If you think you’re ready to sell your bar, follow our helpful steps to make sure you’re prepared.
The bar industry is a volatile one that is incredibly dependent on its customers. This is something that the pub industry has experienced first-hand, with a difficult period leading to the closure of local pubs. However, step into any city centre and you’ll see bars teeming with punters across all demographics.
With that in mind, if you’re thinking of selling your bar, you could be in for a successful deal. So, if you’re hoping to begin preparing for a sale, here are some helpful steps to consider first.
In this guide we’ll help you follow 5 steps to sell your bar:
- Prepare early
- Think like a buyer
- Continue to drive the business
- Deliver a proven track record
- Use a business agent
1. Prepare early if you want to sell your bar
Selling a bar can be a long process, as with any business, especially if you’re trying to run the place at the same time. As soon as you make the decision to sell your bar, you should begin preparing. This can mean anything from getting your financial records in order, to making sure equipment and décor is up to date and in working order.
You should ensure you understand your lease or franchise agreement, if you have one, before you begin any selling process. This can help to avoid hiccups further down the line that could risk the sale. Selling your bar business can be a very positive experience for both the seller and the buyer, so long as everything is organised properly.
2. Think like a buyer
No matter what area of the country you’re in, it’s likely that competition amongst the local bars is rife. It’s your aim to make the sale of your bar stand out as the best deal for potential buyers. To do this, consider thinking like a buyer. What would a buyer be looking for in the new purchase of a bar?
It’s likely that location will be a huge factor, so if your bar is in a great location with lots of footfall, then you’re on to a winner. However, if you’re off the beaten track, you need to identify ways to make this appear as a positive feature. Use social media and other marketing means to ensure you’re advertising your bar adequately, and consider making sure you are involved in the local community to widen your reach.
Other factors include a great customer base and capable staff. A potential buyer will want to know that they’re buying into a great atmosphere with competent employees. If you’re not convinced that your bar has this, consider training your staff and investing some entertainment or renovation to your bar that will improve the environment.
3. Continue to drive the business
Deciding to sell your bar doesn’t mean it’s time to give up. It’s important that your financial records remain positive, even up to the day of the sale. Make sure you understand the areas that need further improvement, and continue to grow the business all the way to the end!
Continuing to work hard will likely reflect well on the sale of your bar, as any prospective buyers will be able to see a thriving business. Not only could this mean you get a better deal, but it also means you can enjoy success in the last few months leading up to selling your bar to someone else.
4. Proven track record
Selling your bar will mean that you need to provide financial records and prove to buyers that the bar is a solid investment. Not many buyers will take on a failing business, or one that can’t deliver on an organised stream of invoices and reports.
When it comes to selling your bar, remember that buyers are likely looking for security and reassurance, with little risk involved. It is key to collect financial information and ensure it is organised accordingly to show your bar in its best light.
5. Choose a method of sale
Traditional agents are a good option for those looking for someone else to manage the sale for them, they come with a large price tag with the added commission to pay at the end, but are suited to those looking to take their time and put their sale in someone else's hands. Alternatively you could sell online. By working with an online business agent like Bizdaq, you’ll experience a faster and easier selling process at the same time as saving thousands of pounds.
There’s no catch - sell your business for FREE with Bizdaq. Follow our simple step-by-step process to create your 5-star listing and be on the market in less than 30 minutes.