Niche Market Exit Planning Tips
Selling a Breakfast and Brunch Restaurant
Nervous about selling your breakfast and brunch restaurant? You shouldn't be. Our tips will help you get the highest price for your breakfast and brunch restaurant, regardless of what's happening with the economy.
These days, the prospect of selling a breakfast and brunch restaurant is so daunting that many would-be sellers are biding their time, waiting for a break in the economic clouds.
Eventually, it will the time will come to exit your business. When that happens, your future plans will be dependent on your ability to receive the highest possible sale price for your breakfast and brunch restaurant.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your breakfast and brunch restaurant. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. We recommend hiring an attorney early in the process to gain insights about the legal consequences of various sale outcomes.
Team-Based Negotiation Strategies
Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your breakfast and brunch restaurant, your business brokers may or may not be willing to conduct negotiations for you. Negotiation is a chess game, best played with the resources and backend support of a negotiation team. A negotiation team comprised of trusted advisors and senior business leaders is essential in helping you devise a winning negotiation strategy. More importantly, a negotiation team can serve as a sounding board -- an objective presence that prohibits your personal emotions from clouding your judgment or sabotaging your efforts to negotiate a successful deal.
Advertising Your Sale
Successful breakfast and brunch restaurant sales incorporate comprehensive advertising plans. However, confidentiality and other concerns can present challenges, even for sales professionals. If sale information leaks out, competitors can use it to steal customers and circulate negative messages about your business throughout the industry. The best way to advertise a breakfast and brunch restaurant is to enlist the assistance of a business broker who is skilled in locating and contacting prospective buyers.
Share this article
Additional Resources for Entrepreneurs