Dealing with the Unexpected: The Impromptu Restaurant Transition
One of the first things any new restaurant owner should do when starting out is to develop a business transition strategy. Unfortunately, no matter how well you plan for the transition, there are bound to be hiccups that arise. Perhaps you had planned to build up the restaurant for a few years and then sell it as a profitable business enterprise. Or, perhaps you had planned to work until retirement and then pass it on to the next generation. Then, you find yourself or a loved one suffering from a serious illness or injury that may cause a change in plans. When this does occur, one of the first people to consult is a restaurant attorney.
Dealing with Illness or Disability
Planning for a restaurant transition is tough enough in the first place, and dealing with unexpected events can make it that much more difficult. Whether it is you or a loved one who is dealing with a serious illness or permanent disability, it is important that you ensure your restaurant can continue functioning without you. If you had planned to pass the restaurant on to the next generation, this might work out smoothly enough, but if you were hoping to sell the restaurant down the road, this accelerated timetable can be challenging.
Don’t Let Your Eagerness Cloud Your Judgment
One of the most important things to remember when dealing with any sort of unexpected situation is to maintain objectivity. Whether you are simply forced to transfer ownership to a child sooner than expected, or are looking to sell, it is important for the continued health of your business that you keep a clear head. This is especially true when you are looking to sell the restaurant, as prospective buyers will often try to make low ball offers if they sense desperation. If you can instead demonstrate how well your restaurant already operates without you, you’ll be more likely to get your desired sale price.
There are always contingencies that you fail to plan for, but rather than give up because of an unexpected event, it is important that you remain objective when dealing with a business transition. Sometimes the best way to do this is to consult with a restaurant attorney who can help you explore your options. When you find that you are facing an unexpected situation that is forcing you to reexamine your business and you need to look at emergency restaurant transition strategies, contact Lewis Sassoon of Sassoon & Cymrot for individual guidance and consultation.