Selling a Restaurant: Preparing for the Sale
Selling a restaurant is similar to cooking: For the best results, follow a proven recipe.
The French phrase mise en place, “Putting everything in its place,” is just as relevant when selling a restaurant as it is in your kitchen. Careful preparation and order are key to a smooth transaction.
In this first stage of the sales process, you’ll:
- Complete a Seller’s Disclosure Statement
- List your assets
- Review your lease for important clauses that could impact your sale
- Gather and prepare all vital documents
- Establish a confidential way for buyers to contact you
This is the most time-intensive part of selling a restaurant, but following these steps now will save you a lot of time later. By the end of this section, you’ll have your documents prepared and you’ll be ready to begin the search for a buyer.