The decision to sell a business never comes easy. In our opinion, this decision is nearly impossible to make for those connected to the food and hospitality industry. This is largely because of the sheer work and effort owners put into it. But sometimes, it’s a decision that they have no choice but to make. If you find yourself making this decision, then here are a few of our experts’ tips and suggestions to help you out.
Always Know Your Numbers
If you’re someone who has a full knowledge over all the numbers involving your business, then consider yourself lucky. This is regardless to whether you want to sell a café, a restaurant or a hotel. From the income accounts, to your biggest profit makers and loss bringers; know all of it without a doubt. This is something most buyers will inquire about. Even if they don’t, you can use this information to make your advertising more attractive to the potential buyers.
Make It Attractive To Your Buyers
Speaking of making your property and business attractive to potential buyers; most people assume this only means making the outer appearance attractive. Sure, we don’t see the harm of making your buildings pretty before you sell a hotel; especially if you can afford it. But it’s not entirely necessary, as it gives your future buyers a chance and the freedom to experiment on their own styles of decorating. Instead, focus on making other parts of your business attractive; like getting your license and permits up-to-date.
Screen Your Buyers, but Don’t Be Too Choosy
Without a doubt, it’s important that you screen your buyers. After all, though you might not be involved in the fate of the business after you sell it, you’d still have an emotional connection with it. Checking for their experience and talents in this area certainly is worth it. But try not to be too choosy about it. Though selling your business to your competitors may be the last thing you want to do, it can sometimes be the most practical thing to do.
Know If You’re Using the Correct Professionals
A common mistake many people do when they opt to sell their business related to the hospitality industry, is that they don’t use the correct professionals. In this case, it is the real estate agents. Yes, many estate agents are capable of selling your business. But if it is someone who is experiencing in dealing with such property and business, the chances of you finding a suitable buyer, and getting the correct price for it is much higher…