02 Mar Restaurant Owners Must Be Ready to Sell
When everything is running like a well-oiled machine and it begins to feel like your restaurant is running itself, it’s easy to be lulled into complacency. This might make you believe that you wouldn’t consider selling your business for many years down the road. But that mindset can be limiting and cause you to miss potentially lucrative opportunities should they arise.
Selling your fast-casual restaurant franchise may be the furthest thing from your mind right now. Even if your restaurant is not for sale, you should be prepared in case opportunity knocks. A restaurant owner should start the selling process at least six months before the expected sale. Here are the keys points that you have to address before you can sell your restaurant.
Presentation Matters When Opportunity Knocks
While you’re not actively seeking to sell your business, someone else may be looking to buy a restaurant as they strategize their way into the fast-casual dining space, or as they look to expand an existing operation. That could mean an attractive and lucrative offer you aren’t expecting.
When you are thinking of the sale, first thing you should do is to make the restaurant more appealing to the potential buyers. Make sure all the equipment is up to date and in perfect working condition. The décor of the dining area should be attractive and the kitchen and bathrooms should be spotless. Your staff should be knowledgeable and helpful to the customers. Be aware that serious buyers often visit your restaurant as a regular client.
Another thing you should do is to boost up the online presence of your undertakings. If you haven’t got your own website or social page then build an attractive one and update it regularly with promotional offers and discounts. Your restaurant should be full with customers while you are looking for potential buyers. A consistently busy atmosphere will make your place alluring to the buyers and they will pay top dollar for it.
Audit The Books and Capture Operational Benefits
Another must when preparing for the selling process is to develop an organized financial system for your business entity. Keeping up your company books and records can often take a back seat to running the customer-facing part of your fast-casual restaurant each day. Having your restaurant ready for a potential sale will keep you accountable when it comes to maintaining your books, records, licenses, and any of the other back-end details of the business that can get pushed aside for what seem like more pressing needs.
Keep at least a year’s profit and loss statements of your company for your buyers to evaluate. List your inventory and other assets such as specialized equipment and furniture. Keep food waste cost and cash sales records. If you have any debt, mention that to your buyers. A detailed financial record will impress the potential buyers and improve your chances of selling the business at a higher price.
If you are serious about making your fast-casual restaurant sale-ready you’ll want to consider enlisting the help of professionals to help you make sure your financials and legal documents are up to par should an actual sale materialize. And when the time comes that you are ready to actively seek a buyer, make sure to list your restaurant for sale with a reputable partner or broker.
About The Company
OrderMatic Corporation develops solutions that enhance the customer transactional experience in new and innovative ways. OrderMatic designs and manufactures drive thru menu boards, branded next generation signage, pos and technology solutions, and drive in products and accessories for quick service restaurants, retail merchants, and sports and entertainment venues. For over 60 years, OrderMatic is the official drive thru and drive in partner everywhere.