Niche Exit Planning Tactics
Selling a Waterfront Restaurant
Business sellers have diverse personal and professional goals for the sale of their companies. But no matter what you expect from the sale of your waterfront restaurant, it's in your best interest to maximize the sales price through the application of proven sales techniques.
The economy isn't the only thing that is uncertain these days. So are waterfront restaurant buyers, many of whom are waiting to pull the trigger on their next acquisition.
You'll always have an excuse for not putting your business on the market. With hard work and dedication, your waterfront restaurant can be sold at or above fair market value right now.
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
It's difficult to predict where the buyer of your waterfront restaurant will come from. Avoid pigeon-holing your search to a single buyer category. Although it's helpful to target promotional tactics to likely buyers, allow for some exposure to the broader market. Networking is another useful tool in locating buyers. It might surprise you to learn how many waterfront restaurant 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.
The Best Person to Sell Your Waterfront Restaurant
An unassisted business sale is a double-edged sword. Without a doubt, you have the most at stake in the outcome of your sale. That makes you the most passionate advocate for your waterfront restaurant in the business-for-sale marketplace. However, your close connection to your company can also be a drawback. Business owners are subjective and biased about their company's true worth. At a minimum, conduct an independent appraisal of the waterfront restaurant to gain an objective sense of fair market value.
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