How to Sell a Banquet Hall for Top Dollar

Being a business owner isn’t easy. Long days, endless tasks, and limited time off can take its toll on even the hardest of workers. Now, you’re finally ready to sell your banquet hall and let all that hard work pay off. Regardless of why you’re selling your banquet hall– whether it’s because of industry burnout, financial reasons, or retirement– the whole procedure can become rather complicated. But, multiple components can guarantee a successful sale. The following steps from Sunbelt Business Brokers will tell you how to sell a banquet hall for the best price possible.

Steps to Sell a Banquet Hall

Meeting Professionals International reports that 18 million events are organized in the United States. annually, generating $280 billion in spending. The U.S. Bureau of Labor predicts a 10% job growth rate for the events industry through 2024, while the industry-wide average is 7%. These numbers bode well for owners who are looking to sell a banquet hall in the near future.

Here’s how to sell your banquet hall business for top dollar and in optimal time:

1. Establish an Exit Strategy

First thing’s first when it comes to selling your banquet hall: develop an exit strategy. This plan will detail how you will leave the small business while ensuring that the banquet hall will continue to thrive without you in command. When in the exit strategy planning process, consider the following questions:

• Are you making your exit immediately or after a predetermined time?
• Must you rely on the sale of your banquet hall to provide for your retirement plans?
• Will the sale include retaining current employees? Does paperwork need to be drawn up to ensure job security when new ownership arrives?
• How will the transfer of ownership take place?
• Will you sell the real estate in addition to the business?

Failing to address these questions adequately when planning your exit strategy could complicate, or worse yet, terminate the sale of your banquet business.

2. Organize Your Paperwork

Another important step when planning to sell an event center is getting your books in order. Work with an accountant or lawyer to help you organize all legal documents potential buyers will request, including, tax statements, product inventory, client/vendor contracts, and more.

3. Get a Valuation for Your Banquet Hall

Next, you’ll want to get a formal business valuation from a third-party to determine how much your event venue is worth. As a business owner, the emotional attachment you have for your business can sometimes distort your judgment in what constitutes a fair asking price. Receiving a proper business valuation, calculated by an unbiased intermediary, is the best way to determine your asking price.

4. Address & Improve Weaknesses

Before listing your banquet hall for sale, be sure that the business is in its best possible shape. Determine which aspects of your business–daily operations, marketing strategy, pricing, facility, etc.,– that you could improve on. Create an action plan to address and improve these weaknesses prior to listing.

Another way to attract those interested in purchasing a banquet hall is to improve your business by diversifying your clientele base. With a robust clientele list comes stronger sales, which will be attractive to buyers. Identify untapped markets in your industry– such as space for holiday parties, corporate events, conferences, business meetings, family reunions, or weddings– and brainstorm ways your business could appeal to them.

5. List Your Banquet Hall for Sale or Hire a Broker

Lastly, you’ll need to list your banquet hall for sale to start receiving offers. If you plan on marketing the sale yourself, consider listing websites or paid online advertising.

You could also simplify the listing process by hiring a business broker. Professional brokers have industry experience, vast databases, and marketing programs designed to generate buyer inquiries. Business brokers can take care of the dirty work during the selling process, while you handle daily banquet hall operations.

Ready to list your banquet hall for sale? Consider working with Sunbelt Business Brokers. Sunbelt’s accredited brokers follow a structured methodology that is designed to bring offers to the table while maintaining confidentiality and minimizing business interruption. Depend on Sunbelt Business Brokers to sell your banquet hall for top dollar and in a timely fashion. If you’re ready to sell your banquet hall, contact a Sunbelt office near you today!