Bagels have become a staple in traditional breakfast and lunch fare around the world, especially here in the U.S. And now, with bagel shops opening up from coast to coast, entrepreneurs are finding success running these businesses. In fact, the specialty eateries sector, which includes bagel shops, is now a $31 billion industry in the U.S. alone.
Despite owning a profitable business, there are many reasons you may decide it’s time to sell your business. Maybe you want to leverage the favorable market conditions to fetch a higher selling price. Perhaps you’re ready to retire, or you may be interested in buying a new business in a different sector. Whatever the reason, if you’re ready to put your bagel shop on the market, then keep reading.
From evaluating your business’ value to learning how to market it online, let us share expert tips on how to sell a local bagel shop in today’s business climate.
The specialty eateries market is driven by a few key factors, including household income and consumer trends. Taking a look at today’s economy, Americans are experiencing an increase in disposable income. This is great for bagel shops since consumers have the extra money to spend on eating out for breakfast and lunch.
Bagel shops also cater to a huge trend influencing consumer purchases: convenience. With a majority of Americans being constantly on the go, many are searching for fast and easy solutions for their daily needs, including eating. Bagel shops capitalize on this demand by being a destination for fresh, fast, and affordable food.
Another favorable condition for bagel shops is their ability to enter new markets quickly. This is because this food-type can easily be adapted to consumer preferences and emerging trends. Business owners can offer whole grain and gluten-free options to accommodate the health and wellness sector, for instance.
Your business location can significantly impact your asking price. Is there heavy foot traffic in the area? Are you in a metropolitan city with a busy breakfast and lunch crowd? Is your shop easily accessible by foot and car? Take the time to assess these factors because they are large indicators of how much your business is worth, and how much buyers are willing to pay.
Considering the nature of the business, your equipment is also an important asset to keep top of mind when evaluating your business. You can be sure that interested buyers will ask to do a physical tour of your location to uncover the condition of your kitchen equipment. Assess all machinery, including industrial mixers, bagel kettles, and ovens, to determine if they are all in good working order. If not, you may consider investing in fixing or upgrading them now to boost their worth during the sales process.
Don't forget to consider your business’ goodwill. A company’s goodwill is calculated by quantifying all of its intangible assets, such as brand name, customer base, customer relations, community involvement, supplier relations, employee relations, technology, patents, etc. Adding goodwill can help boost your asking price as well as help you look more attractive in the eyes of buyers.
Marketing your sale
The next crucial step when putting your business up for sale is deciding how to market it. The trick here is to think like a buyer. Ask yourself where their business searches would typically begin. Online business directories are a great starting point to advertise your business and reach hundreds of interested buyers.
You can also invest in out-of-home ads in and around your community. A local competitor may, in fact, be your ideal buyer. They are interested in reducing competition while gaining market share; so they may be willing to offer you the highest price. From billboard ads on main streets to newspaper ads in local newspapers, get the word out that you’re selling.
Finally, consider assembling a team of professionals during the sales process. An accountant can help with assessing your business’ worth as well as preparing you for all the tax-related costs. A business broker is great for tracking down prospects and easing contract negotiations. Together, these experts streamline the sale of your business.
Are you ready to take the next step in putting your bagel shop on the market? Visit businessesforesale.com to list your business. Every month we help over 1,500 business owners sell their business. We offer an affordable and trusted solution for connecting buyers and sellers. Come and explore our business directory for yourself.