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Other Added - Time to Sell your Restaurant? Some Advice from Restaurant Consultants, Inc.
“Substantial value is created when the client achieves more than they expected. One of the best ways to ensure the client achieves more than they expect is to ask more of them than they expected you to.” —Thomas Leonard, founder of CoachvilleMy translation: don’t be wimpy with your clients!One of the most interesting shifts I’ve seen in my Client Attraction coaching practice and Boot Camps over the last 3 or 4 years is that clients are seeing infinitely better results than at the beginning, when I first started.Yeah, yeah, I thought the same thing you’re thi
As a Career Consultant, I work with clients on all the tools and techniques that are needed to succeed in the job search – including interviewing skills. One thing I have noticed over the years is that candidates often get “trapped” in certain interview questions that are designed to make them say something negative or self-defeating (which generally leads to rejection). Indeed, job-seekers are not even aware of how negative many of their answers sound at interviews! So, I instruct all my clients to “never say anything negative, or anything that could possibly be construed as negative!” Candidates can a
Selling your restaurant requires quality prior planning if you are going to realize the maximum value for the business. This planning is not much different when getting out than when you first got into that business.
What things did you look for when you bought your restaurant? Of course, profit was probably the key consideration, followed by a great location, a niche market, a solid system of operations, and a vision for growth. Aren’t these the same things you need to concentrate on if you are going to market your operation to someone else?
A strong focus on the basics, about twelve months prior to getting out of your operation can take you from where you are at now, to a maximum market value. Let’s look at some of the top areas you may wish to concentrate on right away:
1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, “A business with no profits on paper has no value”, and this statement is close to being very true. You will want to show where your income came from, what you spent on expenses, and what kind of cash flow exists. If you cannot show these numbers, all the profit in the world will not make any difference to a buyer if you cannot prove it.
MOMENTUMThink of a period of time when you were so engrossed in what you were doing, that almost every moment of every day felt productive. When things are going right, energy flows, and action propels us forward. Candice Carpenter in the book Chapters describes this feeling as being in "the zone". When we are operating on momentum it is easy to lose ourselves in our passion.The reality is that no one stays in this kind of high-energy state forever. We transition between periods when we are firing on all cylinders, to times when we aren't as motivated, to times when we feel just plain stuc
What things did you look for when you bought your restaurant? Of course, profit was probably the key consideration, followed by a great location, a niche market, a solid system of operations, and a vision for growth. Aren’t these the same things you need to concentrate on if you are going to market your operation to someone else?
A strong focus on the basics, about twelve months prior to getting out of your operation can take you from where you are at now, to a maximum market value. Let’s look at some of the top areas you may wish to concentrate on right away:
1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, “A business with no profits on paper has no value”, and this statement is close to being very true. You will want to show where your income came from, what you spent on expenses, and what kind of cash flow exists. If you cannot show these numbers, all the profit in the world will not make any difference to a buyer if you cannot prove it
What is focus group?Focus group is basically a group interview that comprises targeted respondents (usually 8 to 10 participants) and a moderator. The purpose of focus group is to gather/obtain opinions and insights on issues of interest to the researcher. The moderator is responsible for leading the discussion in a non-structured and natural manner.Know-It! in dealing with focus groups1. Select or create a suitable-good settingAlways select an environment that doesnt project the "classroom" type of feeling or any uneasy/stressful feeling. Holding a focus group
A strong focus on the basics, about twelve months prior to getting out of your operation can take you from where you are at now, to a maximum market value. Let’s look at some of the top areas you may wish to concentrate on right away:
1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, “A business with no profits on paper has no value”, and this statement is close to being very true. You will want to show where your income came from, what you spent on expenses, and what kind of cash flow exists. If you cannot show these numbers, all the profit in the world will not make any difference to a buyer if you cannot prove it
Many terms of the computer networking fundamentals for small businesses have come from the physical world of transportation. Some examples of such terms are ports, hubs, bridge, switching and routing. However, this simile is not unjustified because networks have same importance regarding the boom of the information era, as the transportation to the industrial era. Both computer networks and transportation system require very sound infrastructure.Computer Networking is connecting the Computers: Most fundamental form of computer networking goes back to connecting any two electronic equipments for
1. Bookkeeping. A clean, organized and understandable set of financials are critical to the sale. A close friend once said, “A business with no profits on paper has no value”, and this statement is close to being very true. You will want to show where your income came from, what you spent on expenses, and what kind of cash flow exists. If you cannot show these numbers, all the profit in the world will not make any difference to a buyer if you cannot prove it
There has been a misconception with a lot of business and salespeople about the importance of the receptionist, secretary, and administrator. A lot of the time they are your 1st contact at a company. Even if it is a workshop, and it is the apprentice, they may be the bosses son or daughter. This person (although a lot of the time is the junior of the company) holds the keys to the important contacts in the company. Not just that, they also can tell you quickly with the right questions, whether or not your product or service will be suitable. Yes you need to talk to the decision maker, however it is of h
2. Profits. You simply must be profitable and there are ways to do it. By concentrating on your highest cost areas such as labor, food and beverage, you can make good headway by making your purchasing more efficient, watching your inventory levels, and what you are charging for your products. Obviously profit generation is a very large topic and worth looking at closely. Have you had an operations analysis done on your business recently? A restaurant consultant can conduct this analysis inexpensively and give you a list of things to work on.
3. Location. This includes making sure you have a lease that is of value to your prospective buyer, or terms on the real estate that will provide enough profit for the buyer at the end of each month. Imagine the interest level of a buyer who finds out that you have only 4 months left on the lease. Hard to get too excited about that, especially when most states require certain minimums on the lease terms if you are selling a liquor-beer-wine operation.
4. Appearance. Just like a home that needs “Street appeal” to get buyer interest, your restaurant
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