If you’ve been thinking about selling your restaurant or bar, you’re not alone. Chances are, your primary motivation falls into one of the Top 5 Reasons below:
ILLNESS OR DEATH IN THE FAMILY
This is by far the most common reason to sell a restaurant and it is, sadly, a very unhappy one! Ill health (either our own or that of our loved ones) has a sobering effect on us. We tend to immediately realign our priorities.
DESIRE TO CASH OUT
When most of our personal wealth is tied up in our business, the prospect of a sale offers an opportunity to convert our holdings into cash, diversify our investments and enjoy our newly liquid resources.
There are tremendous rewards in the ownership of a restaurant. Unfortunately, personal stresses can accumulate over a long period of time. The list of stressors is extensive: difficult employees, theft, tight deadlines, making payroll, personal financial guarantees, taxes, complying with health inspections, reinventing your restaurant concept. There is a point where the stress hits OVERLOAD, we feel saturated and need to sell!
Although many entrepreneurs never consider this possibility, the inevitable problem of age emerges. The secret is to find the optimal timing so that the sale happens at a time of our choosing.
After living on the edge for years, many entrepreneurs simply burn out and look to forward to reducing the incessant pressure. They choose to pursue other interests that challenge their knowledge, skills and ability. Selling their restaurant can pave the way to new professional and personal opportunities