Selling Your Restaurant: Follow a Plan
Every restaurant owner starts out on his or her own for slightly different reasons. One person might be interested in the creative freedom to decide what he or she wants to serve, while another might be looking to create a family legacy. Someone else might simply be looking at starting a single store to achieve financial freedom, while another is hoping to build an empire of eating establishments. Whether or not your original intention of starting a restaurant was to one day sell it, the reality of life sometimes brings you to this path. When that time comes, it helps to know what to expect.
Finding the Best Price
Unless you started your business with the intent to sell it down the road, the process of selling your restaurant may not be something you are looking forward to. Regardless of where you are in the selling process, if you hope to get the best possible price it is important that you do everything you need to do. Make sure that there are no legal concerns with the property and that it is completely up to date. Replace equipment and redecorate with value in mind. If the floors are old, consider replacing them with new ones. These steps can increase the value of your restaurant, even if the sales figures are less than stellar. Of course, all of this relies on how you negotiate the final terms.
Setting the Final Terms
When you are considering selling your restaurant, one of the most important things you can do is to seek out an advisor, such as a Boston restaurant attorney, to help make sure you didn’t miss any details. It is often the little things that can break a deal, so prior to signing any final paperwork it is important that you and the buyer have discussed everything. Is the new owner going to rebrand the restaurant, or is he going to continue with the same menu and operation? Do you retain rights to any intellectual property? These details can be important, especially if you are thinking of starting another restaurant.
If you take this all into account, you should be able to more easily plan for the sale of your restaurant. Ultimately, you will probably want to seek out a Boston restaurant attorney to ensure that the transition goes smoothly. When it comes time to sell your family restaurant business and you wish to seek out the best professional advisor to help plan for the transition, contact Lewis Sassoon of Sassoon & Cymrot for individual guidance and consultation.