If you're thinking of selling your restaurant or bar there are three things you can do to get top dollar.
1. FINANCIAL HEALTH: Get you books straight! Stop skimming the cash. Get a good bookkeeper that knows the restaurant and bar business financial statements. Pay your taxes.
2. SIMPLIFY, CLEAN AND REPAIR: Get rid of the clutter. Fix the furniture. Clean the windows. Clean or replace the worn-out flooring and seating. Get the kitchen spotless. And by God, clean the hood systems! If there is a sewer smell, get an expert in there to clean out the sewers and keep them fresh. Also consider using air fresheners throughout the restaurant or bar.
3. KNOW WHY YOU WANT TO SELL: One of the first questions a buyer asks is "why does the owner want to sell." Dig down deep and know why you want to sell and make sure that's the real reason. If you're selling because the business is failing, then admit is and price it that way.
Follow these 3 suggestions to sell your restaurant and you'll get top dollar for your business and you'll be happier for it.
Mel Jones is one of the premier restaurant brokers in the nation having published hundreds of articles on buying and selling a restaurant and bar business, selling thousands of restaurants in CA., WA and AZ and building one of the most copied business models in the brokerage industry. Mel started SellingRestaurants in 2004 with the one simple concept, give the buyers the information they need to make intelligent buying decisions without being pestered by a broker or hiding information, prepare the business for market by researching key details that make or break deals and educate the buyer on the buying process to create an intelligent buyer. Prior to SellingRestaurants, Mel was a Chief Financial Officer for Universal Music Group, the largest music company in the world. There he participated in more than $11.5 billion of merger and acquisition transactions. He also work for top companies such as Nestle Foods, USA. He hold a Bachelors in Business Administration Finance as well as attened Law School at Gonzaga University. Give Mel a call at 480.274.7000 or e-mail him at [email protected] if you have any questions.