September 20, 2020  
 
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Selling a Company

 

Selling a Restaurant Insurance Business

You've heard the naysayers - now isn't the time to sell a restaurant insurance business. But what they don't know is that many entrepreneurs see restaurant insurance businesses as a smart business investment.

Personal and professional concerns surround the sale of a restaurant insurance business. But have you considered how your customers, vendors and employees will handle the sale?
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Success is a factor of preparation, execution and a keen eye for the market. As a business seller, you need to go into the process with the mental goal of presenting your business in the best possible light.

Finding Prospects

Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. If possible, steer clear of selling to a competitor if for no other reason than the fact that competitors pay less for restaurant insurance businesses than other buyers.

Equipment and Inventory Concerns

During due diligence, the buyer will undoubtedly conduct his own appraisal of your restaurant insurance business's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your restaurant insurance business.

Benefits of Third-Party Assistance

At some point, you're going to need help selling your restaurant insurance business. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The early recruitment of external resources reduces your risk and results in a more predictable final outcome.

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What challenges have you experienced in selling a restaurant insurance business or are you just getting started? If you have questions or advice to share, we'd love to hear from you!


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