Owning and running a successful and profitable restaurant or bar is a difficult task. Even popular franchised restaurants and long-established bars experience financial setbacks that threaten their place in the industry. If your restaurant or bar is losing money, selling might be your best option. Just be sure to carefully map out your steps so your sale runs smoothly and secures as much money as possible.
Be Aware of Common Obstacles
Since the initial build-out cost of owning a restaurant is the biggest barrier to entry in the food industry, you can rest assured that it is possible to sell your restaurant even if you are operating at a loss. As long as you have the essential restaurant equipment like a functioning hood, flood drains, three-part sinks, and a refrigerator unit, sellers will find value in your restaurant.
However, there are a few problems that are likely to create obstacles to selling your restaurant. If you can relate to any of these, do your best to remedy them before beginning the selling process:
- Your restaurant is not up to code
- You have deferred maintenance and certain items have fallen into disrepair
- Your books and records are either incomplete or nonexistent
- The price you want is far higher than the current market price.
Be Honest With Your Broker
It’s tempting to blur the lines to make your restaurant look profitable. You might want to tell your business broker that you are selling your restaurant in order to retire or switch industries, instead of providing the truth that your restaurant is losing money. Avoiding the truth will only hurt you in the end because it will prevent your business broker from making the decisions that are in the best interest of selling your restaurant.
Find the Right Business Broker
Selling a restaurant is a full-time job, so unless you are ready to take on a second core responsibility every day of the week, it is in your best interest to find a business broker to help you sell your restaurant or bar. Tampa Business Brokers is here to advise, appraise, and advance your needs as you sell your restaurant in a professional and expeditious manner.
With the guidance, support, and expertise of the Tampa Business Brokers team, you can efficiently and successfully sell your restaurant or bar and use your proceeds to begin the next stage of your life. We will help you attract willing buyers and complete the sales process without any headaches or dead ends. Call (813) 750-0275 now to learn more and take the first steps to sell your restaurant in Tampa Bay.