Time to Sell Your Altadena, California Restaurant?

Following years of hard work, you have made the decision sell your Altadena, California restaurant

Considering starting a different eatery, relocating, or even retiring. Regardless of the reason, selling a Altadena, California restaurant can be a lot more difficult than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the time you may have put into it.

Necessary Steps to Take in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to assist you in selling your Altadena, California restaurant or do the task on your own. If you are considering selling your Altadena, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather all Important Documentation

This is an important first step to take when you start the process of selling your Altadena, California restaurant.

The required paperwork may vary from state to state--even in California, but the following is a list of a few standard documents you may find helpful to have at hand:

• Gather your assets
• Lease contract
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group has the experience to assist you in the market for sale of your Altadena, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a potrntial buyer first day. But, you should have them ready because you will eventually require them during the sales process.

Also, compiling these documents allows you to see your Altadena, California restaurant through the lens of a buyer. It gives you a clear picture of the Altadena, California restaurant you're selling. Furthermore, it allows you to show whether there are any loopholes you will need to take care of.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your Altadena, California restaurant. This is the reason you should strive to have your documents complete and well organized.

Offering your financial records to potential buyers may aid clear any doubt they might have regarding your Altadena, California restaurant.

The financial records may include:

• Inventory of equipment and assets
• Profit and loss statements
• Tax records
• Cash transactions
• Bank statements

In addition, ensure you have duplicate copies of all of these documents. This will make it easier for you to send the records to possible buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things could create legal issues for you if a buyer later discovers these liabilities post sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Altadena, California restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your Altadena, California restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps them estimate the true value of the Altadena, California restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow planning to sell your Altadena, California restaurant.

The estimated time it takes to sell a Altadena, California restaurant is 6 months. Within those six months, there are many things you can do to increase your profit and cut various costs, and thus strengthen the value of your Altadena, California restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This could assist you in deriving the overall worth of your Altadena, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Altadena, California restaurant can go a great distance in helping you attract potential buyers. Conversely, if the general look of your Altadena, California restaurant does not look good to buyers, they might pass over without a second look.

To prevent this from happening, everything in and out of your Altadena, California restaurant must be cleaned and maintained. Landscaping and a clean parking area could help create curb appeal for potential buyers.

Spot-free windows, polished handles and a clean floor are also easy things that would help create a unforgettable initial impression.

Additionally, you should make sure all the equipment is in top condition. If your equipment is not functioning, it might send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and output abilities. It may even lower the excitment of your employees, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding buying your Altadena, California restaurant.

#7 Search for Altadena Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Altadena, California restaurant broker to help. The professional Altadena, California restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this project by yourself, you will need to create appropriate advertising. You can offer your Altadena, California restaurant on listing websites and tell family and friends about your intentions to sell your Altadena, California restaurant.

As you will probably come across competition when trying to sell your Altadena, California restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Altadena, California restaurant yourself, or through a Altadena, California restaurant broker, you should always be ready. Be prepared to show your Altadena, California restaurant to prospective buyers at all times.

You will never know when a buyer will walk into your Altadena, California restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your Altadena, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the deal. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

This agreement includes details including the selling price of your Altadena, California restaurant, assets and equipment as well as inventory value.

Choosing a Altadena, California Restaurant Broker

Although trying to sell your Altadena, California restaurant on your own can be an exhilarating project, it can also be very risky, especially for first time sellers.

It's true, if you're looking to get the most out of the business transaction, you need some level of experience in order to stand above and against the cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Altadena, California restaurant broker is needed. A Altadena, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Altadena, California restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

With the assistance of a Altadena, California restaurant broker, you can focus your undivided attention on operating your Altadena, California restaurant and rest assured knowing that a professional is in charge of selling your Altadena, California restaurant.

Contact a Altadena, California Restaurant Broker

Deciding to sell your Altadena, California restaurant through a Altadena, California restaurant broker has several advantages. First, however, you need to select the best Altadena, California restaurant broker to help you in selling your Altadena, California restaurant.

At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your Altadena, California restaurant. And, we work harder than any other Altadena 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 Altadena, California restaurant for a great price.

Altadena Zip Codes We Support: 91001, 91003, 91104, 91107