It’s not the easiest thing to sell a restaurant that is already in business in Ontario, but the process required to sell it can be quite simple. The best advice with regards to the preparation of the sale is to start several months before you plan to sell the business, at least six months. It usually takes around 6 months to finally finish a restaurant sale, so keep in mind that this will likely be a long winded process in order to get the best deal for the business.
How attractive is Your Business?
One of the first things you need to focus on is the attractiveness of the business. In the preparation stages, ensure that your business looks amazing and grabs the eye of passersby. Ensure that the premises are not only clean but well arranged. Ensure that all lawns are cut and free from any litter or waste. If there are plants in the area ensure that they are neatly arranged. You can also repaint the walls and add decorative elements to the business’ outer area to make it more welcoming. Look at the signboard and ensure that it is in good shape, if not, take it down and make any necessary renovations to ensure that it is polished and operating properly.
How Simple Is Your Business Operation?
There are some Ontario restaurants that are more desirable than others for purchase. For example, a restaurant that requires too many hours a day and is open every day of the week will detract many buyers. Most persons are not looking to buy a business that will overwork them. However if you offer them a management team that will handle the weekly operations then this might make it seem a lot simpler for them. Many will buy the business that operates on extensive hours and hire a team to handle management duties, as the end goal for them is not to buy a job but to secure a good source of earnings.
How Well Do You Know Your Customers?
It is good to gather data about the customers in order to create a market strategy for the upcoming owner. This will allow the business to be more successful as it gives you the chance to understand your market and reach out to customers to encourage continued support for the business. Presenting this to an incoming owner will add value to the business sale.
How Good Is Your Financial Standing?
One major cause of the failure of restaurant sales In Ontario is the seller’s financial documents not being in good standing. In many cases very little effort is put into having this information available because you will find that some business owners do not manage this aspect of the business adequately. Even though you might be able to monitor the cash that the business spends and control the distribution of salary to your employees you will need to have a more systematic outline of the business’ economic performance. This is what you will need to present to the prospective buyer. Therefore start working on this at least 6 months before you start advertising your business in the business for sale Ontario listings.