Do you want to use the cheat code to sell a restaurant? The answer is simple: Increase the appeal of your restaurant before you list it for sale. The appearance of a restaurant is more than looks; it also includes streamlined operations, a customer base, and employees.
Dallas Restaurant Broker Dominique Maddox of EATS Broker emphasizes that “selling a restaurant business can be challenging. The appearance and goodwill of a restaurant could be the deciding factor for a buyer.”
Restaurant Brokers help restaurant owners understand the importance of creating and maintaining a good appeal while the restaurant is listed for sale. Most items to improve the restaurant’s appeal are simple, but others can require some planning and execution.
The Restaurant Business Broker provides five tips to restaurant owners looking to sell their restaurant businesses in the future. These tips should help the restaurant appeal to potential buyers.
The following areas should be addressed when selling your restaurant:
Minor Repairs: Work on the obvious, as that’s what a potential buyer can see. Fix broken equipment, damaged furniture, or fixtures.
Restaurant Décor: If needed, give the space a fresh coat of paint or a small makeover to make it more inviting. Cost-effective upgrades such as new lighting, fresh paint, updated furniture, or rebranding the restaurant’s theme if it feels outdated can increase perceived value without major renovations.
Curb Appeal is often the first thing potential buyers notice. Simple upgrades to the outside of the building and surrounding area can make it a more attractive investment opportunity.
Emphasize Loyal Customer Base and Reputation: Restaurant owners should consider the strength of the restaurant’s brand and reputation. Positive online reviews, a loyal customer base, and a recognizable name can greatly increase a restaurant’s perceived value.
A strong customer base is valuable intangible goodwill that sometimes money can’t buy. Restaurant owners who have a customer rewards program and collect customers’ emails for marketing purposes are building value.
-Streamline your operations: Document all standard operating procedures, inventory management practices, and employee roles. Consider implementing systems that can reduce time-consuming manual tasks, and emphasize that these systems simplify management for new owners.
– Highlight Profitability and Growth Potential: Identify and share growth opportunities such as expanding business hours, introducing delivery options, adding catering services, or capitalizing on social media. Providing these potential avenues of growth shows prospective buyers that the business has more to offer, especially if they plan to make it their post-retirement investment
For more information on the restaurant market and other available consulting services or a complimentary restaurant valuation, contact Restaurant Business Broker Dominique Maddox at 404-993-4448 or email at [email protected]. Visit our website at www.EATSbroker.com
