Niche Exit Planning Strategies
Selling a Dim Sum Restaurant
Is the economy still a little shaky for a business sale? Sure it is. Yet dim sum restaurants haven't heard the news and are reporting steady action on the business-for-sale market.
Most business sellers are interested in disposing of their businesses as quickly as possible. But that's not how a dim sum restaurant sale works.
There is no simple way to sell a business. But the most prepared dim sum restaurant sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Current Market Conditions
At first glance, today's market would seem to be a hostile place for dim sum restaurant sellers. Entrepreneurs and investors still exhibit healthy skepticism, despite initial indication that recovery has begun. However, many business sellers don't realize that a full economic rebound can have devastating consequences, particularly if sellers who have waited to list their businesses suddenly create a glut in the business-for-sale marketplace. So what's our point? The economy isn't the most important factor in the sale of your business. Instead, you should be focusing on making your dim sum restaurant as attractive as possible so to buyers right now.
Selling a Dim Sum Restaurant to an Employee
Employee sales have pros and cons. A faithful employee may have the motivation and ability to continue to operate the business. If you need to sell quickly, the timeframe is condensed in an employee sale because you don't need to track down a buyer. However, some employees feel they are entitled to special treatment and pricing, especially if they have played a key role in the company's success. Seller financing is one way to get around the capital deficit of an employee-based dim sum restaurant sale, as long as you are willing to vet the employee's credit worthiness the same as any other buyer.
Working with Accountants
Accountants lay the financial groundwork for a business sale. From a seller perspective, an accountant can offer personal financial assistance, especially when it comes to handling the disposition of sale proceeds. You may also want your accountant to assist in the preparation of professional financials to present to serious buyers. In certain instances, it may be appropriate to ask your accountant to vet the financials of prospective buyers, run credit checks or even structure the terms of a seller-financed deal.
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