Selling a restaurant cleaning service? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
(article continues below)
Yet everyday, hundreds of listed restaurant cleaning services manage to pique the interest of qualified buyers. They do it by paying attention to the details that other business sellers overlook.
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 restaurant cleaning service sale can be more complicated than selling to a stranger. In fact, selling your restaurant cleaning service to a family member can quickly become a no-win proposition. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
A basic understanding of legal requirements is foundational for a successful business sale. Despite the confusion that exists among many sellers, the essentials of the sale are described in the Letter of Intent, a seminal document that is created prior to due diligence . If you are seeking buyer concessions, the time to address them is before the Letter of Intent is drafted. So after consulting with your broker and attorney, make sure you're comfortable with the terms of the Letter of Intent. If not, everything you do to close the sale of your restaurant cleaning service may be a waste of time.
Timing Your restaurant cleaning service Sale
When is it the right time to sell your restaurant cleaning service? If you're asking the question, now may be the time to put your business on the market. Some experts are telling restaurant cleaning service sellers to put their plans on hold until the economy fully rebounds. We aren't nearly as pessimistic about the restaurant cleaning service marketplace. The inventory of what we consider to be quality restaurant cleaning services is actually low right now and there is room for the right sellers to realize substantial gains with investment-conscious buyers.
Given your interest in exit planning and in restaurant cleaning services, you might find these additional resources to be of interest.
If starting a restaurant cleaning service is on your agenda, these guides will help you get started:
If you consider restaurant cleaning services to be sales prospects, there's more applicable information for you elsewhere on our site. Try these useful resources instead:
If you are looking for exit plan advice for a different kind of business, please browse our directory of exit planning guides below.