Business Exits By Industry
Selling a Chicago Style Restaurant
It's a misconception that no one is buying Chicago style restaurants these days. Savvy entrepreneurs see Chicago style restaurant opportunities as a path to short-term profits and long-term growth. There aren't any guarantees, but if you adhere to fundamental business sale concepts, you can likely get a good price for your business.
You need to get a good price for your Chicago style restaurant. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
If you're ready to move on, now is the right time to sell your Chicago style restaurant.
How to Choose a Business Broker
Good business brokers inevitably produce better business sales. No two Chicago style restaurant sales are alike. That means you'll want to look for a broker who has been around the block and possesses substantial experience selling businesses in the industry. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling Chicago style restaurants.
Economic Considerations
When you sell a Chicago style restaurant, there are a number of variables you need to consider. Interest rates, spending, inflation, and other variables directly influence how long your Chicago style restaurant will be on the market as well as its sales price. The truth is that perfect market conditions may never materialize. Rather than watching the economy, we recommend watching buyers and tailoring your business to meet their investment expectations. In our experience, the most important factors in the sale of a Chicago style restaurant have little to do with the economy.
Business Valuation
Professional appraisers can use three methods to determine the value ofa Chicago style restaurant: The income method, the asset method and the market method. The income method determines value based on the amount of income the business is expected to generate. The asset method, on the other hand, is based on the value of tangible and non-tangible assets (e.g. brands and trademarks). In many sales, the most accurate valuation comes from the market method which determines value based on the recent sales of similar businesses. A good appraiser will often use multiple valuation methods to arrive at a reasonable estimate. But regardless of the method that is used, it's always in the seller's best interest to increase revenue and asset values prior to a sale.
Share this article
Additional Resources for Entrepreneurs