I own a private room karaoke and bar business in northern NJ. I would like to sell it for personal reasons, and I don't know where to start. I invested in the business through a family friend so I didn't have the opportunity to go through those types of channels.
Business details: Private room karaoke & bar, meaning we have 8 private rooms with karaoke, automated lighting, and seating. The rooms vary in size, with the largest able to fit up to 20 people. There is a separate bar where we serve drinks. There is also a decent sized kitchen with a stove, oven, deep fryer, ice machine, refrigerator, and freezer. So far this year's revenue is at about $121,000. Monthly profit ranges from $4-6,000 a month. In my opinion, with a little more effort and drive, revenue can be increased 20-30% relatively easily. For example, bar and kitchen sales account for less than 15% of our revenue - it can definitely be improved upon. Unfortunately, after a little over a year, I have to move on for personal reasons.
So with this type of information:
Where do I find a buyer or a broker?
How do brokers work?
How should I value my business?
Should I list it on one of those business selling websites? Does anyone have any success stories with those, like do they work and which one is best?
Any other ideas anyone?
If you have any stories about your own experiences I would love to hear them!
Any help is much appreciated!
Submitted August 15, 2017 at 07:38AM by miserablebutterfly http://ift.tt/2wZukzU smallbusiness
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