Need advice for selling nightclub

[swfloridaclub]

Hi,

My brother who built his dream nightclub in southwest Florida passed away recently and our family who is not connected to the industry needs to sell the building, 4COP and business. Can anyone offer advice on best way to approach this? I am his sister searching for solutions.

[ca. club owner]

Sorry to hear about your loss... Send me a PM with your contact info I will give you a call an see what direction I can point you in..

[David]

I am so sorry about your brother and now, your situation. For those of you out there that haven't set up their estate plan, here's your wake up call. Don't place your family members in this position. It's more than most can handle after your death.

Contact your local Real-estate Brokers. Find out who is the most apt at selling your club. Ask them how many clubs like yours, have they sold. Get them to do a fair market appraisal and then get an independent appraiser to do an appraisal. Compare the two and go from there. Don't get in a hurry to sell the club or you will lose all of your brother’s hard work.

Be careful with who you share your brothers, yours and the clubs personal information. There are people out there that might want to take advantage of you.

We are here to help you through this. Don’t hesitate to ask.

[Emerson]

There are two seperate and feasible sale items dependant on your family requirements in terms of "dumping the assets" vs "seeing a financial gain".

In one instance there is the land in which a land owner potentially can purchase the property and then make an immediate revenue stream through the key money for selling the fully entitiled (if it is) nightclub space to an operator.
VS
Selling the nightclub lease yourself, providing your family as the landlord with the possible key money, so a land owner is buying a piece of real estate that is already enjoying rent with a long term lease.

There are obvioulsy huge pros and cons regarding this and are very dependant on the potential buyer and on the market.

Given todays economic circumstances, unless a potential land owner intends to change the use of the property, i assume there is a huge amount of value in securing a tenant for the lease.

If your aim is to unload this asset in the most expedited manner then contacting a real-estate broker of reputable value is your best course of action.

On a seperate note:
If the nightclub is still in operation there are plenty of tactics available to "prep for sale" to show the numbers a venue operator interested in buying the venue may want to see.

I am not sure your situation or your goals, however we belong to a national network of brokers and would be happy to point you in the direction of someone that can assist in your particular area. We have worked on projects in Fort Myers & Naples which i think is in your general vicinity.

I also firmly agree with the above post regarding keeping your data safe and not sharing it with anybody and everybody. Any broker or similar person who is offering you assistance should be verified for absolute references.

We are in a tough economic market right now and there are an abundance of charlatans and others who are looking for anything and everything to get involved in especially when dealing with inexperienced people. Choose a name brand even if it means losing a few points, the experience and process is worth it.

[Jallen0]

Southwest Florida tells me Naples or Fort Myers. I spent some time down there setting up a few clubs a couple of years ago (Shoeless Joes and a few others).

I still know some nightclub players down there. If I can help at all, please let me know.

David has some very good advice. Also, please sit with your attorney and make sure that there are no "hidden" attachments against the club before you sell it.

[swfloridaclub]

Thank you all for your words of wisdom and advice! Any and all your comments are greatly appreciated!