Time to Sell Your Restaurant - Read These Tips First to get the Highest Price for

Time to Sell Your Restaurant? Read These Tips First to Get the Highest Price For Your Business! By Kevin Moll, CEO, National Restaurant Consultants, Inc. As specialists in getting restaurants open, it is surprising how many people ask us, "How can I get out of my restaurant?" Reasons for this question vary greatly, from a death in the family to a merger with another firm, to the end of a lease, to bad economic conditions that for a multitude of reasons, may require a sale. Selling your restaurant requires quality prior planning if you are going to realize the maximum value for the business. This planning is not much different when getting out than when you first got into that business. What things did you look for when you bought your restaurant? Of course, profit was probably the key consideration, followed by a great location, a niche market, a solid system of operations, and a vision for growth. Aren't these the same things you need to concentrate on if you are going to market your operation to someone else? A strong focus on the basics, about twelve months prior to getting out of your operation can take you from where you are at now, to a maximum market value. Let's look at some of the top areas you may wish to concentrate on right away: 1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, "A business with no profits on paper has no value", and this statement is close to ...