The high street deli is a European staple.
Delicatessens which specialise in foreign or farm-sourced products are becoming more and more popular, which means finding a buyer shouldn’t be too hard. With the majority of delis also offering an eat-in option with an adjoining café or artisan coffee shop, this presents more profitable opportunities.
If you’re selling your business to retire, or think the deli needs someone new at the help to facilitate growth, you’re in the right place. Hilton Smythe specialises in selling all types of businesses, from cafes and bistros to takeaways and car dealerships. High street cafes, delicatessens and coffee shops are in high demand – coffee is now the world’s biggest export after oil. Here are five ways to get your deli noticed by buyers.
1. Offer unique or imported goods
Many delis attract consumers because they sell things which can’t be found elsewhere, such as at the local supermarket. Whether it’s handmade spirits, organic local produce or specialist goods imported from exotic places, if you have something unique then customers will keep coming back for it. Showcasing your exclusive product set can get buyers interested once they see the potential for increasing custom.
2. Be upfront
When selling any business, it pays to be honest and upfront about the reasons why you’re moving on. In many cases it’s for personal reasons of the business owner: retirement, relocation, ill health or no longer having the commitment needed to develop the business. Buyers will consider these reasons fair and non-suspicious. There may be other reasons as to why you need to sell, such as difficult trading conditions, or a disagreement with business partners or shareholders. Transparency is key to attract serious buyers, as they need to understand the history of the business and why you’re letting it go.
3. Get professional help
Selling a business without any help can be hard work and an exhaustive process. A business broker can help from the start with a business valuation, advertising, handling buyers, and negotiations. Many brokers also offer financial and legal advice if needed, so it’s worth hiring the pros from the day you decide to sell.
4. Refurbishing the premises
Making your deli look welcoming and presentable is a great idea before inviting buyers to view the business. Yes, the financial records are important, but buyers are also interested in the bricks and mortar of the business. Not only could it attract more prospective buyers, but a newly refurbished business often goes for a higher price.
5. Include digital assets
Many buyers are hands-off business owners, which means they don’t want to get involved in managing day to day operations. If your deli or café has a website and other digital assets, including them in the sale can attract the attention of more potential buyers. A ready-made website and social media platforms can save a lot of time for the new owners when they take over.