It's a fact: Successful business sales take time.
(article continues below)
Most gourmet restaurants are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Preparing Your Gourmet Restaurant for Sale
Like it or not, a good business sale takes time. Attractive gourmet restaurant sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your gourmet restaurant, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Broker vs. No Broker
When selling a gourmet restaurant, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Although brokerage fees can be substantial, the right broker can reduce the amount of time your gourmet restaurant sits on the market. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based gourmet restaurant sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. If you refuse to discount the sales price or offer other concessions, it could create a rift with the buyer. But if you give in to the buyer's demands, you risk alienating family members who may feel the buyer is receiving an early inheritance. The best advice: if a family sale is a possibility, it needs to be handled objectively, with ample input from third-party advisors.
Given your interest in exit planning and in gourmet restaurants, you might find these additional resources to be of interest.
If starting a gourmet restaurant is on your agenda, these guides will help you get started:
If you want information on how to sell to gourmet restaurants, this isn't the best resource for you 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, try our directory of exit planning guides below.