Personal and professional concerns surround the sale of a bartending service. In addition to the personal enjoyment you received from the business, you probably have concerns about what will happen to the people who made your bartending service a success.
(article continues below)
Although we understand why sellers are hesitant, we're also seeing enough business sales to know that if you want to sell a bartending service, you can - even in today's economy. Here's how to do it . . .
The Best Person to Sell Your Bartending Service
As the owner, you are both the best and worst person to sell your bartending service. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. But your knowledge and personal insights about the bartending service are also the problem. Business owners are subjective and biased about their company's true worth. So in many cases, the introduction of third-party opinions regarding value and negotiation parameters is a fundamental requirement for a successful bartending service sale.
Preparing for What's Next
The decision to sell your bartending service can't be made without adequate consideration of what will happen after the sale. many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. For example, seller financing can be an extremely valuable concession, especially in the current economy. But if you need all of the proceeds of the sale upfront, seller financing is off the table and you'll need to find a different way to make your bartending service attractive to buyers.
Finding Bartending Service Buyers
Qualified bartending service buyers come from a range of sources and backgrounds. Avoid pigeon-holing your search to a single buyer category. Many sellers achieve success by listing their bartending services in multiple channels. Networking is another useful tool in locating buyers. It might surprise you to learn how many bartending service buyers emerge from conversations with peer groups, vendors, and business associations. In some cases, leads obtained through networking are preferred because they come with personal recommendations.
Given your interest in exit planning and in bartending services, you might find these additional resources to be of interest.
If starting a bartending service is on your agenda, these guides will help you get started:
If you want information on how to sell to bartending services, there's more applicable information for you elsewhere on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, please browse our alphabetical directory of exit planning guides below.