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Member You - Time to Sell your Restaurant? Some Advice from Restaurant Consultants, Inc.
Having an upset client is one of the most challenging situations a salesperson can face. How do you exactly temper the anger of a person who obviously is ranting because of something you, your product, or the company failed to make clear or perform?Because the realm of sales is not a walk in the park, there will be times when you will be screamed at, and even hurled obscenities by customers who are dissatisfied. Don't be alarmed. This is a normal situation. And being so, there are ways to rise above them so that you don't break down, too.First, find out what the client is angry about. Is h
5. Legal. If you operate as a corporation, would you consider selling the stock in your corporation to the buyer, allowing you to simply walk away? For some sellers, this option may make sense. Seek the services of a qualified attorney on how best to structure your business for a future sale. While one structure may work for one type of operation, it could spell financial disaster to another. This is a good time to seek professional legal advice.
6. Staffing. If you have been running the operation on your own, doing a lot of the work yourself, are you simply selling a “Job” to the new buyer? Think about what your buyer will be looking for and set up your systems now for maximum value in the near futur
Many home-based business opportunities promise that you will make a six-figure income without doing any work … just bring in three people and watch your money grow… become a millionaire in two years… We have all heard the promises. As jaded as we have become, we are still looking for a business that we can work from home. But we don’t want to have to stock product in our garages, have “home parties” or recruit our friends and families.One home-based business that is truly a profession is grant writing. In fact, grant writers have the best of both worlds. In the business community, they a
Selling your restaurant requires quality prior planning if you are going to realize the maximum value for the business. This planning is not much different when getting out than when you first got into that business.
What things did you look for when you bought your restaurant? Of course, profit was probably the key consideration, followed by a great location, a niche market, a solid system of operations, and a vision for growth. Aren’t these the same things you need to concentrate on if you are going to market your operation to someone else?
A strong focus on the basics, about twelve months prior to getting out of your operation can take you from where you are at now, to a maximum market value. Let’s look at some of the top areas you may wish to concentrate on right away:
1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, “A business with no profits on paper has no value”, and this statement is close to being very true. You will want to show where your income came from, what you spent on expenses, and what kind of cash flow exists. If you cannot show these numbers, all the profit in the world will not make any difference to a buyer if you cannot prove it. A professional accounting firm can give you feedback on how to structure your systems.
2. Profits. You simply must be profitable and there are ways to do it. By concentrating on your highest cost areas such as labor, food and beverage, you can make good headway by making your purchasing more efficient, watching your inventory levels, and what you are charging for your products. Obviously profit generation is a very large topic and worth looking at closely. Have you had an operations analysis done on your business recently? A restaurant consultant can conduct this analysis inexpensively and give you a list of things to work on.
3. Location. This includes making sure you have a lease that is of value to your prospective buyer, or terms on the real estate that will provide enough profit for the buyer at the end of each month. Imagine the interest level of a buyer who finds out that you have only 4 months left on the lease. Hard to get too excited about that, especially when most states require certain minimums on the lease terms if you are selling a liquor-beer-wine operation.
4. Appearance. Just like a home that needs “Street appeal” to get buyer interest, your restaurant is the same way. Fresh paint, neat landscaping, clean windows, an organized office, a clean kitchen…you get the idea. Put a checklist together of what you will get done each month, and by month twelve, you will have completed the list.
5. Legal. If you operate as a corporation, would you consider selling the stock in your corporation to the buyer, allowing you to simply walk away? For some sellers, this option may make sense. Seek the services of a qualified attorney on how best to structure your business for a future sale. While one structure may work for one type of operation, it could spell financial disaster to another. This is a good time to seek professional legal advice.
6. Staffing. If you have been running the operation on your own, doing a lot of the work yourself, are you simply selling a “Job” to the new buyer? Think about what your buyer will be looking for and set up your systems now for maximum value in the near futur
Many organizations end up looking for fundraising ideas because these organizations do not receive all of the money that they need for a great organization. There are some great fundraising ideas available, and many groups come up with new and different ideas that are better than some of those previously used. A group dedicated to making some extra money for their cause should first look at some of the tried and true ideas. These fundraising ideas have worked at least once, and these will probably work again. Most of these ideas are not restricted so these can be used by others.Fundraising ideas
A strong focus on the basics, about twelve months prior to getting out of your operation can take you from where you are at now, to a maximum market value. Let’s look at some of the top areas you may wish to concentrate on right away:
1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, “A business with no profits on paper has no value”, and this statement is close to being very true. You will want to show where your income came from, what you spent on expenses, and what kind of cash flow exists. If you cannot show these numbers, all the profit in the world will not make any difference to a buyer if you cannot prove it. A professional accounting firm can give you feedback on how to structure your systems.
2. Profits. You simply must be profitable and there are ways to do it. By concentrating on your highest cost areas such as labor, food and beverage, you can make good headway by making your purchasing more efficient, watching your inventory levels, and what you are charging for your products. Obviously profit generation is a very large topic and worth looking at closely. Have you had an operations analysis done on your business recently? A restaurant consultant can conduct this analysis inexpensively and give you a list of things to work on.
3. Location. This includes making sure you have a lease that is of value to your prospective buyer, or terms on the real estate that will provide enough profit for the buyer at the end of each month. Imagine the interest level of a buyer who finds out that you have only 4 months left on the lease. Hard to get too excited about that, especially when most states require certain minimums on the lease terms if you are selling a liquor-beer-wine operation.
4. Appearance. Just like a home that needs “Street appeal” to get buyer interest, your restaurant is the same way. Fresh paint, neat landscaping, clean windows, an organized office, a clean kitchen…you get the idea. Put a checklist together of what you will get done each month, and by month twelve, you will have completed the list.
5. Legal. If you operate as a corporation, would you consider selling the stock in your corporation to the buyer, allowing you to simply walk away? For some sellers, this option may make sense. Seek the services of a qualified attorney on how best to structure your business for a future sale. While one structure may work for one type of operation, it could spell financial disaster to another. This is a good time to seek professional legal advice.
6. Staffing. If you have been running the operation on your own, doing a lot of the work yourself, are you simply selling a “Job” to the new buyer? Think about what your buyer will be looking for and set up your systems now for maximum value in the near futur
Here are some press release writing tips to write a good press release. A well written press release will get you a lot of free publicity. However, reporters and journalist receive hundreds of press releases everyday and you need to ensure that you write a good press release to get their attention.Your headline forms the most important part of your press release. You need to ensure that it grabs the attention of the reader. Journalists will not read your press release if the headline does not grab their attention.Make sure that you cover a newsworthy event with enough substance to
2. Profits. You simply must be profitable and there are ways to do it. By concentrating on your highest cost areas such as labor, food and beverage, you can make good headway by making your purchasing more efficient, watching your inventory levels, and what you are charging for your products. Obviously profit generation is a very large topic and worth looking at closely. Have you had an operations analysis done on your business recently? A restaurant consultant can conduct this analysis inexpensively and give you a list of things to work on.
3. Location. This includes making sure you have a lease that is of value to your prospective buyer, or terms on the real estate that will provide enough profit for the buyer at the end of each month. Imagine the interest level of a buyer who finds out that you have only 4 months left on the lease. Hard to get too excited about that, especially when most states require certain minimums on the lease terms if you are selling a liquor-beer-wine operation.
4. Appearance. Just like a home that needs “Street appeal” to get buyer interest, your restaurant is the same way. Fresh paint, neat landscaping, clean windows, an organized office, a clean kitchen…you get the idea. Put a checklist together of what you will get done each month, and by month twelve, you will have completed the list.
5. Legal. If you operate as a corporation, would you consider selling the stock in your corporation to the buyer, allowing you to simply walk away? For some sellers, this option may make sense. Seek the services of a qualified attorney on how best to structure your business for a future sale. While one structure may work for one type of operation, it could spell financial disaster to another. This is a good time to seek professional legal advice.
6. Staffing. If you have been running the operation on your own, doing a lot of the work yourself, are you simply selling a “Job” to the new buyer? Think about what your buyer will be looking for and set up your systems now for maximum value in the near futur
What do creativity managers do?Replace the word management with the word optimisation.That's what creativity managers do: they optimise the quality of the idea pool (creativity) and the implementation process (innovation).There are many methods of optimisation and the creativity leader must be aware of all of them, in other words, he or she must synthesise them for optimal effect.Areas [within creativity] that need managing include motivation, organisational culture, organisational structure, incremental versus radical effects and processes, knowledge mix, group struct
4. Appearance. Just like a home that needs “Street appeal” to get buyer interest, your restaurant is the same way. Fresh paint, neat landscaping, clean windows, an organized office, a clean kitchen…you get the idea. Put a checklist together of what you will get done each month, and by month twelve, you will have completed the list.
5. Legal. If you operate as a corporation, would you consider selling the stock in your corporation to the buyer, allowing you to simply walk away? For some sellers, this option may make sense. Seek the services of a qualified attorney on how best to structure your business for a future sale. While one structure may work for one type of operation, it could spell financial disaster to another. This is a good time to seek professional legal advice.
6. Staffing. If you have been running the operation on your own, doing a lot of the work yourself, are you simply selling a “Job” to the new buyer? Think about what your buyer will be looking for and set up your systems now for maximum value in the near futur
You probably know that a prospect needs to see your business name an average of seven or eight times before they trust you enough to buy. When you consider the high cost of advertising and the lifetime value of a customer, it makes sense to try to recapture your inactive customers (people who have not purchased from you in the last six months to two years).Postcards can be an inexpensive means of accomplishing this goal. However, to make your campaign effective, you need the following: (1) a good list, (2) strong offers,(3)an eye-catching creative, (4) repeated mailings, and (5) measurable resu
5. Legal. If you operate as a corporation, would you consider selling the stock in your corporation to the buyer, allowing you to simply walk away? For some sellers, this option may make sense. Seek the services of a qualified attorney on how best to structure your business for a future sale. While one structure may work for one type of operation, it could spell financial disaster to another. This is a good time to seek professional legal advice.
6. Staffing. If you have been running the operation on your own, doing a lot of the work yourself, are you simply selling a “Job” to the new buyer? Think about what your buyer will be looking for and set up your systems now for maximum value in the near future. You will want to hand over a smooth running, fully staffed, profitable operation to a buyer. Now, what the buyer will do will be anyone’s guess!
So far, we have concentrated on a twelve-month exit plan. What if you need to get out of your restaurant quickly, like thirty or sixty days from now? If your need is that pressing to get out of a business, you will undoubtedly have your reasons for this pressure. An immediate lack of profit, a terminated lease, costly repair problems or something else is triggering this pressure.
You will be hard pressed to realize the maximum price for your business if you are a desperate seller. It makes sense at this time to enlist professional services of a restaurant consultant to walk you through your options, and how you can get the maximum value out of the operation.
Should you simply hand over the business sale to a realtor or broker to sell? Not right away if you want the maximum long-term value. Prior planning, a vision for what type of transaction will best serve your purposes, and consulting advice on how to squeeze every last dollar out of that operation are all critical components of getting your just rewards.
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