Selling a Restaurant

Probably, the most important purchase or investment you will ever make is to buy your own home. The second most important purchase or investment you are ever likely to make is in your own business. Therefore, when it comes to Selling your Business, you are making a “life affecting” decision.

There are many reasons why operators sell their businesses. Maybe, it is time to retire; maybe the business is performing so poorly that you are unable to meet and pay your expenses; sometimes, it’s a matter of “burn-out” or maybe you wish to move some-where else; possibly your personal relationship has finished; or perhaps you are sick – but whatever the reason, you need to plan an orderly transfer of your business to a new owner.

But, do you realise how much is involved in preparing your business for sale and leading to an eventual successful sale.

Michael Fischer and Associates – Restaurant Broker and Consultantwill assist you through the following steps to, whilst at the same time giving you complete confidentiality:

  • Prepare an exit strategy
  • Write an appraisal on your business – with all relevant information needed for us to get to know your business almost as well as you do. In doing so, we well give you an appraisal of what we believe the market may be prepared to pay for your business in the current economic climate. To do this, you will need to provide us with: All Financial Information for the last 3 complete tax years plus an up to date figure on the current year; a copy of the current lease; a copy of your liquor licence (if appropriate); a copy of the local council Development Application.
  • In the appraisal report we will make recommendations which could assist you in the future sale of your business.
  • You then can assess whether the appraised selling price of your business is what you are looking for. If the answer is yes, and you would like Michael Fischer and Associates to handle the sale of your business, we will enter into an Exclusive Agency Agreement. This is usually for a period of 4 months.
  • Michael Fischer and Associates would then prepare a Memorandum of Information (Business Profile) which gives a synopsis of your business which we will distribute to interested parties. We will only distribute the MOI to interested parties once they have signed a Confidentiality Agreement with us.
  • Marketing:There are many avenues available for us to market your business for sale. Prospective purchasers will only be aware that your business is for sale once it has been announced to the open market. Michael Fischer and Associates will attempt to minimise additional marketing costs involved in advertising your business for sale. However, before you pay for advertising in the general press we will:
    • Speak to clients who have expressed an interest in purchasing a business.
    • Utilise our extensive data base to connect with the Industry and send out a flyer with basic information telling the fundamentals of your business. Your business will be marketed but without its name or address.
    • You will be featured on our web site – again with anonymity.
  • Michael Fischer & Associates will also be able to assist in the transfer of licences whether it is Liquor Licences or Local Council footpath dining permits.
  • During the selling process it is important for us to keep you, the vendor, and the prospective purchaser, fully informed as to the state of all negotiations. As you (the vendor) are our client, we will attempt to work through the entire selling process as quickly as is possible, whilst continuing to maintain your negotiating position and obtain the terms and price that it acceptable to you.
  • Once an agreement has been reached, we will instruct both your solicitor and the solicitor of the purchaser about the terms reached for the sale of your business. Your solicitor needs to draw up the contract needed for the sale and to transfer possession to the new owner.
  • Michael Fischer and Associates will also assist in the negotiations between the purchaser and the landlord for the assignment of the lease or if necessary, thepreparation of a new lease