Business Exit Planning
Selling a Mongolian Restaurant
The decision to sell your Mongolian restaurant isn't something that should be taken lightly, especially these days. If a business exit is on the horizon, you'll want to check out our suggestions for staying ahead of the market.
You need to get a good price for your Mongolian restaurant. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to Mongolian restaurants that exhibit strong financials and potential for future growth.
Signs You're in Over Your Head
Many Mongolian restaurant are tempted to save brokerage fees by selling their businesses on their own. Without brokerage, the risk of your sale going off-course is increased. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Buyer Concessions
Most Mongolian restaurant sellers realize they will need to offer concessions to sell their businesses. But for every concession you grant, there may be an opportunity to obtain a concession from the buyer. For example, if the buyer needs seller financing, you can leverage a five-year loan to push for a higher sales price. Although you won't see all of the proceeds upfront, you'll earn interest on the balance and realize a higher price than you would in an all cash deal. Asset exclusions, retained ownership shares and long-term contracts with another of the seller's companies can also be leveraged to extract concessions from buyers.
The Emotions of a Business Sale
Business sellers sometimes struggle to handle the emotions of a sale. You probably have good reasons for selling your Mongolian restaurant now, but that doesn't make the emotions you will experience any easier. It's important to allow yourself time to process your emotions during your exit. However, when it comes to negotiating a successful deal, there is no room for your personal emotions. To keep the sale on track, you'll need to seek the advice of a broker or another objective third-party counselor.
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