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Contemplating starting a new eatery, relocating, or maybe retiring. Regardless of the reason, selling a Alameda, California restaurant can be a lot more challenging than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the labor you may have put into it.
You can either think to contract with a Alameda, California restaurant broker to help you in selling your Alameda, California restaurant or do the task on your own. If you are considering selling your Alameda, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.
This is an important first step to take when you commence the process of offering your Alameda, California restaurant.
The necessary paperwork may vary from state to state--even in California, but the following is a list of some generalized documents you may find helpful to have ready:
Corbett Restaurant Group has the experience to help you in the market for sale of your Alameda, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.
It's probably smart not to show the majority of these documents to a possible buyer day one. However, you should have them at hand because you will eventually need them during the sales process.
Also, putting together these documents lets you see your Alameda, California restaurant through the lens of a buyer. This gives you a clear picture of the Alameda, California restaurant you are selling. In addition, it helps you show if there are any concerns you will need to take care of.
Your financial records are an important part of selling your Alameda, California restaurant. This is the reason you should strive to make these documents accurate and well organized.
Showing your financial records to possible buyers could assist to clear any doubt they might have regarding your Alameda, California restaurant.
These financial documents may include:
Also, ensure you have duplicate copies of all of these records. This may make it easier for you to send the records to prospective buyers.
Likewise, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these things could create legal issues for you if a buyer later discovers these liabilities post closing the deal.
In the process of preparing to sell your Alameda, California restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from closing the deal.
For this reason, it may advisable to talk to your landlord regarding your plan to sell your Alameda, California restaurant and to possibly extend your lease.
Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps them estimate the value of the Alameda, California restaurant.
It is therefore in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow planning to sell your Alameda, California restaurant.
The estimated time it may take to sell a Alameda, California restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and cut various costs, and therefore strengthen the value of your Alameda, California restaurant.
In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.
This may assist you in coming up with the probable worth of your Alameda, California restaurant. If you understand the overall value this may help you determine a selling price.
The appearance of your Alameda, California restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general appearance of your Alameda, California restaurant does not appeal to buyers, they likely pass over right off the bat.
To avoid this from happening, all things in and out of your Alameda, California restaurant must be cleaned and maintained. Landscaping and a clean parking lot could help create curb appeal for prospective buyers.
Spot-free windows, polished door handles and a presentable floor are other easy things that could help create a great initial impression.
Additionally, you should make sure that all the equipment is in top condition. If your equipment is not working properly, it could send the message that you're hurried to pass a bad deal to the buyer.
Non-functional equipment also raises doubt about your financial situation and output abilities. It could even lower the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.
You should look credible in order to build the confidence of potential buyers regarding purchasing your Alameda, California restaurant.
Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Alameda, California restaurant broker to help. The professional Alameda, California restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task alone, you will need to create proper advertising. You can market your Alameda, California restaurant on listing websites and tell family and friends about your plans to sell your Alameda, California restaurant.
As you will probably come across competition when trying to sell your Alameda, California restaurant, you need your restaurant to stand out.
Regardless if you decide to sell your Alameda, California restaurant yourself, or through a Alameda, California restaurant broker, you should always be ready. Be ready to show your Alameda, California restaurant to potential buyers at all times.
You will never know when a buyer will visit your Alameda, California restaurant. Some buyers might even come in as customers just to perform some research before reaching out to you.
This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The documentation will usually begin with the Asset Purchase Agreement.
You may need your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the transaction.
This document includes details such as the selling price of your Alameda, California restaurant, assets and equipment and inventory value.
While trying to sell your Alameda, California restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first time sellers.
The fact remains, in order for you to achieve the most out of the business transaction, you need a higher level of experience to stand out against your competition while trying to attract buyers.
Experience is also vital during negotiations with potential buyers. This is when an experienced Alameda, California restaurant broker is needed. A Alameda, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Alameda, California restaurant. Additionally, a restaurant broker can help you sell faster and for more money.
With the help of a Alameda, California restaurant broker, you can maintain your undivided attention on operating your Alameda, California restaurant and rest easy with the knowledge that a professional is in charge of selling your Alameda, California restaurant.
Deciding to sell your Alameda, California restaurant through a Alameda, California restaurant broker has multiple advantages. First, however, you need to select the best Alameda, California restaurant broker to assist you in selling your Alameda, California restaurant.
At Corbett Restaurant Brokers, we consider it our honor to represent you in the sale of your Alameda, California restaurant. And, we work harder than any other Alameda broker to secure the best deal for your restaurant and at the highest sale value.
Contact Corbett Restaurant Group today and let us help you sell your Alameda, California restaurant for a great price.
Alameda Zip Codes We Support: 94501, 94502, 94606, 94621
We've been in business for over 15 years and its because of the hard work and loyalty of our Brokers and staff. When you partner with us, you'll receive the absolutely best service the industry has to offer.