Is it the Right Time to Sell Your Business?
How to market your restaurant for sale during the coronavirus pandemic. Of course, it will be challenging to market and sell businesses that have temporarily been shuttered during the pandemic, because valuations are based on historical financial data. However, whether you choose to reopen your business or not, owners can still position them for sale. So, what should you do if you want to sell in the next 6 – 12 months? Contact a good business broker that specializes in the sale of hospitality real estate and businesses. Bielat Santore & Company, Allenhurst, NJ has been brokering such sales for over 40 years and will be able to help you come up with flexible deal structures and capital sources to make a sale possible; call for a free consultation – 732.531.4200.
Bars are Offering Delivery Cocktail Service
And they may continue even after the pandemic is over. Around the world, bars and restaurants hamstrung by coronavirus safety orders are trying to make ends meet by selling cocktails to go. It’s a strategy that wasn’t previously possible in most parts of the United States because of restrictions on liquor sales. But many states have begun to ease these restrictions as the health crisis has led to plummeting sales in the service industry. New York became one of the first states to allow to-go cocktail sales in mid-March following an order from Governor Andrew Cuomo. It was welcome news to Ryan McKenzie, managing partner of Patent Pending, which laid off its entire staff of 20 after the pandemic hit and bars were forced to close.
Restaurants Rebel Against Delivery Apps
As cities crack down on fees. Restaurant owners are trying to figure out ways to stay in business during the coronavirus pandemic, which has hammered their industry. Many restaurants have had to close their doors to customers, while others have turned to food delivery apps such as Uber Eats and Grubhub to fill the void. That’s meant a sudden focus on delivery companies and the broader food delivery economy, which has faced its own difficulties. Grubhub, which also owns Seamless, and DoorDash are the biggest services, with Uber Eats and small competitors like Caviar also in the mix. But few of them have figured out how to make much money.
New Jersey Allows Gatherings
And opens campgrounds. Social distancing would still be required at outdoor get-togethers, which can have up to 25 people. Face coverings are not required outside, but state officials recommend them. Just in time for Memorial Day weekend, Gov. Philip D. Murphy of New Jersey said Friday that the state would allow outdoor crowds of up to 25 people and let campgrounds reopen. Outdoor dining at restaurants remains forbidden in New Jersey.
Did You Know?
Every state’s rules for staying at home and social distancing. Despite health experts’ warning of the dangers of reopening the economy too soon, some states have allowed stay-at-home orders to expire, and every state has lifted at least some restrictions on social gatherings and businesses. COVID-19 has killed nearly 95,000 people in the U.S. as of May 21, about 10,000 more than a week ago. Almost 1.6 million people nationwide have tested positive. Overall, the rate of infection growth in the U.S. has slowed, which may indicate that social distancing measures are having an effect. States have imposed stay-at-home orders and other measures at different times and at varying degrees of restrictiveness. In some states, sheltering in place and wearing face coverings is still the law, while in others such measures are a recommendation.
Employee Tip
How you might be able to get extra cash right now. With the COVID-19 crisis occupying so much of the news, it’s easy to let a matter like taxes fall by the wayside, especially since the IRS pushed back the filing deadline for 2019 returns to July 15. That means you have close to two months to deal with your tax return, and if you’re grappling with unemployment, reduced working hours, or the balancing act of working while caring for children, you might be grateful for that delay. On the other hand, if you’re in a tough spot financially right now and could use extra money, filing your taxes as quickly as possible makes a lot more sense if you think you’re due a refund. So far, the average refund this year is $2,779, up $50 from 2019. If you normally get a refund from the IRS, it pays to get moving on your taxes — especially if you’re desperate to get your hands-on extra cash.
Bielat Santore & Company – Restaurant Industry Daily Alerts
Mercer County, NJ Neighborhood Bar. ASSET SALE – REAL ESTATE and LIQUOR LICENSE ONLY…local “watering hole” open early enough for breakfast; corner lot with 2,600 square foot free-standing building and ample parking; 3-bedroom apartment on second floor; owner retiring after many years in business; for more information call 732-531-4200.
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Thank you and remember all of the “Restaurant Industry Alerts” and “Thursday Restaurant Rap” interviews can be found at www.123bsc.com/news/. We intend to continue to keep you informed as we all look for an end to this crisis.
