Personal Thoughts and Comments: Some sellers of restaurants are not forthcoming!
Posted by estiator at 27 March, at 22 : 51 PM Print
In many instances one can’t explain the behavior of some people and can’t find any justification for specific outcomes. But let’s explain. If you own a restaurant business there is a good possibility that you may want to sell it. Like many restaurant owners, you decide to hire a person who has experience in selling restaurants, for a commission based on the sale price. When one works on commission, the sale must occur for that person to get paid. If no sale occurs, there is no commission and all efforts and expenses incurred by that person will not be recovered; that means if a person is not successful in selling your restaurant, that person loses money and time.
When a person works on commission, that person knows that he has 6 months or a year to find a qualified person to buy your restaurant. In order to locate that person, there is a need for: marketing expenses, time spent in that person’s office meeting prospects and time spent at the restaurant itself during showing times.
We have observed that some sellers of restaurants, in the middle of efforts to locate a qualified buyer, come up with excuses to avoid selling their restaurant. They do so with a cavalier attitude toward any consequences of their action and impact on others. For example: The person trying to sell the restaurant spent time and money to locate the buyer and all of a sudden the place is no longer available; the prospect wonders if the person trying to sell the restaurant knows what he/she is doing. That means, in addition to the monetary loss, the person who is trying to sell the restaurant suffers a reputation injury as well.
In closing, if you decide to sell your restaurant make sure that you have examined all consequences and determined that is the best option for you. If you are not sure, please do not ask anyone for help to sell your business; chances are that you will not complete the transaction and there is a good possibility that some will get disappointed. And most importantly, it shows that you disregard other people’s time.
Should you wish to share news about your business with others, we are encouraging you to do so; please do not hesitate to call or e-mail: Peter J Poulopoulos, MBA Managing Real Estate Broker Licensed in Illinois, Indiana, Wisconsin REALPOUL REALTY “Commerce with Morality™” 2731 W Touhy Ave Chicago, IL 60645 Phone: 773 743-2100 E-mail: peterjp@realpoul.com visit us at: www.realpoul.com
