How to sell your Restaurant or Hotel Business Property effectively
Posted, February 14th, 2015
Think about all the beautiful dining properties, restaurants and resorts you have worked in or been to. You have read about and seen all the great celebrity chefs on TV such as Jamie Oliver, George Calombaris, Neil Perry, Gordon Ramsey, Keith Floyd, Martha Stewart, Julia Child etc. Your on a high when you go to a great restaurant, bar or Hotel. Every-time you walk past a Hilton, Inter-continental, Shangri-La, or other five star Hotel you always have the desire to go in and be inspired by the interior design, the great architecture, the bars, the food outlets, the great cocktails, the quality service, the attention to detail. You cant help yourself. The adrenaline keeps building up. The decision is made. For this reason it is now or never.
Ready to buy your new restaurant or hotel.
You have worked in the tourism and leisure property business industry for many years. Working for other people is no longer a pleasure. Now you are convinced that the time is right. It might be the right time think about making some serious money. Future capital gains down the track can be seen.
The start begins. Its time for some due dilligence. You google ?buy a coffee shop?, ?Buy a hotel property? , ?buy a restaurant? , ?motel for sale? ?resort for sale? etc. Accordingly, you contact several commercial real estate agents and business brokers determined to find that right cafe, function centre, resort, bed-and-breakfast or other food or accommodation industry property or business that fits into your budget.
The more duds you see the more determined you are to make that investment to control your own destiny. You want to be your own business property owner. Being an employee was no longer an option. You want to be your own boss. Then out of the blue the right one turns up. This sounds exciting! Contact is made with the commercial business agent to finalise the deal. Luck seems to be swinging your way. You have finally found it. Contact is made with your solicitor and the process begins.
Restaurant or Hotel Business Plan
Your plan is to really get the operation pumping and then cash in within 2-3 years or so with a high capital gain. Accordingly, you then plan to either move on to something bigger or retire.
The business plan is in order. The dream is to have the best coffee, a great menu, the most funky atmosphere, the most efficient business systems, the most talented employees. You are going to blow out all the competition. Nobody is going to stop you. The hunt is on to find the best interior designer, find the best chef, consult the best wine, food or accommodation consultant. You are now set. Things are really looking good for the grand opening. The customers are coming. You cannot contain your excitement. Pinch yourself ? It is really happening. Things are looking really good. Sales revenue continues to rise.
Then the months roll. Not to mention, your business plan is looking a bit shaky. As a result, your food and staffing costs are beginning to rise. Sales revenue begins to fall. You notice stock is missing. That great business plan has just been derailed. You notice that some of your ?loyal employees? are simply not doing the right thing. You now have to work more hours. Your business partners renewed passion for golf and surfing is starting to get to you. Further, excitement begins to wane.
You need to sell your restaurant or hotel now?
You feel that you are all alone. So that you have now decided that you have had enough. Reality has struck. It is time to sell. You want to get a good price. Are you really ready?
How to sell your Restaurant or Hotel Business Property effectively?
It is time to contact a Tourism & Leisure Commercial Real Estate Business property specialist. Happy to discuss further? Contact Con Tastzidis on 02 9882 2221 for a no obligation confidential chat.