Business Exits By Industry
Selling a Chicken Restaurant
Most businesses are susceptible to economic conditions and chicken restaurants are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.
When the economy recovers, we expect to see a sudden influx of chicken restaurants in the business-for-sale marketplace. Although these companies have been for sale, their owners have resisted listing them until a better economy materializes.
Undaunted by economic conditions, many chicken restaurant sellers are achieving their sale goals through deliberate sale strategies.
Signs You're in Over Your Head
Many chicken restaurant are tempted to save brokerage fees by selling their businesses on their own. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. If you decide to go solo and your business has been on the market for more than six months without a single buyer inquiry, it's time to hire a professional business broker. Lack of buyer enthusiasm or persistence indicates that something is wrong. The remedy is professional brokerage or a consultation with more experienced sellers.
Maintaining Objectivity
Emotions run high during the sale of a chicken restaurant. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
Negotiating Your Sale
As a business seller, you have to be at the top of your negotiating game. More often than not, the person with the most knowledge will come out on top in a chicken restaurant negotiation. But before you can negotiate effectively, you need to have a clear sense of your minimum sale requirements. If you lack clarity about your goals, you're guaranteed to fall short of achieving of them. A negotiating strategy is essential because it not only establishes parameters, but also creates a plan for overcoming buyer objections and impasses.
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