Exit Planning Techniques By Market
Selling a French Restaurant
You've learned a lot during your tenure as a French restaurant owner. Now the trick is to convince cautious buyers that your operation is worth the asking price.
You need to get a good price for your French restaurant. To get there, you'll need to set realistic expectations and follow a deliberate selling strategy.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a French restaurant.
Signs You're in Over Your Head
It's not uncommon for the owners of small French restaurants to adopt a go-it-alone sale strategy. Plenty of owners sell their French restaurants unassisted. Although there are exceptions, solo sales typically take longer and are less productive than brokered sales. As a rule, no business should sit on the market for more than six months without attracting the interest of at least a handful of qualified buyers. When buyers fail to exhibit substantive interest, it could indicate unrealistic pricing or an inferior selling strategy. Hire a broker and conduct a professional appraisal ASAP.
Economic Considerations
When you sell a French restaurant, there are a number of variables you need to consider. Interest rates, spending, inflation, and other variables directly influence how long your French restaurant will be on the market as well as its sales price. The truth is that perfect market conditions may never materialize. A much better approach is to focus on the factors that always attract buyers and investors. When it comes to selling a French restaurant, successful sales sales often boil down to the business itself - not the economy.
Leveraging Seller Concessions
Seller concessions are becoming more commonplace in business-for-sale transactions. By far, seller financing is the most sought-after concession, especially in the current economic environment. Capital is scarce, causing new entrepreneurs to rely on sellers to finance at least part of the purchase price. If you are unwilling or unable to offer financing, be prepared to offer other types of concessions to close the deal.
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