Tips for Selling a Restaurant – from local top Tampa restaurant business broker

The Kitchen

It could be said that the kitchen is the most important space in any restaurant – it’s where the magic happens!  Of course you keep the kitchen clean (in case of random inspections from the local Health Department).  Now, put yourself in a potential buyer’s shoes?  Does the kitcenh look organized?  Is the flow obvious, with established pathways for how hot food gets to the table?  What about the equipment?  Is it all in good working order, or are there bits broken or missing?  To get the best price for your business, it neeeds to look like a thriving concern that has been well-manged with an excellent crew who can manage as easily as without you.

Broken or missing equipmentnot only gives a bad impression, it allows potential buyers to jump to one of two conclusions: 

1.  you have given up on the business. 

2.  you could be persuaded the business was a fixer-upper and that you would be open to a low-ball offer.

Neither are good.  Sometimes all it takes is a shift in focus.

More on CLEAN…

Don’t forget to get the windows cleaned. A deep clean of the grout on any tiled floors, and shampooing the carpet also contribute to the overal sense of cleanliness.  It all makes a much bigger difference than you would think, and current customers will enjoy the improvements. (Of course, they might be worried the menus are about to reprinted with keener pricing!)   

Looking like a thriving concern!

Clean, and in top working order.  Wtih logical flow and an organised system.  These are pretty obvious that most restaranteurs are doing as part Standard Operating Procedure.

Now, how do you look thriving concern  – a popular place, with a wait list –  whether you are or not?

What are signs that tell us intuitively that a place is popular?

1. Place to sit and wait – often with beverage service. Two wooden benches with an ashtray stand (oh, did you remember to check that the parking lot, and around the front door are free of piles of cigarette butts? Not nearly enough people have given up smoking yet!) and a flowering planter are enough.

2. A waiting list, with a call system announcing who’s next. This doesn’t have to be an elaborate or expensive loudspeaker system.  (Though, if you are in an area with neighboring retail establishments, it can’t hurt to hear names being called from time to time.)  Equally, a member of the wait-staff with a clipboard shouting a name  through a few groups standing around can give an impression of a flourishing business, too.

Photos of Family vs. Celebrities

If your restaurant has any personal items in it, you will need to remove them.  Only leave items that you intend to include in the sale.  This will help you avoid any misunderstanding with your buyers.  This is less the signed photograph on the wall of the chef with a celebrity and more the personal laptop you have on your desk that you use for the business should be taken home.  A potential buyer may assume that it is part of the business assets that are included in the sale.