Starting your own business is a complicated process, but the legwork involved pales in comparison when it comes to selling it to another business owner. Most people think that selling a business requires nothing more than getting someone who can pay you the price that you want, but that is not always the case.
This is especially true if you want to sell a property like a motel. Keep the following tips in mind:
Get all your documents in place.
This means having your financial records ready, have a draft of the contract that would cover the sale of your business, and have all your licences and business permits on hand. In most cases, prospective clients look for these documents to have an idea about the profitability of your business.
Coordinate with your accountant.
Make sure that you run your financial report with your accountant. While you’re at it, make sure as well that you have all your financial data for the last five years. Depending on what kind of motel you have, a year’s worth of financial records may be inadequate; you may have to check with your lawyer if the stipulations in your contract are correct.
For owners without an accountant or a lawyer yet, find one with enough experience when it comes to buying and selling motels and associated properties.
Pretty up your business.
A motel for sale QLD buyers want is clean and appealing. This means going out of your way to clean the property, and renovate it if possible to make it as appealing as possible. Generally, prospective buyers insist on viewing your hotel in person. This gives them a firm grasp of what your business is worth.
Aside from the setup of your motel, buyers also check the kind of neighbourhood in the vicinity, as well as the current rental rate within the area.
Selling motels are never easy, because it depends on many variables. Still, the best way is to find the factors that you have control of, and then deal with them the best way that you can.