Niche Market Exit Planning Tips
Selling a Bar or Pub
No one said selling your business in a depressed economy would be easy. Fortunately, a bar or pub sale isn't as scary as it seems.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a bar or pub.
Although it takes hard work and dedication, if it's time to exit your bar or pub there is a good chance you can sell it for a good price -- even in today's market.
Maximizing Sales Price
If you haven't sold a business before, may be surprised by the time investment that is required to sell a bar or pub. Fortunately, a business broker can minimize the impact on your bank account and personal well-being. If you try to sell your business without a broker, your time will be consumed by the details of the sale. Subsequently, you'll be distracted from the demands of your auto supply store, business will suffer, and the sale price you receive for your company will be dramatically reduced. For a lot reasons, a decision to hire a broker is almost always the right decision, especially for sellers who need to receive top dollar for their bar or pubs.
Setting the Stage
Effective bar or pub preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a bar or pub to the marketplace. Financial statements, appraisals, operations manuals and other documents lay the foundation for your bar or pub sale, creating incentives for prospects to agree to a higher asking price.
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your bar or pub's inventory, equipment, and physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your bar or pub.
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