Selling your café is a great way to move on to a new opportunity, but it pays to be organised and have an exit plan. Here we offer some top tips to sell a café successfully.
There are many different challenges in running a business such as a café, and you may have decided it’s no longer for you. Whether you were always planning on selling your café, or it’s a new thought later down the line, you might need a helping hand through the process.
In this guide, we’ll offer you tips on:
- When to sell your café
- How to add value to your café
- How to attract potential buyers
- How to value your café business
Tip 1: When to sell your café
It pays to be organised with your business, whether you’re ready to sell or not. It may also be beneficial to have an exit plan for the future, as you never know what opportunities may arise. Should an interesting prospect appear, you’ll want to know that you’re organised and prepared, especially if you aren’t expecting it.
There is a lot to be said for selling your business while it’s still growing. This could ensure a more successful outcome for you, as a seller looking for a profit. It might be a mistake to wait until business has slowed down, as this could reduce the value of your business.
If you’re thinking of selling your café, it should be planned in advance with a clear exit strategy. This also includes checking the lease details on your café if you lease the property. You should discuss a potential sale with your landlord before you do anything else. This means you can clear any obstacles sooner rather than later.
Tip 2: How to add value to your café
It’s important to consider the different ways you can add value to your café before selling. This doesn’t just mean financially. A café is hugely dependent on its atmosphere and its staff. These two factors can have a big impact on the sale of your café.
A café can often be an experience as much as a business. While this is an intangible element of an establishment like a café, it can be priceless when making your business more appealing. Presentation is everything. The décor of your café should be in keeping with the overall theme and up to date. Equipment such as coffee machines should be in working condition. Kitchen and bathroom facilities in particular should be kept to a high level of hygiene and accessibility.
It is worth remembering that many potential buyers might already be customers, and regular ones at that. With this in mind, your café should be orderly and presentable at all times!
Tip 3: How to attract potential buyers
One of the most important tips when selling any business is to keep an organised profile of your financial situation. This can give a clear picture to potential buyers of how well the café is doing, and what potential growth is left to propel moving forward.
Keep a documented record of your income, expenses and any inventory or assets associated with the café. This will improve your chances of a great sale. What’s more, it can encourage you to stay organised during the final stages of owning your business and facilitate an easy handover.
Tip 4: Valuing your café
Getting an accurate valuation of your café is an immensely helpful step in selling your business. There are many different factors that can affect a valuation. In the case of a café, consider the location, presentation and management. A café that gets a lot of footfall with a good lease agreement and fresh décor could be a very viable investment for a buyer.
A café that is under management can also be an attractive factor, and will add to the value of your business. This is because the new buyer will be buying into a revenue stream, not just a job.
As the owner of your business, you probably know it better than anyone else. However, using a business agent like Bizdaq can ensure a smooth sale, with great adverts, access to active buyers and a successful deal.
If you’re ready to sell your business, book a consultation with us today!
Posted on April 18, 2019 | Cafe, for sale, selling, tips