As the year begins and we make resolutions, no doubt you have realized how time is finite – and you don’t want to waste any of it.
But owning a restaurant can make you feel like all 24 hours in a day belong to the business, with no time left for you to experience the many things outside of it. It’s enough to make some owners want to step away for good.
But is selling the best option? For many of my clients who founded great businesses in the 1970s, 80s, and 90s, it turns out that it’s much more expensive to sell the business than to just Retire in Place.
Keep Your Revenue Stream
Selling your restaurants for a multiple of earnings does not excite many of my clients.
Sure, for the first few years, the calculations might make it seem to them like they’re way ahead of the game. But once the number of years of the multiple wears out, someone else pockets “their” profit stream – forever. Now they feel behind.
And that does not feel good. At all.
Own It Forever
Retiring in Place allows people to own their business forever, while other people run them.
I’m currently helping the owners of a legendary brand Retire in Place – transitioning control of the family business from the third generation to the fourth generation, where previously the only option they had was to sell.
Another group has my guidance on turning over control of their business to current employees so the owner and their spouse can travel – making something under discussion for years happen now.
Still another household name has asked me how the owner can cut way back on the amount of time they spend in their restaurants. The owner and their spouse don’t expect to get any younger and they have so many things on their bucket list.
Each of these involves an aspect of my Retire in Place process.
Everyone Wants to Hear About It
I first talked about Retire in Place at the Dallas Restaurant and Bar Conference, then at the Texas Restaurant Show. Now the National Restaurant Association Show has asked me to talk more about Retire in Place as part of a pre-show webinar coming up on Tuesday, January 28, at 2 PM Central: “Your Financial Future in the Silver Tsunami: Unlocking Opportunities with Restaurant Owners Who Want to Sell or Step Back.”
You can register for the webinar to learn more about Retire in Place here.
My good friends and trusted colleagues David Denney of Denney Law Group and Jeffrey Yarbrough of bigInk Real Estate – whose company contains a business brokerage division – join me on the webinar, as they have in the past, to talk about how to structure sales, acquisitions, and the transactions that support them for those who would rather sell or buy: another important aspect of the Silver Tsunami.
