Selling your restaurant or hotel: Don’t miss a single step!
Selling your business means being prepared. It takes time and a minimum investment.
This article is for you if you’re a professional who, one day, purchased a business in the hotel or restaurant industry. Over the course of your career, you’ve decided to dispose of this same property for reasons that are your own. Most of you don’t know how to do it. But, thanks to our experience, these few lines should help you see things more clearly…
Selling your restaurant or hotel in 8 key points:
1 – Don’t decide to sell on the spur of the moment! A deed of sale for a business will reflect this. It’s important to properly prepare yourself, psychologically and administratively.
2 – Sell when your business is at its strongest. That’s a golden rule. Don’t wait until you’re tired, frustrated, lacking motivation, etc. Make the sale in peace when your business is profitable. Take the time to reflect and prepare yourself. Don’t forget that you’ll be in a much stronger position in future negotiations regarding the sale of a growing property rather than one in decline.
3 – Evaluate your property, and trust the experts!
Above all, don’t overestimate your business. Unfortunately, this is a very common mistake. You’ve matured your sales project. Now, contact a professional who will be able to evaluate your property in a neutral manner. An accountant will estimate the profitability of your business fairly, if it’s just a matter of selling the business assets. But don’t hesitate to request parallel expertise from a real estate agent if you own the property as well as the business.
2 evaluations or appraisals can be useful and will be strong arguments to present to the future buyer.
4 – On your side, prepare a presentation file. With help from these expert evaluations, put together a complete file that will provide a broad outline of your business (purchase year, renovations undertaken during your years in operation, an inventory of equipment and furniture, average occupancy rate, change in revenue, simplified rundowns of the last two balance sheets).
5 – Image marketing: don’t forget to combine business and pleasure. Make them envious! We’re selling the dream, the service, and the smile as we go about our business, and these frameworks are often associated with the notion of pleasure.
To sell, make sure luck is on your side: write a text that highlights your business, accompanied by 2 or 3 pretty pictures.
6 – Don’t hide! Distribute the information to your networks. Many people are afraid of revealing that they’re selling because they’re afraid of losing their business. That’s an understandable reaction, but if you hide it, you’ll never sell it! This too is easy!
– You won’t have to lose business if you keep doing your job.
– On the contrary! Privilege the dissemination of information and use the tools at your disposal today: the internet is a gigantic distribution method!
7 – Don’t forget: selling costs money!
Be ready to spend a little money to better prepare for this sale, whether that means surrounding yourself with experts to evaluate your property, or giving yourself the means to disseminate the information across various media.
8 – Finally: where to advertise?
You are the master of your sale, and you can decide to advertise on generalized sites (sales of all businesses) or more specialized sites. This is what we would like to advise you of.
But above all, keep in mind the most important thing: these days, the internet is ESSENTIAL in your approach, thanks to the various opportunities that this medium offers you: broad exposure, both in France and abroad, via – among other things – social networks.
Whatever your distribution choice, don’t neglect – above all – the internet, which meets the new market requirements.