How to Sell Your Restaurant: 4 Important Steps
When you live in Arizona and it’s time to sell your restaurant, turn to Business Brokers of Arizona. Whether you want to open a new restaurant, retire, relocate, or get into another industry altogether, we can help you make a smooth transition and get the most money possible out of your sale. Check out our tips for preparing to sell your restaurant.
Get Your Business’ Financials in Order
If you’re ready to sell your restaurant, you need to have all your financial ducks in a row. Buyers want to know they’re making a smart investment. You can start negotiations on the right foot when you have all your financial documentation in order.
Plus, getting all your documents organized beforehand lets you focus on the many other details you need to attend to when selling a restaurant. Updated, organized P&L statements, tax returns, and sales reports signal your transparency, which is attractive to potential restaurant buyers.
Whatever it is, the way you tell your story online can make all the difference.
2. Train Your Employees
If you’re trying to sell your restaurant, you wouldn’t think you’d have to worry too much about the staff. But a trustworthy, well-trained crew will put potential buyers at ease. If you can present a documented training process, that will help even more.
You can tell a lot about how a restaurant is run by how smoothly employees carry out their tasks. Chaos shows a lack of care that could easily spill over into all operations. An efficient operation demonstrates the care you’ve taken to build your business – and your restaurant’s reputation – over the years, which speaks to its value in the community and beyond.
3. Make Your Restaurant Look Good
If your restaurant put up a dating profile, would she need a makeover? The reality is, a visually appealing eatery can sell for a higher price. Get a professional inspection to make sure you don’t overlook any needed repairs, and make sure the space remains clean and well-maintained.
Most buyers aren’t looking for a fixer-upper when it comes to restaurants, so first impressions matter. An aesthetically pleasing, well-presented restaurant will attract more buyers.
4. Gather the Intangibles
Buyers want to understand what makes your restaurant successful beyond the financials. You can document your restaurant's concept and its reputation in the community, and talk about why it performs well. When you work to demonstrate customer loyalty and the unique selling points of your restaurant, that can make it more enticing to prospective buyers.
Choose Business Brokers of Arizona to Sell Your Restaurant
At Business Brokers of Arizona, we're all about helping Arizona entrepreneurs confidently buy or sell their businesses. Since 2010, we’ve been offering our business broker expertise in Maricopa County, including Phoenix, Scottsdale, Chandler, and Tempe.
Our brokerage services include free business valuations, buyer representation, and seller assistance. Whether you are trying to sell your restaurant or looking for a business broker to help you find something new, we’ll walk you through the whole process. Reach out to us today!
