Can you believe that 80% of restaurants fail within the first five years of opening?
Making the decision to close a restaurant is never easy, but sometimes it’s unavoidable if you’re unable to earn profits. If you’ve been feeling like your business is no longer lucrative, then it might be time to start exploring the possibility of liquidating your restaurant.
As it turns out, there are plenty of steps that you need to follow to get through this difficult process. Are you feeling overwhelmed? Keep reading our restaurant liquidation guide so you’ll know what to do.
Get in Touch With Your Creditors
Before you can file for bankruptcy, it’s wise to get in touch with your creditors to discuss your financial situation. If you’ve taken on any loans, then you have to agree to terms that will satisfy both parties during the liquidation ordeal.
You may even be able to come up with a long-term plan that will allow you to pay off your loans without filing for bankruptcy.
See If You Can Refund Your Insurance
Lots of restaurant owners pay for different types of insurance policies well in advance. If you have any coverage that you’ll no longer need, then it’s possible that you could get a refund.
This is why it’s helpful to contact your insurance providers to explain the situation and see what they can do to help you.
Get Ready to Liquidate Inventory
One of the most tedious aspects of liquidating a restaurant is figuring out what assets you can liquidate. There are tangible items like equipment and property along with intangible items like intellectual property and even your business name.
Make sure you cover all of your bases so you can sell everything.
Find Interested Buyers
You’ve worked hard to grow your restaurant to where it’s at today. You deserve to work with interested buyers who will offer you a fair deal.
The goal of selling your inventory is to get out of this situation with the best finances possible.
Hire Experts to Handle the Liquidation Process
Figuring out how to liquidate a restaurant is tough work and it can be heartbreaking if you’re not taking this news well. Since lots of money is on the line and you could get into legal trouble if you don’t follow each step, it’s best to get some professional help from experts like TAGeX Brands.
They can walk you through the entire process to ensure that you make it out of this closure in the best shape possible.
Now You Know More About the Restaurant Liquidation Process
Even though shutting down your restaurant can be the toughest decision you ever make, it may be necessary to work on building a secure future when it comes to your finances. After reading this restaurant liquidation guide, you won’t be as overwhelmed by the process.