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Selling a restaurant? What do you need to know first? Make sure you’ve done your homework and are clear on why you want to sell. Was there a partnership change? Are you burned out from working 16 hour days? Are you moving on to a new venture?
Once you’ve established your reasoning, it’s time to start preparing by making any necessary equipment upgrades. You’ll get a better price, and your restaurant will look more appealing to potential buyers. Consider setting aside money now for these upgrades so that you have the money when needed.
Appraising your restaurant involves deciding on the value. Start with physical assets which are simpler to figure out. Then move on to financials and be honest! You must disclose any liabilities like debts, back taxes or anything that needs to be repaired.
Once you have taken care of those items, start letting your friends know you are ready to sell. Consult your business affiliates, lawyers and your accountant to see if they know anyone who might be interested. And of course the internet is chalk full of buyers across the country. These tips can make selling a restaurant a positive experience and get you ready for the next adventure!