Are you considering selling your established Phoenix area restaurant business this year? If you are here is some free advice and tips from professional AZ Business Broker Ray Haiber about preparing your business for sale that should help the process go smoother.
Prepare Good Financial Records: Make sure you have a minimum of 3 years of professionally prepared financial statements (Profit & Loss) and Tax returns on hand and ready for review.
Realistic Sales Price: It’s important to determine a realistic asking price and sales terms that can be supported by financial records and industry valuation guidelines. Keep in mind that the number one reason that most small businesses don’t sell is because they are perceived as being overpriced.
Keep It Confidential: For obvious reasons preserving the confidential nature of the sale of your business should be a top priority. This is especially true concerning your employees, customers, and competitors.
Have Patience: Be prepared to be patient and be flexible. Although there are exceptions, in general it can take anywhere from 6 months to a year to find a qualified buyer that will move forward and ultimately close.
For more in-depth details about the process of selling, listing, and marketing a small business or restaurant in the Phoenix area please feel free to contact me. You can also request a preliminary and free small business valuation here to get an idea what your existing restaurant business might be worth. If you are ready to move forward I would be more than happy to set up a confidential (and no obligation) meeting to discuss more details about the sales process.
Business Broker: Ray Haiber