Niche Exit Planning Strategies
Selling a Diner
The business-for-sale marketplace has experienced no shortage of uncertainty over the past several years. But diners haven't heard the news and are reporting steady action on the business-for-sale market.
It takes dedication to sell a diner under the best of circumstances. In the current market, you'll need to redouble your efforts and get serious about convincing prospects that your company is a good investment.
For sellers who are willing to perform adequate sale preparation, the numbers make diners a solid investment for qualified buyers in the business-for-sale marketplace.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. You're concerned about confidentiality, and rightfully so. But sooner or later, employees will begin to suspect that something is up, especially when you start parading prospective buyers through the business. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Preparing Your Diner for Sale
First-time business sellers sometimes don't realize that the success or failure of their sale is determined before it hits the market. Successful diner sales begin with a comprehensive strategy that incorporates planning, preparation and market positioning. Even though it may take years to adequately position your diner, the amount of preparation you perform will have direct correlation on asking and sale prices. But your efforts to improve your company's position and profitability will only be effective if you invest similar effort into the preparation of accurate financial statements for buyers.
Selecting a Broker
Good business brokers inevitably produce better business sales. In the diner industry, experience is a must-have characteristic for qualified brokerage. The best brokers should also come with a list of references, a demonstrable track record and a proven plan for selling diners.
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