THE AGENTS
Konrad Szymanski
Humberstones
I have sold pubs in all sorts of markets, through the good times and the bad times. I was about when the brewers were ordered to sell off their pubs by the Monopolies & Mergers Commission and have seen the rapid growth of the pubcos to where we are today, where there are far more leases in the market place than freeholds.
I have lost count of the number of sites I have seen and valued, and I thought it might be useful to offer 15 tips to any one thinking of selling their pub.
1. Think about why you are considering selling - you will be asked by the buyer.
2. Think long and hard about your business and property from a purchaser's point of view - not your own.
3. Sort out any obvious problems that will be highlighted by a survey report. If you have a lease, a schedule of dilapidation will have to be undertaken before the sale.
4. Don't build a conservatory or an extension, but do
redecorate and carry out whatever work is needed to make your business attractive. Tidy up the garden.
5. De-clutter private accommodation if possible to show a room's potential; it allows the viewer to imagine themselves living there. Consider keeping pets outside during a viewing.
6. If you are selling a lease and it is near the end of its term, or a rent review is imminent, then sort this out before
offering the business for sale.
7. Have a copy of the lease ready for the agent to copy and give to the purchasers.
8. From day one, quote a realistic asking price, rather than having to reduce the price at a later date.
9. Think about the questions a purchaser may ask regarding the business and the community. Have the answers ready.
10. Ensure staff have up-to-date contracts in place. This will save time in the long run.
11. Think about your capital gains tax liability, if any.
12. If possible have three years' accounts ready.
13. Make sure your accountant is ready to supply any other information that may be required - such as VAT returns.
14. List leased equipment you expect the buyer to take on.
15. Prepare an inventory of fixtures and fittings to be
included in the sale.
