Whatever reason you’re selling your restaurant, it can be an exciting but daunting prospect. After all, you may have owned the restaurant for many years, and it can feel like a closing chapter. Furthermore, you might need a helping hand in knowing where to start with the selling process.
Selling a restaurant is a little more complicated than selling an item off your menu. However, with the right guidance and expertise, along with an easy-to-use online platform, you’ll wonder what you were so worried about.
So, if you’re looking to sell your restaurant but are not sure how to begin the process, here are 5 key steps to help you.
In this guide, we’ll discuss:
- Valuing your business
- Organising your finances
- Getting the right advice
- Marketing your business for sale
- Managing your sale
1. Valuing Your Business
Once you’ve decided to sell your restaurant, it’s helpful to get a valuation of the business to understand what it’s worth. There are many different methods of valuing a business, which can include assets, inventory, cash flow or revenue.
By understanding the value of your business, it can give you a good idea of what to sell your restaurant for. It’s a very useful figure to have in mind when advertising and negotiating with potential buyers, as it means you will get a fair price.
Valuing your business can be easier when you reach out to an expert for help, like Bizdaq. We can give you a clear valuation and service thanks to our algorithm based on years of experience. It doesn’t matter how familiar you are with your business’ finances, settling on an accurate valuation can be difficult!
2. Organising Your Finances
When you sell your restaurant, it’s important to have your finances in order. This isn’t just to be organised; it can actually benefit the sale of your business. Any business owner should always have a record of clear financial data, but in reality, this can be difficult to keep on top of.
However, when the time comes to sell, potential buyers will want to see a financial history of the business to ensure that it is a viable sale. Having a straightforward picture of the business’ finances will benefit both you and the buyer, ensuring there is a fair sale.
3. Marketing Your Business Online
Once you have valued your business and gained some expert consultation, it’s time to start selling your restaurant. At Bizdaq, we can offer you an easy-to-use online platform that allows you to advertise and market your business in the best possible way.
Marketing your restaurant for sale online can connect you to thousands of active buyers. Through our online platform, you can take advantage of targeted advertising in order to find the right buyer for your restaurant.
In a world where everything is moving online, you can sell your restaurant online to a huge audience, giving you an even better chance of getting a great sale.
5. Manage Your Own Sale
One of the best parts of selling your restaurant with Bizdaq is the autonomy you have over the sale. The online platform is yours to manage, meaning you can fit it around your busy schedule.
Respond to messages, arrange viewings and negotiate your offers all through Bizdaq’s platform, whether it’s on your laptop, tablet or phone. This flexibility takes the hassle out of selling your restaurant, allowing you to interact with potential buyers in your spare time. Of course, if you need some guidance in this stage, we’re right there for you.