The first step in selling your restaurant is finding an expert restaurant broker. The restaurant broker brings experience to the deal. He has the knowledge to pre-qualify buyers, price your business, market and advertise the listing in a way that protects confidentiality and negotiate when it comes time to put the sale together. He can also help you avoid some of the risks associated with trying to sell on your own.
While it is theoretically possible to sell a business without using a business broker, it is not a choice for the faint of heart. It can also ultimately, prove very dangerous to the seller. Before you decide to “go it alone” consider the potential for negative consequences. Here are some of the reasons you should choose the resources of a qualified Atlanta restaurant broker.
First, there’s no cost. Most expert restaurant brokers invest their time and money to market your business and do not get paid until a sale occurs. That’s an incredibly important element. How many services are free of charge to the Seller until they actually deliver a result? Secondly, expert Atlanta restaurant brokers have skills that provide you with the maximum value for your business as it is being marketed. The expert Atlanta restaurant broker knows how to scrub your financial statements and ask questions to maximize every dollar of seller’s discretionary cash flow so nothing is left on the table. He or she knows how to build a marketing package that anticipates the requirements of the Buyer without compromising your business or providing data to an unqualified buyer.
Business brokers have access to legal documents and methods to bind Buyers to confidentiality as well as qualify their ability to purchase. They have spent years adapting their forms to each situation and anticipating the issues that can arise. They have no issue being tough on those that want to “look” without qualification because they’ve seen it all before. As the owner of a restaurant for sale, will you succumb to the lure of the opportunity and let those that are unqualified have access to your business? We’ve seen it happen countless times with eager owners or inexperienced brokers.
Marketing a confidential listing requires real talent. The listing has to be written in such a way as to entice would-be buyers to show interest while at the same time masking the identity and location of the restaurant. It is a skill good Atlanta restaurant brokers have been perfecting for years. They know the buzzwords that get the ads noticed and the headlines that create the most activity. They are specialists in the arena of restaurant marketing and while a novice can certainly learn and apply these lessons, again you have to ask “Why?” when you can receive this benefit at no charge?
One of the most prevalent forms of marketing is the Internet but for all its positives, it is also a preying field for the inexperienced. Listings result in phony “phishing” schemes from unscrupulous brokers saying ‘We have a Buyer for your listing” which is the same message they send to hundreds of others. Scammers respond to ads saying they want to buy but need to see all the books and records first. Unsuspecting sellers provide tax returns only to find their business credit is ruined and their business identity has been stolen or leveraged for a loan. Most don’t stop to consider that an employee identification number issued by the IRS is the equivalent of handing over your personal social security card.
Experienced restaurant brokers know how to sell your restaurant so you can spend your time running the restaurant until the offer comes in. These brokers put the right protections to put in place to take a blind inquiry from the Internet and convert it to a qualified prospect with the background and experience to purchase your restaurant for sale.