Hospitality Business Broker

Extract from:

21 (honest & frank) Tips for Presenting your Business to Maximize the Selling Price:

Professionalism and Presentation

Tip 19: Protect your Confidential Information.

Don’t give your confidential business information away to just anyone. Decide what is appropriate to share and when to share it.

Your Business Broker will have a Confidentiality Agreement and will make sure it is used to protect your business.

If you’re not using a Business Broker make sure you get a Confidentiality Agreement from your solicitor and get it signed by anyone who asks for information.

If someone won’t sign don’t give them anything – they’re not a real buyer.

Steve Swann is a Specialist Hospitality Business Broker working with cafe, restaurant, bar and country pub Owners in the lower North Island.

This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 New Zealand License

Extract from:

21 (honest & frank) Tips for Presenting your Business to Maximize the Selling Price:

Unlocking hidden assets – Your Landlord

Tip 14: Get your Land Lord on side early.

If you lease the premise where your business operates talk to your land lord early. Let them know that you’re thinking of selling.
If possible try and get a new lease in place before you go to market. If you can’t, make sure that any outstanding issues with the Land Lord are dealt with. This includes any outstanding maintenance or insurance issues.
The last thing you need when you have a buyer ready to sign a contract is a problem with the premises.
If you own the building and you’re only selling the business, get a formal lease in place early. This will allow you to demonstrate that the business can afford the lease.

Steve Swann is a Specialist Hospitality Business Broker working with cafe, restaurant, bar and country pub Owners in the lower North Island.

This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 New Zealand License

Many people have a dream to own their own business. For many, a cafe can be a great place to get their start in business. Here’s some reasons why:

1. There’s a modest cost of entry meaning it’s often an affordable business to buy.
2. Cafes have good cash flows. To manage the cashflow properly its important to have or learn good management practices such as monitoring costs and profitability.
3. Many cafes have low staffing levels. This means that it can be great to get members of the family involved in your Business.
4. The public gives immediate feedback on the products and services you provided. This means you can find out quickly if the things you are doing work, or need improvement.
5. Some expenses that were previously personal could be covered by the business.

If you’re interested in a Cafe business here’s four that you could look at:

1. Warren’s Cafe and Bakery (Hastings): This business represents a sound foundation where a skilled Baker or smart operator could build a lasting and profitable future for themselves.
2. Red Eye Cafe (Wanganui): This is a good opportunity for a capable operator or working couple to build on the reputation established by the current owners. There is scope to extend the opening hours and seating capacity to add additional revenue. The Music theme could be developed further by displaying additional memorabilia and hosting music groups and clubs.
3. Espresso Cafe (Wanganui): The owners of this business have enjoyed their time in this Cafe. They have a regular clientele, and it provides a modest income. It’s now time for someone else to inject their personality and ideas into this business.
4. Espresso Garden Cafe (Hastings): This is an excellent opportunity to secure (at a very reasonable price) a profitable small business. The fit out and chattels are excellent, there’s a consistent source of customers, and the location and environment are very agreeable.

Contact Specialist Hospitality Business Brokers at Tourism Properties about these great cafes for sale.

Steve Swann: steve@tourismproperties.com or ph 021 2787195 or 06 8420510

An Unhappy Customer Used to Tell 3 Others – Now They Tell 3 Million

here’s an excerpt from an eHotelier.com article.

The role of user-generated reviews is exploding. TripAdvisor(TM) attracts nearly 30 million monthly visitors and 88% of these visitors are influenced by content they read. Word-of-mouth adds a layer of credibility and is more effective than other more formal forms of promotion.

Why is this important? Because with an increasing number of user-generated reviews and people reading and acting on them, the impact of guest satisfaction and dissatisfaction is multiplied and has a quicker economic impact. It used to be said that an unhappy customer would tell 3 others about their poor experience; now they tell 3 million (with less effort). The guest experience has never mattered more.

This illustrates how important Quality Service is.

Now, no one is infallible, and occasionally we all miss the expectations of our Clients. However, it’s vitally important to quickly and fairly put things right. It’s widely known that a complaint promptly acknowledged and honestly resolved can turn an unhappy customer into a “Raving Fan”.

This is particularly important in the Hospitality sector were first impressions are so important. The success of many businesses rise and fall on recommendations (or otherwise) of past customers.

Steve Swann is a Specialist Hospitality Business Broker working with cafe, restaurant, bar and country pub Owners in the lower North Island.