Originally written by Jo Thornley on Small Business
Selling a restaurant business for a reasonable figure might at first glance appear to be something of a gamble.
But just like the process of buying a restaurant, negotiating a deal becomes a lot easier if you put some time and effort into the preparation.
Put another way, there are a number of things you can anticipate (and thus be prepared for) before they arise. So, with that in mind, here are a few things you should think about well before any sale negotiation takes place.
Business valuation
A solid business valuation will form the cornerstone of any later negotiations you conduct with an interested buyer. After all, your negotiating strength will just melt away if a potential purchaser is able to undermine the logic and rationale upon which your estimate of the value of your business is based.
Having a clear understanding of the value of your business is very important when it comes to negotiating the terms of the sale. So, obtaining a professional valuation from a respected valuer should be your first priority. Not only will a professional familiar with the restaurant trade be more likely to produce a reliable valuation, your valuer should also