9 Reasons Why Restaurant Owners Need A Business Broker
Whether it’s your first business or one of many, a professional business broker with experience in selling restaurants can add substantial value to the sales process. Keep reading to get a better understanding of how restaurant owners can benefit from using one.
1. Preparation work
Most restaurant proprietors don’t understand the level of scrutiny their business will face from interested parties. Most buyers expect detailed financial reports, projections, and more. A business broker understands what’s required. They will help the owner get their paperwork in order before buyers coming knocking on the door.
2. Experience
A broker with experience comes with a range of advantages. They’re more likely to have a network of motivated buyers and they know how to overcome obstacles that block closing the deal. Negotiation skills are another useful benefit that comes from years of dealing with buyers and sellers.
3. Continuity of business
Selling a restaurant can be a time-consuming process when you do it on your own. Having a skilled broker on your side will allow you to focus on keeping the business operating while they market the restaurant, weed out tyre kickers, and keep the sales process moving along.
4. On-point valuation
Getting a proper appraisal for your business is worth its weight in gold. A business broker who specialises in restaurants will have an intimate knowledge of your sector. They’ll have up-to-date sales statistics and can give you a realistic expectation of what your business is worth and how long it may take to sell. Over or under-pricing your precious asset is a pitfall you should be able to avoid with the right advice.
5. Deal structuring
Unless you’re a seasoned veteran at selling restaurants, you may feel out of depth when it comes to structuring the deal. Cash and equity are just two options on the table, but buyers may suggest other creative solutions which may not be in your best interests. An experienced broker will be able to explain to you the various ways a deal can be structured and which is best for you.
6. Sell confidentially
Using a broker to sell a restaurant may allow you to keep everything “under wraps” until you’re ready to announce the sale. They can identify and screen potential buyers then discuss the fine print without competitors, customers, or staff knowing.
7. Gain credibility
Do you want to show buyers that you’re serious about selling? Businesses that use a broker demonstrate a serious commitment to selling their business. Closing the deal is more likely when you have a professional broker on your side.
8.Marketing
If you want to give your restaurant maximum exposure then you’ll need a marketing plan that has multiple touch points. A broker will understand what mix of email marketing, business directories, print advertising, and online ads, is best for your company.
9. Peace of mind
Selling a restaurant has some legal complexities which shouldn’t be overlooked. Use a broker who is experienced in dealing with legislative documentation to protect yourself and avoid deals that turn ugly.
Getting started
Whether you own a café, QSR, or fine dining restaurant, your first step should be to reach out to an established business broker that specialises in your industry. We suggest searching for three brokers and discussing how many restaurants they currently have for sale on Bsale. It’s important to give your business every opportunity to get sold and a broker that helps you stand out from the crowd is more likely to bring you top dollar.
