What Novi buyers usually look at
| Lease terms | Years left, renewal options and landlord consent rules, especially in shopping centers. |
|---|---|
| Client base | How spread out your customers are, and how long the biggest ones have stayed. |
| Key people | Engineers, managers or chefs who hold the business together, and whether they stay. |
| Local approvals | City licenses, inspections and, for restaurants, any local review of a liquor license transfer. |
Two Kinds of Novi Businesses
Novi has engineering, testing and supplier offices that serve the auto industry, and a large base of restaurants, shops and service companies that serve the people who live and work nearby.
Both kinds sell, and both draw buyers from across the region.
Buyers look at each differently. For the first, they focus on contracts, engineers and customer concentration. For the second, they focus on the lease, sales history and staff.
Shopping Center Leases
Retail and restaurant leases in Novi's centers often include rules about assignment, use and how long the space must stay open. A buyer will want to know these early.
Read your lease now and note any clause about a change of ownership. Your attorney can tell you when to approach the landlord.
Restaurants and Liquor Licenses
Restaurant owners selling a business with a liquor license need state approval for the transfer. Novi also has its own city ordinance on liquor licenses, and the city council has reviewed transfers there, often with inspections attached.
That can add time to closing, so build it into your timeline and tell the buyer early. Our liquor license transfer guide explains the state side.
What Raises the Price
- Steady or rising profit over three years
- No customer much over 15 to 20 percent of sales
- A manager who can run the day
- A lease long enough for a buyer's loan
Read what buyers check in due diligence to see how they test each of these.
Keeping It Private
Novi's business community is close. Staff, landlords and competitors notice when an owner starts acting differently. A broker markets your company without its name, and buyers sign a confidentiality agreement before they see the numbers.
How Long It Takes
Seven to nine months from hiring a broker to closing is normal. Keep the business running at full speed the whole time. Want a number before you decide? Send the short form or call (313) 555-0152.