Whether it’s deep dish, pepperoni, or Chicago-style pizza, Americans frequently purchase takeout or dine-in at local pizza franchises and shops. As we continue eating out more, consumer spending is estimated to increase by 2.9% annually. With the popularity of quick-service food options and online carryout, now may be an ideal time to list your pizza business for sale. Take advantage of this great opportunity and avoid potential mishaps with this business owners’ guide from Sunbelt Business Brokers on selling your pizzeria.
Eventually, every business owner will exit their operation. The sooner that you begin to prepare your exit, the smoother the process. Before you list your pizza business for sale, address these five considerations.
When the time approaches for selling, you should prioritize developing a robust exit strategy. Doing so will help keep you on task and outline the fine details along the way. A thought-out strategy should consider the following points:
Once an appropriate exit strategy is in place, start preparing your business paperwork for interested pizzeria buyers. Expect earnest buyers to review everything from your tax statements and lease agreements to cash flow records. Above all, they will want to evaluate any red flags and validate their investment. To better prepare, consider getting professional help from a lawyer or a certified accountant.
Before listing your pizza parlor for sale, ensure your restaurant and operations are up to par. As a small business owner, set aside some time for spotting internal and external building damages and make any necessary repairs. Additionally, take a close look at your current business procedures and identify any missed opportunities for growth and improvement, such as:
Although these suggestions take time to implement, they can go a long way to making your pizzeria more attractive to a potential buyer. Consider which amenities or features your customers value the most, and work to expand your customer base throughout the listing process.
As a pizzeria owner, it’s natural to have a bit of bias when it comes to determining your asking price. Understandably, you have emotional attachments to your business, but valuing a business’ worth takes knowledge and clear calculations. Hiring a business broker alleviates this issue. A professional can calculate your pizzeria’s actual worth and determine a fair asking price.
Once you’re ready to list your pizza restaurant for sale, you’ll need to determine the best way to get the word out. While you can list the business yourself, working with a professional can alleviate stress. Selling a business is time-consuming and, by outsourcing the process, you can stay focused on making sure your business continues to run smoothly.
For expert help selling your business, consider reaching out to the business brokers at Sunbelt. We effectively connect businesses to interested parties within our professional network. To get started, contact your nearest Sunbelt Business Brokers office.