How do I prepare my restaurant for the handover to a buyer?
Once the deal is agreed, write down recipes and prep sheets, list suppliers and service contacts, plan how and when staff hear the news, schedule training shifts with the buyer, move delivery-app and point-of-sale accounts, and list gift cards and reservations on the books so nothing is lost at the changeover.
Selling a restaurant does not end when the paperwork is signed. The buyer still has to cook dinner on Friday. How well you hand over what you know shapes how the first weeks go for them, for your staff and for the guests who keep coming back. Treat the handover as a project with its own list.
Put the kitchen on paper
Write down recipes, prep sheets, portion notes and the order in which the kitchen opens and closes. Ask your lawyer whether the recipes and menu names come with the sale, since that depends on the agreement. Add supplier contacts, delivery days and service technicians for the main equipment.
Tell the team well
Decide with the buyer and your lawyer when and how to tell staff. People worry about their jobs, and a clear, kind message helps keep the kitchen team in place. Then plan training shifts where the buyer works each station beside you, including a busy service.
Accounts and obligations
List the delivery-app, point-of-sale, payment, reservation and utility accounts, and decide how each moves. Prepare a list of outstanding gift cards and future reservations, and ask your accountant how they will be treated at closing. The answer on gift cards explains the issue.
Be reachable afterwards
Offer a period when the buyer can call with questions, and write it into the agreement. Agree how long it lasts and who the buyer calls.
Related reading
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Restaurants CanadaIndustryRestaurants Canada - The Voice of Foodservice
- 02Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
- 03Canadian Federation of Independent BusinessResearch dataSuccession Tsunami: Preparing for a decade of small business transitions
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