Selling My Restaurant Business - Largigi

[lawrenceg]

Hello Everyone,

I hope this message finds you well.

I've come to a point where I'm considering the sale of my beloved restaurant, located along Lyme Regis' scenic seafront in Dorset. The restaurant, affectionately known as Largigi, has been an integral part of the community for the past 14 years.

As I contemplate retirement and the next chapter in my life, I'm seeking advice and assistance. The restaurant has been appraised at a valuation of £1 million, and I'm eager to find a suitable and efficient method for its sale. I recently noticed that a small ice cream stall just a few doors down managed to fetch £500,000 in a sale, which has piqued my interest in exploring potential options, including auctions, while also being mindful of minimizing commission fees.

I'm reaching out to this community in the hopes of gathering suggestions and recommendations on how to connect directly with individuals or groups who are interested in acquiring well-established hospitality businesses. If you have any insights or advice, particularly if it doesn't involve a traditional broker, I would be immensely grateful.

Thank you in advance for your assistance, and I look forward to your guidance.

 

[Ozzy]

I'm reaching out to this community in the hopes of gathering suggestions and recommendations on how to connect directly with individuals or groups who are interested in acquiring well-established hospitality businesses. If you have any insights or advice, particularly if it doesn't involve a traditional broker, I would be immensely grateful.

Just picking up on this comment where you're asking for suggestions or recommendations, I'd honestly say don't do that. Personally I like to have a broker/boutique advisory firm between me and the buyer having done it a few times now. My advice is seek out a specialist firm with experience in the sector as they'll know who to connect you with.

Not everyone agrees with me though and there are many other differing opinions, and worth a read is some advice on this guys site: http://ukbusinessbrokers.com/#fsbo

 

[Lisa Thomas]

Best to use an agent to sell, especially for something this size.

 

[Mark T Jones]

I'm 100% with @Ozzy And @Lisa Thomas on this.

Your challenge in selling won't be finding 'interested parties' - they will be queueing around the block. Unfortunately most will be dreamers and nutters who have no chance of raising the money needed - some will lead you a long way down the path before admitting it.

On the other hand, there are a lot of mediocre or plain dodgy brokers out there too.A good way to filter is to pay close attention to the questions they ask and how they manage your expectations. In a nutshell, if they tell you what you want to hear, be wary! (Same if they 'value' at top dollar)

@KeithGreen on here talks a lot of sense on the matter

 

[The Resolver]

Acquisitive restaurant groups can be searched for quite easily on business media sites. As to private buyers then the benefit of using brokers (apart from @Ozzy 's point about they being a useful barrier between you and interested parties) is that they are the people that private buyers go to so is a better way to attract offers.. As to the agreeing on the price,you might consider www.MySmartNegotiator.com
(My interest declared!)

 

[Lisa Thomas]

Agents will also have a database of interested parties, too.

 

[MikeJ]

Try to find the guy that sold the ice cream place. See how they did it.