With new restaurants failing at alarming rates, many people are looking for ideas and ways to keep their new business venture going for a long time. This blog offers three foundational business practices in order to help a person have the right tools in order to give them the best chance at success.

Key Takeaways:

• A skilled restaurant broker with a deep understanding of financial statement analysis is just as important as the books and records. A broker will dig into the financials and recast them to determine the owner’s discretionary income and then apply the appropriate multiple to the owner’s discretionary income.
• Be sure to turn the kitchen into a clean, organized, well-oiled facility. Finally, spiff up the dining and bar area by adding flair and class to it. Property stagers can help you do a makeover at a reasonable price. Find one in your area.
• Preparing a thorough valuation analysis Reviewing the lease to understand the potential pitfalls in transferring it.Researching the restaurant’s history to understand its strengths and weaknesses.

“Having good books and records spells the difference between selling your restaurant fast and for top dollar and having it sit on the market for months and never selling at all.”

http://restaurant-hospitality.com/finance/3-steps-get-ready-sale