Over the last several years, food trucks have risen in popularity throughout the country. With over 23,000 businesses, it’s not only common to spot them in large cities, like New York and L.A. After seeing a 6.8 percent increase in industry growth over the last five years, now may be a great time to exit out of this expanding market for top dollar. If you’re thinking about selling a food truck, make sure you’re prepared with the right tips and suggestions.
Whether your food truck sells traditional menu items, such as hot dogs and ice cream or more specialty cuisine, the selling process is relatively similar and straightforward. Take the following five steps into consideration as you begin to prep your business for sale.
Before you do anything, it’s crucial to create an exit strategy well in advance. No matter what type of food truck business you own, prospective buyers will more than likely want to envision how the operation will run without you in the picture. Consider the following questions:
While there may be more points to address initially, these questions will assist you in getting started. Plus, answering them ahead of time can help bring any unforeseen issues to the surface and address them promptly.
When it comes time to buy a food truck, assume that serious food business buyers will weigh their options carefully. With that said, there’s a lot you can do to make sure your business stands out. To start, look for any areas on your food truck that could use an upgrade or repair. Also, try brainstorming ways you can improve sales and reach more customers, such as:
Next, you’ll want to start preparing your business paperwork for interested food truck buyers. Ensure important financial documents, such as returns, cash flows, income statements, and balance sheets, are in order and ready for review. If you need assistance or have questions, consider getting in touch with a local accountant or business adviser. With proper planning, you’ll be much more prepared and ready to take on potential buyers’ questions.
After getting your necessary documents in order, it’s time to determine your mobile food truck’s value. Although there are several ways to go about valuing food industry businesses, we highly recommend hiring a third-party appraiser. With the help of a professional broker or CPA, you’ll offer a more accurate asking price with less room for negotiation.
Finally, after all the above preparations are accounted for in your business plan, and you’ve settled on a firm sales price, you’re ready to list your food truck for sale. While you can do this yourself, it may be in your best interest to enlist in the help of a qualified business broker. With their guidance, you’ll gain more connections to serious buyers. Plus, as a small business owner, you’ll have more time to focus on day-to-day operations and keep your food trailer running well.
Are you set on listing your mobile food business for sale? Consider partnering with Sunbelt Business Brokers. With decades of experience, our brokers know how to market restaurant businesses to the right pool of buyers for the best price possible. Get in touch with your nearest Sunbelt office to get started today!