When the time comes to sell your restaurant, there are a lot of things you’ll need to consider. Just like opening a business, selling successfully requires careful preparation. By optimizing your restaurant for the market ahead of listing, you can attract better buyers and offers. 

While this isn’t a complete list, here are a few key items you shouldn’t skip out on when preparing your restaurant for sale.  

Looking for a crash course on selling your business? Start here. 

Work With A Hospitality Agent

A great place to start when selling your restaurant is working with a real estate agent who specializes in the hospitality sector. They’ll have unique industry expertise and can help guide you through the preparation, listing and closing processes. They’ll also utilize strategic insights and industry connections to ensure you find the right buyer for your business. 

Do A Deep Clean

When your restaurant enters the market, it’s essential that it looks its best. As part of your preparation, start with a deep clean and declutter. Buyers will have an eye for detail so you’ll want to be thorough with this process. Clean your restaurant top to bottom and front to back. Hiring professional cleaners can make this process more efficient. 

You may also want to remove dated furnishings that could be preventing your restaurant from staging well. If you’re unsure about which elements may be hindering your property value, ask your agent. They can help you determine which pieces to swap out or remove. 

After you’ve cleaned and decluttered the space, ensure it stays clean throughout the selling process. 

Maximize Curb Appeal 

First impressions matter. Just like your customers, potential buyers have no problem judging a book by its cover. So, once you’ve tidied up the inside of your restaurant, it’s time to optimize your exterior. 

Like the interior of your restaurant, small details really matter when it comes to your facade and outdoor space. If you have landscaping on your property, ensure it’s well-groomed and maintained. Glass doors and windows should be cleaned regularly.  

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Looking for more restaurant owner resources? Check out these posts on our blog. 

• How to Promote Your New Restaurant Before it Opens
• What Franchisees Should Know About Pricing and Inflation
• A Beginner’s Guide to Buying Commercial Real Estate

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Take Stock Of Equipment

A restaurant is more than just its dining room. As most buyers will be looking for a back of house that is turn-key, creating an organized list of equipment before you enter the market can make the selling process smoother overall.

Not only will this offer potential buyers a complete picture of what’s included but it can also be a tangible way to increase your restaurant’s value. Start with major items like refrigerators, freezers and ovens, then make your way down to smaller appliances and supplies. Be sure to include the make and model of each item. 

Capture Great Visuals

In 2022, most buyers will first discover your restaurant listing online. Therefore, capturing high-quality visuals of your restaurant is an essential part of the marketing process. While you may be tempted to simply use your phone camera, getting the best possible results requires working with a professional.  

If you’re unsure of where to find the best photographer for the job, ask your hospitality agent. They’ll have local industry connections and can put you in touch with someone who will make your restaurant shine online and wherever else it may be listed.  

Ready to find the perfect space for your next restaurant venture? Explore our current listings here. 

Price Strategically

Just like a home, how you price your restaurant will have a big impact on how it sells. As buyers will have other inventory to choose from, pricing your restaurant strategically will play a key role in the marketing process.  If your price is too high, you may lose out on interested buyers. 

When deciding on a listing price for your restaurant, there are a handful of factors you should consider. For instance, existing profitably, neighbourhood trends and included assets are all essential elements of pricing. Once again, your hospitality agent can help you navigate this process.

Be Mindful Of Confidentiality 

While selling your restaurant can be exciting, it’s important to be mindful of confidentiality during the early stages of your sale. Announcing your plans to sell prematurely could upset your staff or customers and cause undue stress. It could also have a negative impact on your bottom line. 

Your hospitality agent can help you determine the best time to share the news with your staff and community. 

Looking for expert support to guide to you through the sale of your restaurant? We’ve got you covered. Let’s chat.