How To Sell A RestaurantGet tips on how to maximise the sale of your restaurant
Sell A Restaurant
A restaurant is the type of business where the personal influence of the owner and key staff plays a major role in determining the value of the business. Value here is all about transferability of income. If the owner is the chef or the owner is front of house, then there is a very good chance that the business will suffer when that owner leaves. If there are related persons eg. partner or family member who is also going to leave, then the value of the business is also likely to be compromised. The less influence these people have on the operation of the business, the greater the transferability and hence value of the business.
Maximising Profit Before Sale Process
- Fully systemise your business.
- Keep the income of your business on an upward curve.
- Keep up to date with lead generation.
- Boost your social media presence and engagement.
- Add other strings to your bow, like catering and functions.
- Increase diversity of clients across the casual, regular and corporate sectors.
- Find ways to differentiate yourself from competitors.
- Don’t allow labour costs to get out of hand.
- Keep plant and equipment in good condition as a buyer will only deduct from price the amount of work that needs to be done to bring the business up to scratch.
- Make sure you are selling the business on its tax figures. The days of lying about your figures to the tax department are over.