THE GUV'NOR
Ali Carter
Selling your pub can be very stressful, says the licensee of the Bay View Inn, Widemouth Bay, Cornwall
Someone at a BII seminar asked me recently, "How are you planning to deal with the imminent smoking ban?" I replied: "I'm selling the pub." They alI thought I was joking - but I wonder how many licensees out there are thinking the same thing?
Selling the lease or freehold of a pub is no picnic. I've done both and it is always a stressful time, filled with uncertainty. Once you've decided to put your pub on the market, you enter a strange limbo-land. In your head, the minute the decision to sell is made, you've already moved on - but in reality, until contracts have been signed you are stuck with running a business you no longer feel connected to.
And it can be an emotional time - often your customers have become your friends and it feels treacherous to turn your back on them all.
The biggest fear while marketing the business is about whether to tell the staff - if I tell them now, will they leave me in the lurch before the deal is done? Although they hate change, each has their own comfort zone in terms of their job, so they're unlikely to jump ship. The main problem is keeping morale high - the place can start to feel impersonal and staff may coast a little.
It is such an uncertain time for all concerned: even when an offer is on the table, a deal can still fall apart two, three or four months down the line.
The thought of having to go through the whole process again is enough to give anyone the vapours.
The secret is to get it done as quickly as possible. To ensure this happens, choose a brilliant agent - one who is capable of marketing your business effectively. The agent needs to sell the vision of what is possible to prospective buyers.
Your agent should be able to help you present your financial details accurately and favourably, and prepare you for the range of information you will need to present. An asbestos report, portable appliance test certificates, fire inspection certificate, CORGI certificate for the boiler and supplier service contracts are all things that may hold up proceedings unless you are fully prepared.
It all comes down to good communication between you and your agent. If you find this is not forthcoming, do what I do - call them daily and make a nuisance of yourself. After all, it often feels as if they are getting money for old rope.
