As a broker, we're always asked, how fast can you sell my restaurant? Of course, I smile with a grin and reply how reasonable are you going to be with your price? How good are your financials? How well have you run your restaurant business?
These are among some of the factors determining how fast your business sells.
When a business keeps good records, and the business' costs are aligned with industry standards and there's a good profit, then those businesses don't last a month on the market, even in small towns.
For example, we recently sold a restaurant in Chico, CA. a small town in northern California about 100 miles north of Sacramento. The owner kept good books and records of the business. Runs a great operation that's not totally dependent on him or his wife. The restaurant's been in business for 12 years. We sold this restaurant in a couple months, in a small town nevertheless.
But if the business is skimming cash, not reporting numbers, has bad books, then it takes months, if it sells at all, and certainly not for the premium price it probably deserves but for the cash skimming. Trying to convince a buyer the numbers are there is a challenge to say the least. The ole "trust me" line just doesn't work when someone is being asked to pay for income.
At SellingRestaurants.com it's all about the setup of your business for market. We do our homework. We review the financials looking for those hidden ad-backs. We review the lease to find traps that will only appear when we're in contract with a buyer that often blow a deal. We write intelligent ads that peak the interest of a buyer and not turn him or her off. We anticipate problems and have answers before the buyer finds the problem. A little preparation can make the difference in selling your business or being disappointed when no one shows an interest.
Give our services a try and find out why we're the best solution to finding you a buyer for your business.
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.