Advice on Niche Market Exit Planning
Selling a Tamales Restaurant
There are few things as intimidating as selling a business in a sluggish economy. But selling your tamales restaurant doesn't have to be as daunting as it sounds.
You survived all the ups and downs of owning a business. Next, you'll need to prepare yourself to address the rigors of selling a tamales restaurant.
But the good news is that there is still demand for tamales restaurants that present well and offer solid earning potential.
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 tamales restaurant sale can be more complicated than selling to a stranger. In fact, selling your tamales restaurant to a family member can quickly become a no-win proposition. Whether you offer the family member special concessions or not, either the buyer or other family members may take offense. 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.
Working with a Professional Accountant
Accountants lay the financial groundwork for a business sale. Before your tamales restaurant goes on the market, you should sit down with your accountant to clarify your financial goals and the tax consequences of a sale. A professional audit can ease buyer concerns and amp up the value of your financial presentation. With seller financing becoming common, professional accountants are playing a more central role in negotiations and buyer qualification.
Realistic Expectations
Objectivity is a rare commodity in a business sale. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. Although it may be a hard pill to swallow, you need to find a way to introduce objectivity into your sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.
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