You may have decided to put your restaurant for sale because you are losing money. If this is the case, you are probably wondering how on earth you will be able to sell. Well, with the right business broker, you can get your restaurant to sell in no time. All it takes is getting the right price, finding an eager buyer, and being aware of obstacles that may come your way. Your business broker will help guide you through this process. Rockrose Realty in Orlando will provide expert marketing strategies and selling tactics to get a fair price on your restaurant so that you don’t leave the deal feeling neglected.
Here are our tips on how to sell your restaurant when you’re losing money:
Work With The Right Broker
Listing a restaurant for sale is no easy task. It will be a full-time job for both you and your business broker. You want to work with someone who is willing to be as dedicated to selling your business as you are. In fact, the right broker will take on most, if not all, or the core responsibilities of selling the restaurant. They will advise you on necessary precautions and steps of the process. They should also take the first steps to contact and retrieve the right appraisal for your business. Not to mention taking advancements to meet your needs in selling the business in the appropriate time and manner.
Professional business brokers will work steadily to sell your restaurant so that you don’t lose any more money. Proper guidance and support with lead to the successful sale of your restaurant. And here at Rockwell Realty, we are prepared to do just that.
Be Honest About Your Restaurant For Sale
You are bound to be over enthusiastic about your business. It is something you have spent a good portion of your time and money on. And even though it is losing money, you still tend to see the positives. While this is a great mindset to have, it is important to be honest with your broker about your restaurant. You will need to tell them about any losses, debt collected, and impending contracts with vendors. Don’t blur the lines in the hopes that this will get your restaurant solved more quickly. In fact, not providing the proper details and documentation is sure to cause issues down the line when you are in talks with a potential buyer. This could ultimately lead to more time spent trying to sell your business.
Be Aware of Obstacles
Selling a failing restaurant is always tricky business. The overall build-out cost will initially place you at a loss, but if there are enough essentials in the pricing, buyers will find your restaurant valuable. Equipment such as functioning hoods, three compartment sinks, dishwasher, cutlery, refrigerator units, and furniture are all assets to consider when selling your restaurant. However, some common obstacles you might face during your sale are those building expenditures. This includes any issues with your building not being up to code, any deferred maintenance and unrepaired items, and incomplete records and bookkeeping. Considering all of these segments in essential in finding the right listing price. Expecting a higher price than the current market is worth is also a pill that restaurant owners find hard to swallow.
If you want to place your sell your restaurant, contact our expert business brokers at Rockrose Realty in Orlando, Florida.