When selling your restaurant, there are several actions you can take to make the process as smooth as possible. We have put together a checklist to make sure nothing is missed when you embark on this exciting next phase of your journey.
Make sure all your due diligence documents are up to date, including your premises licence, lease, rent and rates invoices, any planning permissions that were obtained, health and safety and fire safety certificate. Have a physical record of all of these to hand as a conscientious buyer will usually want evidence that all legal requirements and recommendations are in order.
Make sure you have the necessary evidence on the various equipment you own, or lease, as the fixtures, fittings and loose equipment can be a vital selling point for the restaurant. An extraction system alone can cost anything from £100,000 to £300,000. Make a point of noting both the cost and length of these, plus whether they can be assigned or not.
Buying and selling restaurants is a highly specialised field which relies on specific expertise, connections and experience. Make sure to enlist a specialist agency to help with the process and provide support as well as connecting you to the best buyers. This is especially important if the restaurant is still open and trading as an agent will have confidential marketing tools and operator-only marketing platforms
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