Niche Market Exit Planning Tips
Selling a Bistro
The sale of a bistro can be a difficult and trying process. Good advice can be hard to come by, so we've put together a few proven suggestions to help you see your sale through to a profitable conclusion.
Like it or not, a bistro sale is a complicated affair, made even more difficult by the emotions associated with leaving a business you've poured your life into. In our experience, a common owner concern is how the sale will affect customers and employees.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a bistro.
Dealing with Buyers
Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. The questions bistro ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. To protect yourself, don't offer an answer until you are sure the information you are providing is 100% accurate. Refer to the Letter of Intent to determine how to wrap up due diligence and move the buyer on to closing.
Laying the Groundwork
In addition to improving profitability and market share, planning the sale of your business will require you to think about how you will present your company to buyers. Professional business brokers understand buyers and know how to properly communicate a bistro to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your bistro on the market.
Working with Appraisers
An experienced appraiser is part and parcel of a successful bistro sale. Armed with a professional appraisal, both you and your broker can enter the negotiation stage with confidence. Even though you may disagree with the appraiser's value estimates, it's important to give your appraiser the information and independence he needs to present an objective opinion. To ensure accuracy, ask your broker to provide references for appraisers with industry experience.
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