you want quality buyers, be prepared to put in quality time and money.
It is recommended that you get some help and be prepared to invest in your education and support. It’s well-known that no one succeeds on their own, and therefore don’t be afraid to seek help from people who have lots of experience and expertise in marketing. It’s worth engaging with a for sale by owner company, like No Agent Business, which can advise you on the effective ways to advertise your restaurant, as well as provide listings on different business for sale websites.
Value your restaurant and set a price
It is important to know the ins and outs of your business; all the benefits, as well as disadvantages of the restaurant, from location to any potential liabilities. Make sure you know what makes your business tick, but also what makes your restaurant special and different from the rest. Knowing this will give you an idea of the value of your business. In order to set a price for your restaurant, there are a few ways you can value it:
- Consult with your accountant
- Organise a professional valuation (this can sometimes be costly)
- Discuss the possible price with a marketing company with experience, such as No Agent Business
Setting a price is a crucial aspect when selling your restaurant, as you want to do justice to your business by not setting a price that is too low, while making sure that the price isn’t so high that it won’t sell. Like all aspects in life, balance is imperative for success.
It is estimated that you will sell your business for approximately 1 to 3 times the amount of your net profit. Factors that may also impact this price are:
- How well established the restaurant is
- How many days and hours your restaurant is active
- Repeat business
- • Online Exposure
- Delivery options (the restaurant’s relationship with Menulog, Uber Eats or other…)
Best time to sell
Patience is a virtue and, in this case, may also come in handy. Timing is everything when it comes to selling your restaurant or any business. Sometimes it is worth waiting a couple of months or even a year until your business is ready to be sold. Moreover, businesses that are on the rise are more likely to sell over those that have reached their peak. Make sure that your restaurant is still growing and expanding and remember that “the two most powerful warriors are patience and time” (Leo Tolstoy). However, if you choose to sell without a broker, you might find an option that allows you to advertise without any time limit. For example, No Agent Business offers listings until sold, so you can get your listing online now and sell only when a buyer with the best price comes along.
Stand your ground
Once you have interested buyers, the next step is to agree upon a price. However, make sure to keep your emotions out of the transaction as business is business. If you let your emotions get in the way, you risk jeopardising your hard work. Did you know, it isn’t uncommon for sellers to drop the price 10-30% just over the phone if thinking emotionally?
Ultimately, selling a restaurant can be a very exciting time in your life and the beginning of a new chapter. Don’t refrain from seeking out help and accepting the aid of others, be passionate about your business and most of all, don’t be afraid to share it with the world. Good luck!
Get it online to sell privately – It’s Easy and here’s
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