When the time comes to exit your cafe you will need to be surrounded by a number of professionals who can help you transition out of your business. Whilst real estate is quite straightforward, selling a cafe is a bit different. Finding the right buyer for a business can take a fair amount of time and skill.
The most important thing a business owner needs to remember, it takes time to advertise a cafe for sale, and sell. You need to be prepared for the 6-9 months it can take to find the right buyer, perform due diligence, negotiate and reach a settlement. Surrounding yourself with the right people will make this journey easier and put you in the best position when selling.
These Professionals can Take your Cafe from Prepared to Sold.
The best place to start is with your accountant. They will be able to help prepare your financials and give you a financial appraisal of your business worth. Remember an account deals in numbers and financials, they have very little understanding of the current market conditions and what similar businesses are selling for, this is why you need to also have advice from a business broker.
Accountants will help you understand the financial position of your business, how to limit your tax, review your capital gains obligations, prepare financial summaries and more. Some are skilled in the process of selling a business, but generally accountants are focus on your tax obligations and financials. But they are are great starting point when starting to sell your business.
2. Business Broker
Whilst houses have real estate agents, businesses require a different skillset and require business brokers. Understanding business is very important when selling a business. The agent you engage needs to have an understanding of numbers, negotiations, business plans, clientele and so much more.
Business Brokers are the experts at selling businesses. They have the ability to assess your business, provide a valuation, advertise the business for sale, negotiate with buyers and ultimately get your business sale over the line. They do this day in and day out, so they understand the process and what you can expect during the sale. Selecting the right broker is important.
Bsale has a special ‘Find a Business Broker’ section that allows you to look for a specific broker which has the skillset you require to sell your business. Whether its a cafe or a manufacturing business, finding the right broker to assist you is important.
To make everything legal you will need a solicitor. They will be able to prepare the necessary legal documents required during your sale. Documents such as a Non Disclosure Agreement, Heads of Sale Agreement, Contract or Sale and any other documents needed to make your sale are legally binding. Engaging a solicitor is vital during the process.
4. Marketing Platforms
You want to sell you business? Well you need to have it visible on the right platforms who can generate you genuine leads. Websites like Bsale achieve this through having a specialised database of users who are looking for opportunities. These platforms use their traffic, rankings, EDMs and other marketing tactics to deliver leads and enquiries for your business sale. Whether you decide to sell privately or with a business broker – make sure you have the best exposure for your business sale.
5. Business Coaches and Exit Strategist
Deciding when is the best time to sell your cafe can make a big difference to the final sale price. Its important to consult with business coaches and exist strategists to determine when is the best time for your, and how to get your business ready for sale. It could involve a 6 month plan just to get the business ready so you can receive the optimal price. There are specialised cafe and restaurant coaches that can assist you.
The team you surround yourself with can make a massive difference. So, create an epic support team that can help make your business sale a success!Vanessa Lovie – Bsale CEO
Vanessa is the CEO of Bsale Australia which is a leading business for sale website since 2000. Passionate about small businesses and hearing the owners journey, Vanessa is inspired daily by the amazing businesses that have been created in Australia. Buying a business is exciting, we love to guide people in the right direction to find opportunities.