Are you ramping up to sell your restaurant? If you’re ready to take your next step, you’ll want to do everything in your power to maximize your return. Of course, doing so is going to require some detailed planning and thorough preparations.
Try these tips for preparing your home for a smooth and profitable sale…
Do a deep cleaning
In some ways, selling a restaurant is like putting a home on the market. In both cases, cleanliness is key. If part of what’s included in your sale is your lease—or the space from which your business operates—make sure every nook and cranny is pristine before buyers come calling.
A deep cleaning will include everything from scouring the grout in back of house to eradicating smudges on your windows. Calling in professionals is highly recommended—as is getting in touch with your landlord about any potential maintenance they made need to do.
Don’t forget the outside!
No doubt about it: first impressions matter. That’s why it’s so important to focus on your eatery’s exterior, as well as its interior. Work on your landscaping (especially the health of your grass), and pick up any trash in the surrounding area.
If your front doors are glass, tend to them immediately before potential buyers visit—and make sure they sparkle. Remember: it’s often the little things that count!
Take stock of your equipment
From your ovens and mixers to your freezers and refrigerators, well-maintained equipment matters to buyers. It’s not just about making a great first impression (and hopefully attracting higher offers as a result). It’s also about increasing your property value in a very tangible way.
Put simply, this is one of the most significant steps you can take toward maximizing your sale price. Have any items that have seen better days repaired, and replace those that aren’t salvageable.
Take care with your financials
It goes without saying that when a buyer is deciding whether to purchase your business, they want to know if it will be a profitable investment. Making that discovery process easy for them (by providing a clear profit and loss statement, balance sheet, and other records) can only work in your favour.
Go as far back as you can, and work closely with your accountant. The aim is to be transparent as possible, painting a clear financial picture to help them understand your business—and inspire confidence in it.
Bring it all together
When you’re selling your restaurant, it’s a given that you want to get a great price. By approaching your sale with care, you can help make this desire a reality.
With regard to preparations, a skilled business broker can act as a second pair of eyes. They’ll draw on their experience with buyers, ensure that you know what to expect, and craft a strategy to help you secure top dollar.
READY TO SELL YOUR RESTAURANT BUSINESS IN ONTARIO? REACH OUT TO LEARN HOW WE CAN HELP YOU SIMPLIFY THE PROCESS!