Sell a Business Tips
Selling a Steak and Seafood Restaurant
It's a misconception that no one is buying steak and seafood restaurants these days. Savvy entrepreneurs see steak and seafood restaurant opportunities as a path to short-term profits and long-term growth. Although final sales prices vary, the best sales combine strategy and hard work to achieve desired outcomes.
You won't find any magic formulas for selling a steak and seafood restaurant, especially while the market is struggling to overcome the perceptions created by a down economy.
Fortunately for sellers, forward-thinking entrepreneurs continue to be attracted to steak and seafood restaurants that exhibit strong financials and potential for future growth.
How to Identify Prospective Buyers
Whether you know it or not, prospective buyers for your steak and seafood restaurant are all around you. In fact, there is a good chance you already know several individuals or companies that might be interested in buying your business for a decent price. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Sweetening the Deal
Today's steak and seafood restaurant buyers expect sellers to offer concessions to persuade them to close the deal. Concessions can consist of non-cash as well as cash incentives. It's not unusual for sellers to offer non-cash incentives to help inexperienced entrepreneurs get off to a successful start. If you aren't familiar with typical steak and seafood restaurant concessions, consult with a professional to learn how you can build incentives into your deal.
Legal Considerations
It's obvious that you're going to need to hire an attorney to finalize the sale of your steak and seafood restaurant. Tackling the legal nuances and tax ramifications of a sale without a first-rate business lawyer is an invitation for disaster. It's helpful to introduce your attorney to your broker to facilitate a smooth sale and a productive working relationship.
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