There’s no question that Chinese cuisine is popular throughout the United States. From family-run dine-ins to quick service takeouts, you can find delicious Chinese food options in nearly every community. As the popularity of ethnic dishes continues to hold steady, it may be a good time to cash-in and list your Chinese restaurant for sale. Continue reading as we break down the essentials for selling your Chinese restaurant.
Selling a restaurant can be an overwhelming task for even the most established business owner. Whether you’re retiring or moving on to another business venture, carefully prepare yourself and your business with these five recommended steps.
Before listing your business for sale, start by determining how you plan on leaving the restaurant. Your goals and restaurant size will directly tie into your exit strategy.
Ask yourself the following questions:
Answering these questions helps your potential buyers get a better understanding of how the business will operate without you. Additionally, it keeps you on track as you set clear expectations.
As a small business owner, your next step involves getting your documents ready and organized. Prospective Chinese restaurant buyers will likely review cash flows, income statements, balance sheets, lease terms, and more. If you need assistance, consider hiring a professional, such as a lawyer or a certified accountant.
Before listing your Chinese restaurant business for sale, make sure it’s in tip-top shape and operating at its full potential. A well-kept Chinese style restaurant easily stands out among buyers as a turnkey sale. As the owner/operator, you should repair any existing damages and renovate the building if possible. Above all, you’ll want to minimize the amount of time and effort the new restaurant business owner needs to put into the property.
As food business owners compete for more clientele and foot traffic, consider expanding your menu. Offering dim sum China cuisine and homemade sauces can set you apart from competitors and give your customers something to remember. If you don’t already, apply for your liquor license or wine license. A diverse drink menu targets more customers and can lead to higher sales.
Gauging an accurate value of your Chinese restaurant is a critical step in the selling process. If your restaurant is a family-run business, it’s natural to overestimate the value. Thus, getting a formal valuation is necessary in some cases. Hiring an accountant or a professional business broker is your best option for determining a fair asking price.
Finally, you’ll need to list your Chinese food restaurant for sale. Although it’s possible to set up your own listing, the easiest method involves hiring a broker. A professional broker has the knowledge and experience to market your restaurant to qualified buyers while you focus on focus on managing the day-to-day operations.
If you’re thinking about listing your Chinese restaurant for sale, get in touch with your local Sunbelt Business Brokers office. We have years of experience connecting qualified buyers with sellers. Our knowledgeable staff will work hard to market your business for the best price possible!