American’s love Mexican food. From burritos and tacos to quesadillas and enchiladas, authentic Mexican restaurants are no longer just found in big cities like Los Angeles and New York City. In 2019 alone, the Mexican Restaurant industry in the United States generated $60 billion in revenue. After experiencing a 4.8 percent increase in growth from 2014 to 2019, now may be an opportune time to sell your restaurant. Be sure to check off these five things as you’re selling your Mexican restaurant.
Whether you’re selling your restaurant to pursue other business opportunities or to retire happily, the process can be overwhelming. Before you list your Mexican restaurant for sale, follow these simple steps to receive top dollar in your business transaction.
No matter where you find yourself in the selling process, every business owner should have a solid exit strategy in place. The right approach is dependent upon the size and goals of you and your company. Some key aspects to outline include when you plan to leave the business, whether or not you’re willing to stay on as an advisor, if your current employees will stay with the company, and how the transfer of ownership will take place.
Exit strategies are designed to keep you on track to achieve your timeline and goals. Following your plan will ensure a smooth and profitable transaction.
A profitable Mexican restaurant will be more attractive to buyers entering the restaurant business. There are countless ways your established Mexican restaurant can increase revenue before its sale. Whether your real estate is in a great location or not, high quality and quick service are sure to make a lasting impression on patrons.
As consumers continue to push for healthy options, consider incorporating health-conscious appetizers and entrees into your menu. Offering house-made tortillas and guacamole can set you apart and encourage customers to come back for more. If you have your liquor license, tequila and margarita happy hour specials are sure to make your Mexican grill more enticing to customers.
As the current owner, you’ll need to begin focusing on organizing your books. Interested Mexican restaurant buyers will want to review cash flow, balance sheets, income statements, and your book of business. Consider hiring a lawyer to assist in working through all the paperwork.
Establishing an accurate price of your Mexican restaurant is arguably the most crucial step in the selling process. There are numerous advantages to acquiring a professional valuation. You’ll be able to stand firm in your asking price during negotiations.
The final step in the selling process is putting your business on the market. To alleviate the stress of this last step, consider hiring a business broker. By enlisting the help of a business broker, you can focus on the day-to-day operations of your restaurant while the broker markets the sale to a pool of qualified buyers.
With these five steps, your business is sure to stand out from other Mexican restaurants for sale in the area. If you’re considering selling your Mexican restaurant, get in touch with your local Sunbelt Business Brokers office. Our experienced brokers will professionally market your business and ensure your hard work pays off.