With millions of Americans currently above 18 and 21, it is no wonder the nightclub and bar industry is growing exponentially every year. In fact, the industry reached 23.15 billion US dollars in 2015, seeing its greatest growth following the mid-1990s. This sector includes bars, pubs, lounges, taverns, and nightclubs - defined as establishments that sell alcoholic beverages for immediate on-site consumption. Although there are several unique moving parts (such as the liquor license), selling a nightclub or bar is much like selling any other business.
First of all, the process of selling a bar or nightclub will be much easier and streamlined with the help of a business broker. The first step, as you can imagine, is getting your business’s finances in order. Working closely with your accountant and broker, you can determine your profitability and cash flow. Doing this, you will be able to establish the right selling price. Once established, your broker can help you market the sale to reach the right buyers.
Experienced business brokers have access to a network of buyers looking for a business much like yours. These buyers have been vetted and are familiar with the correct protocols to make an offer knowing your confidentiality, as the seller, must be protected at all times. Once an offer has been made by one or multiple buyers, your broker’s office can serve as a neutral and private setting for all negotiations. A broker also serves as an unbiased mediator. You may very well be emotional because it is your business, a broker can help you use logic and reason when making important decisions.
Selling a nightclub or bar is not difficult, and as the industry statistics show, it is likely going to sell quickly and well. Every party involved has the ability to leave a sale more than satisfied, as long as the correct steps are taken to prepare a sale and a transition of power.
Contact the team of experienced business advisors at Transworld Business Advisors Houston to discuss the upcoming sale of your bar or nightclub in the Houston area. We have 15,000 local buyers in our database and are experienced at connecting sellers and buyers to ensure a smooth and efficient transaction.
