Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: http://www.epageflip.net/i/1462311
WWW.UPANDCOMINGWEEKLY.COM MARCH 23 -29, 2022 UCW 19 If you've been following the news over the last few years, you know that business sales are up—way up—for certain industries, including restau- rants. And if you're like many restau- rant owners, you've been thinking about selling your business, too. It's easy to see why. Record-setting sales (both in terms of speed and profit) in 2021 proved restaurants are in high demand. Now is a great time to realize your hard work, make your exit and leave your business in some- one else's capable hands. Why is food service so popular now? Restaurants (including cafes, bars and sit-down eateries) were one of the most-sold businesses of 2021. Why? Because they were overwhelmingly popular in the wake of pandemic closures. Statewide and local safety measures stopped consumers from eating in restaurants. When COVID-19 restric- tions lifted and consumers returned to their everyday lives, they wanted to eat out again. Socializing over a meal had historically been taken for granted — but now that Americans are back in the office and back at school, they want the small luxury of eating out. is also means that while demand is high now, it may not last much longer. Food Service Industry Trajectory So, if we're unsure how much longer this demand for foodservice sector businesses will last, what do we know? And what can we extrapolate from that information as we plan the next steps? For one thing, we know that res- taurants sold in 2021 were sold more quickly and for higher prices than in recent years. ough businesses in the service sector saw the highest demand (37%), restaurants were the next most popular (26%). Some experts don't expect to see these numbers fall anytime soon. "Opportunities with strong earnings continue to attract those who are opt- ing out of traditional career paths and moving to ownership. Restaurants in certain parts of the country, less 'locked down states', have attracted incredible interest," explains Robin Gagnon, We Sell Restaurants broker- age. Shifting attitudes about employ- ment and labor may contribute to de- mand for restaurants. Independent- minded entrepreneurs and investors are likely to continue searching for new opportunities as long as these attitudes remain in vogue. Steps to Selling Your Restaurant If selling is on your mind, you're not alone. ousands of restaurant owners have already made their exits with cash in hand; they've moved on to well-earned retirements, new busi- ness ventures, and even investment opportunities. You could be next. Step 1: Retain an advisor. An expe- rienced professional could mean the difference between a lost opportunity and the best possible deal. Step 2: Keep running your business. Potential buyers want to purchase a business that's profitable and or- ganized. According to BizBuySell's Small Business Survey, "60% of buyers indicated profitability and strong financials as a purchase requirement, followed by trained and skilled em- ployees (37%), great location owned (38%) and great location leased (36%)." Step 3: Take steps to mitigate rising costs. As a result of the supply chain shortage, food and labor costs have thrown wrenches in many restaura- teurs' plans for a simple, swift exit. Be sure to keep an eye on your industry's most critical expenses as you prepare to sell. You might even consider im- plementing automation on some level (like tableside checkout machines or similar labor-saving devices). is could be a delicious opportu- nity to sell your business and enjoy the fruits of your work. Even if you're just in the consider- ation stage, there's no reason not to have your business valued and find out what you stand to gain. What you need to know when selling a restaurant in 2022 by THOMAS KELSEY BUSINESS & FINANCE THOMAS KELSEY, Transworld Business Advisors of Fayetteville. Comments? tkelsey@tworld.com Westwood Shopping Center & Fort Bragg Steve & Debbie Milburn, Owners We Specialize in: ANYTHING! We Print, Pack & Ship! • Acrylic Photos • Photo Stickers • Magnets • Custom Puzzles • Signs • Banners • Business Cards • Digital & Wide Format Printing • Notary Services • Mailbox Solutions • UPS/USPS • Packaging Material/ Supplies • Military/AAA/AARP discounts • AND MUCH MORE! Print/Sign Shop The UPS Store Picture Perfect Gifts Made for Mom IN STORE! Delivering Gifts of Appreciation to Moms Everywhere! L O C A L V E T E R A N O W N E D B U S I N E S S Westwood: 439 Westwood Shopping Center 910.860.1220 | theupsstorelocal.com/2974 Fort Bragg: Fort Bragg Mini-Mall 910.436.7877 | theupsstorelocal.com/4787