Tips to Improve Exit Planning
Selling a Jamaican Restaurant
Many business leaders say that now isn't the time to try to sell a Jamaican restaurant. Don't be deterred by economic uncertainty. There are plenty of reasons why this is the right time to put your Jamaican restaurant on the market.
The economy isn't the only thing that is uncertain these days. So are Jamaican restaurant buyers, many of whom are waiting to pull the trigger on their next acquisition.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to Jamaican restaurants that exhibit strong financials and potential for future growth.
Broker vs. No Broker
When selling a Jamaican restaurant, you have two choices: Hire a broker to facilitate the sale or perform the sale unassisted. Business brokers typically charge a 10% "success fee" when they sell a business, but they also handle many of the hassles that are associated with selling a Jamaican restaurant. You can also expect to receive a higher sales price for your business in a broker-assisted deal.
Selling to a Family Member
The idea of passing a business along to a family member sounds idyllic to many business owners. in reality, a family-based Jamaican restaurant sale can be more complicated than selling to a stranger. Often, a sale to a family member creates fractures within the family. Unless you have agreed to treat the family member like any other buyer, the risk of hard feelings among other potential heirs or family members is high. Although it may seem odd, a sale to a family member can take longer than a sale to a stranger because it may take time to work through family issues prior to closing.
Maintaining Objectivity
Objectivity is a rare commodity in a business sale. Sellers typically overvalue their companies compared to the rest of the marketplace. 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.
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