You’ve poured your heart, soul, blood, sweat, tears, time and cash into your hospitality business and loved every second of it but you’ve decided the time has come to sell up. The decision wasn’t an easy one to make and now you want to ensure you’re selling to the right people.
You want to sell quickly and achieve a fair price but how? By getting yourself an experienced specialist broker who can connect you to the perfect buyer and make what can be a complex process, painless and smooth.
Selling your hospitality business
Selling your hospitality business requires work and even though you’re selling up you still have to run the place until the handover. Frankly, you don’t have the time to do what you need to do to sell the business and run it at the same time. You know better than anyone the dedication and effort it takes to own a hospitality business so where are you going to find time to qualify prospective buyers, handle all the paperwork, market the business and keep it all ticking over to maintain the interest of cash ready buyers?
It can be hard to trust others with the sale of your business but think of it this way: you wouldn’t operate on yourself if you needed medical attention, you’d want a specialist surgeon in charge of your care. A specialist broker is like that surgeon. Here are some questions to ask prospective brokers to ensure you’re getting the specialist help you deserve.
Finding the right broker
You don’t want to waste time on buyers that aren’t committed or can’t afford it so ask your broker what their experience of selling hospitality businesses are and how they qualify prospective buyers. A good broker will have specific experience of selling similar businesses and own an up-to-date database of qualified, cash-ready buyers.
Next you’ll want your broker to explain how they will determine your business’ value and what competencies and pedigree they have in helping businesses gain profits during the marketing and sales process. This should also incorporate how quickly they believe they can sell your business.
The marketing of your business is crucial to the price and speed of the sale so ask your broker how long they will spend on it. If the details are too vague you can take that as a sign the broker doesn’t have the experience and ability to actively pursue and close the deal. Any capable business broker will be able to provide an accurate figure as well as details on how they will market your business.
Great brokering will come with higher fees than average brokering but do not let that dissuade you from using a broker. Often the fees are swallowed by the better-than-expected returns so leave the question of fees until last. Hear what the broker has to say and what they can do for you before broaching this subject. It’s important to have all the information before you decide what broker is going to bat for the business you love.
Redmako Business Sales’ proven formula for success can help introduce you to a serious buyer ready to move quickly. With our expertise, resources and knowledge of what buyers want, you will have a sales team that can demonstrate the investment opportunity to interested buyers. We understand buyers’ due diligence processes and manage the whole process from start to finish ensuring the sale is as straightforward as possible.
It pays to know what you can expect from different buyers and RMBS can help align your marketing and advertising strategies for the timeliest sale at the best possible price.