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Selling a Colombian Restaurant
You've heard the naysayers - now isn't the time to sell a Colombian restaurant. But what they don't know is that many entrepreneurs see Colombian restaurants as a smart business investment.
You won't find any magic formulas for selling a Colombian restaurant, especially while the market is struggling to overcome the perceptions created by a down economy.
If your exit strategy involves selling a Colombian restaurant now, sellers need to make a strong case for buyers to purchase at or near the asking price.
Sale Costs
In a Colombian restaurant sale, pricing is based on a number of factors, including the costs incurred during the sale. Good brokerage takes a 10% success fee off the top of the final sale price. Attorneys, accountants and appraisers work for a flat fee that can range from hundreds to thousands of dollars. Likewise, you'll need to consider how much it will cost to promote the sale as well as the lost time it will take for you and your team to navigate the sale process.
Preparing Family Members
Many sellers embarked on their Colombian restaurant sale without adequately considering the impact it will have on their families. Whether you realize it or not, your Colombian restaurant has been an important part of your family life. The sale of the business will likely result in new family dynamics. The decision to sell a Colombian restaurant has to include ample communication and shared decision-making.
Equipment and Inventory Concerns
Buyers typically perform an independent appraisal of your Colombian restaurant's real assets. But you'll need to commission your own appraisal before you put your Colombian restaurant on the market to arm yourself with information for the negotiation phase. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your Colombian restaurant.
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