Smart Exit Planning Strategies for Niche Markets
Selling a Greek Restaurant
With the economy limping along, many Greek restaurant owners are hesitant to put their businesses on the market. But in reality, now may be the perfect time to sell a Greek restaurant.
Today's Greek restaurant buyers tend to be more skeptical than most about the nation's economic outlook.
Although it takes hard work and dedication, if it's time to exit your Greek restaurant there is a good chance you can sell it for a good price -- even in today's market.
Promoting a Greek restaurant Sale
Profitable Greek restaurant sales begin with a carefully planned advertising and promotional strategies. However, confidentiality and other concerns can present challenges, even for sales professionals. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. Business brokers are skilled at publicizing Greek restaurant sales while maintaining the confidentiality that is critical to your business.
Signs You're in Over Your Head
Many Greek restaurant are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Tips for Seller Financing
Capital is hard to come by these days. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized Greek restaurant buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
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