Business Exit Planning
Selling a Mediterranean Restaurant
Don't believe anyone who tells you it's easy to sell a Mediterranean restaurant. A lot of things need to happen before you can successfully exit your business. But with a few tips, you can keep your shirt and your sanity in the sale of your business.
Dire economic forecasts have forced many Mediterranean restaurant sellers into hibernation. Instead of listing their companies now, they're hanging back until they see signs of an economic recovery.
Yet what many sellers don't appreciate is that a down economy can present the perfect opportunity to sell a Mediterranean restaurant.
Post-Sale Details
The way you exit your Mediterranean restaurant is just as important as the way you sell it. The transition to the new owner, the distribution of sale proceeds and other issues can weigh heavily on sellers. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
Selling Time
Hoping for a quick Mediterranean restaurant sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your Mediterranean restaurant, you'll need to invest as much as a year in preparing it for prospective buyers. Once your business is ready for the marketplace, it could take an additional six months to a year to locate the right buyer.
Equipment and Inventory Concerns
Buyers typically perform an independent appraisal of your Mediterranean restaurant's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A professional appraisal is a necessity because it gives you the information you need to negotiate a sale price. When you conduct your appraisal of your assets, note their condition and include it in the information packet you prepare for prospective buyers.
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