How to Lease a Restaurant
If you are planning to lease a restaurant, there are dozens of details that can go wrong. With a little planning and insider knowledge, you can minimize your risk.
Selling a Restaurant: Escrow
Selling a Restaurant: Escrow
By this point in the sales process, you have negotiated with your buyer and reached an agreement about the condition of the premises and your price. It’s now time to close in on the final stage of your sale: Escrow.
In this tutorial, you will:
- Open escrow to protect you and your buyer during the sale
- Comply with Bulk Sale Laws
- Request Lease Assignment
- Schedule a final walk through, close escrow, and complete your sale
This is the endgame of selling a restaurant. If you’ve conducted the sale’s prior steps carefully, this final stage should be relatively quick and easy. By the end of it, your restaurant will have a new owner and you’ll have your proceeds.
Selling a Restaurant: Negotiating the Deal
Selling a Restaurant- Negotiating the Deal
In the previous section you screened potential buyers, invited qualified buyers to visit your restaurant, and walked them through the property.
This next section guides you through the process of preparing to sell to a buyer who is seriously interested. In this section, you will:
- Prepare for a common negotiation tactic that buyers use
- Learn a valuable tactic for achieving your desired price
- Acquire all necessary documents that begin formalizing your sale
- Open escrow
Selling a Restaurant: Working with Prospective Buyers
Selling a Restaurant: Working with Prospective Buyers
In part one, you prepared all the documents you needed to begin offering your restaurant for sale. In part two, you wrote an informative ad and began marketing your restaurant.
At this point in the sales process, you should soon begin to receive emails or phone calls from prospective buyers.
In this next section, you will:
- Safeguard your time and energy by screening potential buyers
- Invite qualified, serious buyers to view your restaurant at its best
- Schedule walk-throughs that inspire competition between bidders
- Prepare and rehearse your answer for the toughest question buyers will ask
Once you’ve moved through the steps outlined in this section with a serious prospect, you’ll be ready to begin the actual sales negotiations.
Marketing Your Restaurant for Sale
Marketing Your Restaurant for Sale
Now that you’ve gathered and completed vital documents about your sale, you’re ready to begin advertising your restaurant to potential buyers.
Your restaurant has a unique advantage — at least one — that could make it attractive to prospects. To command the highest possible price for your restaurant, you’ll want to identify its appealing qualities and communicate them to potential buyers.
This section will help you:
- Determine your restaurant’s key selling points
- Set your price, and justify that price to buyers
- Write an ad that attracts attention from serious, qualified prospects
- Make a great first impression with buyers by preparing your restaurant for sale
- Publish your ad on popular, high-traffic websites
By the end of this section, you’ll be ready to begin taking calls or emails from interested prospects.
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