Once you take that all important decision to sell your pub, you will probably want to sell it as quickly as possible.
However for many sellers the process can be a long and drawn out affair, testing on both their nerves and their finances. But this needn't always be the case.
This ten step guide highlights the points that you should consider in order.
Although potential purchasers will be initially drawn to your property by a number of differing factors, the most important consideration is often the current trading position of your operation. Therefore you should have up to date trading information preferably with two years audited accounts, or as a minimum two years of Vat returns, ready to be viewed by potential buyers as part of your selling package.
Potential purchasers and their legal advisors will want to review the details of the current lease along with licenses for alteration or assignment. Ensure that all of this documentation is made available to be viewed and be sure to include full details of upcoming or ongoing rent reviews in your documentation.
As the plethora of make over programmes on television demonstrates, even minor presentational issues can negatively impact on the desirability of premises to prospective purchasers. Make sure that your property is looking its best when it comes to sell and set aside time and resources to finish off all of those little jobs that could unnecessarily put off potential buyers.
Your staff can be a real asset when it comes to selling your property, so if at all possible don't leave them in the dark once you have decided to sell. Keep them informed, reassure them about their futures and above all be honest with them. It is better to hear the truth from you than rumour and gossip from somebody else.
When it comes to the assignment of a lease you will need the co-operation of your landlord or managing agent. They will need to approve your prospective purchaser, so keep them informed, provide them with all the relevant references and background on your purchaser and possibly offer them the opportunity to meet their potential new tenants.
Instruct a solicitor that deals extensively with licensed property early on in the process so that he/she can start to prepare your file, gain access to the original lease, check with the landlord's team on matters such as suitability of potential lessees etc.
Any items of disrepair need to be addressed at the outset as they will become an issue at a later stage if they have not been dealt with. Whether it is a condition of the assignment process or as part of a Survey and Valuation for funding, the later you leave it the bigger the problem will be.
This is a question that is often overlooked during the process. Have you made appropriate plans for your future? Will you have a new job lined up, somewhere to live etc. Often the selling process can be all consuming, so start your own preparations early.
Do not be tempted into asking an unrealistic price for your property as this will simply mean that it remains on the market and unsold. Ascertain a fair price for your property by analysing similar recent sales that have taken place in your local area and by talking to a reputable agent. Remember many agents will seek to entice you onto their books with elevated selling prices, only for the property to remain unsold.
Picking the right agent can make all of the difference. A specialist firm such as Fleurets can provide expert knowledge with regards to your local area whilst successfully marketing your property to the correct types of buyers.
With a national network and local offices, Fleurets can offer you a fresh approach when it comes to selling your business.
In summary, you should be well prepared in order to avoid surprises. Through prior preparation of your property, accounts and supporting documentation you will go along way to avoiding problems and delays and ensure that you achieve the best results.