- January 31, 2018
- Posted by: admin
- Category: Business Brokers, Business plans, Buying a Business, Sell Your Business
Deciding on selling your restaurant in Las Vegas, Nevada can be a major life change. Restaurants in Las Vegas come with a lot of hurdles to set up and maintain, and the competition makes buyers pickier than most in other major cities. The thriving restaurant scene in Las Vegas can be both a blessing and a curse, which is why we’re here to give you 10 tips on selling your restaurant in Las Vegas that will make it a smooth transition.
The most crucial thing to do when deciding to sell your restaurant is to be prepared. Like any major moment in your life, selling your restaurant is something you should think on. Don’t be blindsided by the amount of work it takes (and it will be a lot), and start prepping for the sale anywhere from 6-8 months out from when you’re looking to sign off.
Keep It Clean
Potential buyers won’t be interested in a restaurant that can’t even keep itself orderly. Consider the fact that everybody who comes in to eat might potentially be a buyer and make sure that your kitchen is immaculate, your bathrooms are spotless, and your furniture is in excellent shape.
An often-overlooked issue when someone’s looking to sell their business is staff. Like keeping your restaurant clean throughout the selling process, keeping a staff that is knowledgeable, friendly, and well-trained will encourage buyers to see your restaurant as one that’s worth the time and money.
Have A Drink
A liquor license can be an enormous selling point to potential buyers. The revenue that tends to tag along with liquor sales is an attractive asset to have in your pocket for when buyers come looking.
Boost Your Online Presence
While Yelp can be a terribly difficult tool to master, having an excellent social media presence is crucial when looking to sell. If your reviews are looking a little down, buyers might turn the other way. Consider introducing an incentive for guests to leave you positive reviews, and get on the company Facebook to drive more traffic through your door.
Prepare Your Finances
While the selling process is long, what might help more than just about anything will be having your paperwork in order. Competent business owners are able to pull financial records for a minimum of six months, which will be a comfort to buyers who want the facts.
Know Your Worth
Even though Las Vegas is a competitive area for restaurants, you should never low-ball yourself. Your business is valuable, and asking for a fair price is never a bad call.
Check Out Your Lease
What’s your lease situation looking like? If you can’t answer this, you’re not prepared to sell your restaurant. Anyone looking to buy your restaurant is also buying into your lease, so making sure you’re in good standing early on is crucial.
Don’t Wait Around
Like any smart business move, you have to chase it. Buyers won’t come running if you simply post your availability and then sit back. Going to conventions, setting up meetings, and even bringing potential buyers to your restaurant and treating them can turn your listing into gold.
Hire An Expert
The best business decision you can ever make is bringing in an expert to valuate your business and help you make the right decisions in your selling process. We’re always here to provide expert advice and make sure you get the best deal in your sale.