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Selling a Cooking Services Business
Don't believe anyone who tells you it's easy to sell a cooking services business. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
You won't find any magic formulas for selling a cooking services business, especially while the market is struggling to overcome the perceptions created by a down economy.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a cooking services business.
Emotional Considerations
The sale of a cooking services business can be a rollercoaster of emotions. One minute you'll be elated at the possibility of moving on the next stage of your life and the next minute you'll be nostalgic about the memories of your time at the helm of your business. The emotions of a sale are complicated by the fact that it may take time to locate the right buyer and the final sale price may be less than you think your cooking services business is worth. Although it isn't easy, you can mitigate the emotional impact of a cooking services business sale by setting realistic expectations before you list your business.
Post-Sale Details
The way you exit your cooking services business is just as important as the way you sell it. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Seller Financing
The shortage in today's marketplace isn't interested buyers -- it's capital. Banks and other lending institutions aren't eager to lend to unproven and undercapitalized cooking services business buyers regardless of the business's potential. Rather than abandon their plans entirely, many buyers are pursuing finance concessions from sellers. Although 100% seller financing isn't recommended, sellers are financing up to 70% of the sale price to close deals.
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