Business Exits By Industry
Selling a Catfish Restaurant
Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet catfish restaurants continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.
Cutting corners never pays off, especially in the sale of a catfish restaurant.
Undaunted by economic conditions, many catfish restaurant sellers are achieving their sale goals through deliberate sale strategies.
Selling a Catfish Restaurant to an Employee
There are both benefits and drawbacks to selling a catfish restaurant to an employee. A key employee may seem like a natural sales prospect. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. Yet most employees lack the means to buy their employer's business at or near the asking price. Seller financing is one way to get around the capital deficit of an employee-based catfish restaurant sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. Although some catfish restaurant sellers advertise their businesses in general classifieds, the most successful sales are those in which professional brokers seek out likely buyers. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Advantages of Hiring a Broker
There are many reasons why hiring a broker makes sense in catfish restaurant sales. Right out of the gate, brokers know how to help their clients properly prepare their businesses for a sale. Second, a good business broker is a master at confidentiality locating catfish restaurant sale prospects and guiding sellers through negotiations. Brokerage isn't cheap. But even though you can spend as much as 10% of the sale price on a good broker, you'll likely achieve decent ROI through an improved final sale price.
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