No matter what stage your company is in, now’s the time to not only consider an exit strategy but also to know your options and create a plan. Think of it this way: your business is an asset in which you have invested time & money.
Many caterers across the country are facing drastic changes due to COVID 19 and you may be contemplating selling or closing your business. Sound planning can help ensure you cover all your bases. It’s important to understand options for your exit strategy.
PROPER PLANNING IS PRUDENT
Maintaining, closing, or selling a company may be a difficult decision to make, and it can become even more challenging when a business owner doesn't take the proper steps.
Certified Catering Consultants Carl Sacks, Meryl Snow, and Frank Christian dive into this 3.5-hour virtual session.
Attendees have the option to attend anonymously and still be a part of the discussion and ask questions.
Maintain Your Business:
- How to Survive the Current Downturn
- Which Types of Catering Business have Continued through the Current Crisis?
- Which Catering Sectors are Likely to Recover First?
- Does Downsizing Really Work as a Survival Tactic?
- Should You Combine Forces with a Competitor, but Continue to Operate your Brand?
Close Your Business :
- Necessary Steps to Close Your Business but Come Out with your Reputation Intact
- How to Determine Whether Your Company Has Liquidation Value
- What to do if you Have Client Deposits for Events you are Unlikely to Cater
- How to Negotiate with Vendors for Accounts Payable
- How to Handle Accounts Receivable
- Do’s and Don’ts for Employees Being Let Go
- Worst Case Options – Filing for Bankruptcy Chapter 7 vs Chapter 13 (bankruptcy attorney will be present)
Sell Your Business :
- State of the Catering Industry M&A Market before COVID
- Differences in Sale Likelihood Between Off-Premise and On-Premise Businesses
- How to Sell Your Business to a Competitor
- Steps of the Sale Process
- How Due Diligence Works
- NDA/Confidentiality Agreements
- Finding a Buyer - Should You Use a Broker or a Consultant
- Business Valuation – What is a Fair Market Value of Your Company
- What Needs to be in a Purchase/Sale Agreement
- Time Frame for a Sale
- Handling Event Deposits Collected
- Transferring Booked Events
- What Buyers Are Looking For
- Employee Transitions – How to Retain Key Staff
- Option to Sell the Business but Retain the Property
This seminar is for information purposes only and should not be considered legal, accounting, or tax advice.
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