You’ve probably heard of the term ‘home staging’ in the residential real estate market, which is strategy used by home sellers and realtors to make a property appealing to sell it faster and get top dollar for it. The same concept can actually apply to your Toronto restaurant for sale.
Selling a restaurant has many similarities to selling a house, one of which is that preparation can spell a huge boost to the price. The difference is while staging a house is an illusion, preparing a business is real. Staging a home can take a few weeks and even days, but staging a business can take years. Nevertheless, you end up with a more valuable business whether you choose to sell it or not. Check out these five ways you can improve your restaurant business now.
Grow your revenue – if your profits decline, this is a big warning sign to buyers. They will want to know why your sales are dropping, and if it’s possible to reverse. With growing revenue, you can convince buyers that your restaurant is worth a second look.
Automate – automate processes and systems as much as possible. An easy workflow sends a message to a prospective buyer that it’s possible for them to run the business even with little to no experience.
Produce a spotless business record – keep tax, income, insurance, permits, and any other document relevant to your business up to date. Organize your records in a way that makes it easy to find what you want. Maintain well-defined leases, contracts, and agreements. Prospective buyers will appreciate if you are able to produce the document they ask for immediately and without a hitch.
Use the right metrics – today’s business technologies allow the easy measure of a wide array of key performance indicators (KPIs) with such speed and accuracy never before seen. Create a set of KPIs that measure the right stuff, and then create a system that lets you generate KPI reports in a timely manner. By building on your metrics, you create an efficient reporting system that identifies the solutions that need to be implemented.
Need help preparing your Toronto restaurant for sale and make it the most attractive it can be to prospective buyers? Contact Toronto Restaurant Brokers to receive all the help you may need.
(Staging your business for sale, KPMG.com)