We consider ourselves the authority when it comes to selling restaurants. That’s why we’ve written a short guide to help. Whether you’re just curious or looking to push forward with a sale, the thought of selling is a more attractive proposition when you have the knowledge to do so. We’re confident the five steps below will help.
Your first step should be to ensure you’ve got a legitimate reason to sell. Is the market particularly strong at the moment? Are you retiring? Is it a change in lifestyle that you’re looking for? They’re all strong selling reasons.
In short, when you’re ready to sell, sell – there’s no bad time as long as you’ve positioned the asset correctly.
Getting your paperwork in order helps you build an accurate, detailed account of your asset. Know it inside out. This is essential if you want to make sure prospective buyers can’t haggle or negotiate with your target price. Therefore, a firm grasp of your asset’s finances will guarantee you the upper hand and the highest sale price.
Take full advantage of your professional advisors. There are three people you’ll want to keep close by at all times:
Your property agent who’s at the heartbeat of the restaurant and leisure property industry. They’ll provide you with a comprehensive, detailed analysis and advice to help you make accurate sale-related decisions.
Your accountant will help you sure up your financial data in the form of trading accounts, certificate of turnover and more.
Finally, your solicitor will prepare a draft contract of sale, helping you to avoid delays, and all the while covering any other legal issues that may arise.
It’s wise to run your accountant’s and solicitor’s decisions through your property agent, who’ll be able to provide an expert second opinion.
Make your restaurant as attractive to buyers as possible within the constraints of time and budget. Investing a sum of money into the property for vital repairs and upgrades will add value, but ensure your improvements budget is factored into your total sale price goal.
Of course, there are a vast number of ways to add value to a restaurant asset, but your agent will give you clear advice on how you can achieve a lot with the minimum resources.
Your sales agent should be your first point of contact when it comes to finding the best route to market.
Whether it’s matching buyers to sellers through off-market solutions, using innovative open-marketing techniques to attract bidders, or drawing on a wealth of insider knowledge, your agent will find multiple bidders for your property and ensure you receive the best price.
So there you have it: five steps to selling your restaurant property. If you’d like some more in-depth information or you’d like to speak about selling your restaurant, get in touch on 020 7935 2222 and we’ll find a solution to your problem.
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