Running a bar can be a thrilling experience, but it takes a lot of knowledge to sell a bar. Buyers expect a lot of information to ensure things are in order.
Timing The timing for the sale of a bar is very important. The bar should be doing very well with plenty of repeat customers and the possibility of retaining the customers with the new owner is crucial. If there are certain times in a year, when the bar is usually full, then prepare to sell it during that period.
Another thing about timing is that, at the time the business is put up for sale, there should be no contracts that are going to expire soon, or else buyers tend to reduce bids.
Bar owners manage their business using the strategy of reducing the taxes by reporting less income, and buyers first look at the income that is reported in the tax returns in order to place a value on the business. This is where advance planning becomes important. The years prior to putting a business up for sale should be carefully planned and more income shown, even if one has to pay taxes.
Seeking Advisers/consultants – It is advisable to consult advisers or experts to understand government...
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