Exit Planning Advice
Selling a Karaoke Restaurant
Many business leaders say that now isn't the time to try to sell a karaoke restaurant. At Gaebler, we think it's a great time to sell a karaoke restaurant. Here's why . . ..
Despite your best intentions, great business sales don't happen overnight.
There is no simple way to sell a business. But the most prepared karaoke restaurant sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.
Setting the Stage
Effective karaoke restaurant preparation focuses on communicating value to prospective buyers. Professional business brokers understand buyers and know how to properly communicate a karaoke restaurant to the marketplace. At a minimum, you'll want to position your business to receive the highest possible sale price, prepare a packet for prospective buyers and perform an initial appraisal before you put your karaoke restaurant on the market.
Family Business Sale Tips
Selling a business to a family member might sound like the best of both worlds. You get an exit strategy, your karaoke restaurant stays in the family, and everyone is happy. Yeah, right. Often, a sale to a family member creates fractures within the family. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. If possible, discuss a long-term, generational transition with the entire family and seek the advice of a professional consultant.
Signs You're in Over Your Head
Many karaoke restaurant are tempted to save brokerage fees by selling their businesses on their own. 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.
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