I need some help.
My parents own a 1 acre lot in a great intown location. Its a diner, but the diners are dying here, due to Ruby ttuedays, and other food chains..They are looking to sell it, for $550,000- $690,000. Problem is, most people ar elooking at it for the lot, (so they can do something else) and we arent getting any buyers that want to remodel it and make it a nice restaraunt.
Im looking for any ideas. If no one will pay, what can I do, to generate some cash, even if it means doing something totally different? I just cant get creative enough..
Are you selling the property or the business?
It seems that nobody wants to run a diner, which is why they are looking at the land for other options.
Maybe you could loook at ways of building the business up and sell the business (not just the property). Have you discussed this with your accountant?
Also, is the 1 acre lot in/near the town’s centre? Is there something missing from this town that other nearby towns have? Could you offer a different service/product that will attract another income stream?
This will increase the property value but also make it more attractive to buyers.
And what buyers have looked at the property so far? Are they all investors? Are the all developers? What is the mix of buyers?
If you know what the buyers want you can taylor what you have to their needs…
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