Are you a seasoned restaurant owner thinking about selling your restaurant but plagued by doubts and afraid of what you don’t know about the process? There’s no reason to be spooked by the idea of selling your restaurant even with Halloween hauntings in the air and little Goblins running to and fro clamoring for candy!
Here are three scary thoughts on every seller’s mind, but you don’t have to be haunted by the idea! The Restaurant Brokers are going to handle those fears one at a time. We are giving you our solutions to these common frightening thoughts when selling your restaurant. Read on if you dare!
1) “My restaurant isn’t making any money or it’s just breaking even or it’s closed. No one is going to want to buy this kind of business.”
The Restaurant Brokers hear this one a lot! It may have crossed your mind. After all, when you’re working to lower taxes, you’re not thinking about selling your restaurant. On the other hand, you may have a good location but just not have the funds to market. The good news is, this fear can just be forgotten. It’s not accurate at all.
Some businesses actually look like there are bleeding from the profit and loss statement even though they generate a nice living for you and your family. Put those books in the hands of a strong restaurant broker and he will recast it based on the owner benefit.
Losing money? Don’t be afraid. There are plenty of potential buyers that want the challenge of starting over in your location. They want existing space that isn’t making money or even a closed location. These types of restaurants are sold as an “asset sale.” You won’t get a ton of money but what you do get is someone new that’s responsible under the lease and a fresh start. Many potential buyers are seeking asset sales in today’s market for access to the leases alone since many have strong long-term leases with option years. They can be in business quicker and do a simple refresh versus building out from scratch. Don’t be spooked by a restaurant with less than stellar results. Our restaurant buyers see this as a great opportunity.
2) “Am I selling a restaurant at the right time? I got a great deal on my restaurant and I’m making a good living off of it, should I even sell?”
It can be very scary to try and “time the market” when selling your restaurant. How do you know when to pull the trigger? It is spooky. For most sellers, it’s a lifestyle choice to get in and they know when it’s time to get out. If you don’t have the passion and energy you once had to approach your customers and open the door, it may be time to say goodbye. It is frightening to think about putting it on the market and letting other people see your actual results but a trusted restaurant broker understands these fears and will hold your hand through the entire process of selling your restaurant.
3) “I don’t even know what my restaurant is worth. My bookkeeper told me it’s worth at least $50,000 more than a local realtor wants to list it.”
Conflicting information can often scare a motivated seller. You may want to run into hiding and stop even thinking about selling your restaurant. Our best tip is to deal with an expert. Bookkeepers see figures regarding sales and spending, whereas realtors look at area comps to judge how to list real estate. While both may be fantastic at what their jobs, they aren’t Certified Restaurant Brokers. Selling your restaurant with a trained and experienced Restaurant Broker will ensure that your business is listed at a competitive price and stays on the market for the shortest period of time possible.
Selling your restaurant shouldn’t be a scary thing, and the Restaurant Brokers want to make the process as pleasant as possible for you. A good first step is to visit our website and request a FREE valuation by clicking here. We are always here to ease any fears that may come with selling your restaurant. Give us a call today at 404-800-6700.