Preparing Your Business for Sale with Robin Gagnon of We Sell Restaurants

https://restauranttopia.com/episode-154-preparing-your-business-for-sale-with-robin-gagnon-of-we-sell-restaurants/ 

 

Welcome to another exciting episode of Restauranttopia! In today's episode, we dive deep into a topic that every restaurateur should be well-acquainted with: Preparing your restaurant for sale. We're privileged to have Robin Gagnon, co-founder of "We Sell Restaurants", with us to demystify the process. Whether you're contemplating selling or merely want to be ready for the future, this episode is a goldmine of insights.

 

Key Takeaways:

1. What is an Exit Strategy?
   • Robin defines an exit strategy as a planned approach to transitioning out of your business, either through selling, merging, or closing down. Having a strategy in place ensures you get the best possible outcome when you decide it's time to step back.
2. When to Start Preparing?
   • Robin's advice? Start now. It's never too early to have a plan. The sooner you begin preparations, the more control you have over the sale conditions, maximizing the potential value of your restaurant.
3. Understanding Restaurant Valuation
   • A restaurant's value isn't just about its current revenue. Robin delves into the multiple factors that influence a restaurant's worth, including location, brand reputation, customer loyalty, and more.
   • Tools and metrics used in the valuation process to provide a clear picture of what your business is worth on the market.
4. The Process of Listing and Selling
   • From choosing the right time to list your restaurant to negotiating the final deal, Robin breaks down the steps involved.
   • Tips on presenting your restaurant in the best light to attract potential buyers.
   • Understanding the role of brokers and how they can ease the selling process.
5. Critical Record Keeping Requirements
   • Just like in any other business, keeping detailed and accurate records is essential. Robin highlights the kinds of records prospective buyers are most interested in and why.
   • The importance of maintaining organized financial statements, licenses, lease agreements, employee contracts, and other pertinent documents.

 

Closing Thoughts

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