Business Exits By Industry
Selling a Continental Cuisine Restaurant
When it's time to sell your continental cuisine restaurant, your future plans depend on your ability to get the highest possible sales price. Here's how to do it . . .
Economic data is scary stuff for small business owners. But quarterly data dumps don't impact continental cuisine restaurant sales nearly as much as sale strategy.
You'll always have an excuse for not putting your business on the market. Any continental cuisine restaurant can be sold at any time -- you just need to know how to influence the right buyers.
Leveraging Industry Connections
Today's continental cuisine restaurant buyers can be found in a variety of locations. Online business-for-sale databases like BizBuySell.com offer convenient resources for sellers interested in promoting their business to a broad prospect base. But industry connections can also be a valuable source of leads. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. 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. Many sellers create a negotiation team to minimize the effect of their personal emotions on negotiations. More importantly, this team can perform a reality check on your expectations for the sale.
Business Assets
It's incumbent on buyers to commission their own appraisal of your continental cuisine restaurant's 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 continental cuisine restaurant.
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