Restaurant Transition Planning: Continuing the Legacy
As a parent, there are few things more rewarding than when your children take an interest in your business. Building a successful restaurant business is a unique and special gift to pass on to the next generation. Of course, even if your heir has been working in the restaurant, there are always some details to work out if you hope to ensure a smooth transition.
Preparing For the Transition
For most business owners, restaurant transition planning begins by visiting a qualified restaurant attorney. You may be the best at running a restaurant, but that does not mean you have the necessary legal expertise to handle passing that restaurant to others. Just as you had to mind legal concerns with regard to your liquor license, noise ordinances, health permits, etc., you must do the same when it comes to transitioning your business.
When you do speak with an attorney, you might be surprised to find how much goes into transferring a business. This includes tax factors and other legal concerns, such as changing who is responsible for keeping the health permits in line. Only by planning out the details can you expect your success to continue with the next generation.
Ensuring Continued Success
Of course, you must also be honest with yourself when it comes time for the transition. Make sure that your successor really knows what he or she is getting into. Work with him or her to explain the ins and outs. Just because your son or daughter worked as a server in your restaurant for five years does not mean he or she is ready to run the business. Start coaching early on to ensure that you pass on all of the necessary knowledge and skills to run your restaurant successfully.
As with any aspect of a successful business, the ultimate key to a successful transition is making sure you have a clear and concise plan in place. For many restaurant owners, this starts with consulting a restaurant attorney and examining all available options. When you wish to seek out the best professional advisers, contact Lewis Sassoon of Sassoon & Cymrot for individual guidance and consultation.