Ready to Sell Your Bakersfield, California Restaurant?

Following years of labor, you have decided to sell your Bakersfield, California restaurant

Considering opening a different eatery, relocating, or maybe retiring. No matter the reason, selling your Bakersfield, California restaurant can be a lot more challenging than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the sweat you may have put into it.

Necessary Steps to Consider in Selling Your Restaurant

You can either think to contract with a Bakersfield, California restaurant broker to help you in selling your Bakersfield, California restaurant or do the task on your own. Whether considering selling your Bakersfield, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Important Paperwork

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

The necessary 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 prepared:

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Bakersfield, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a prospective buyer right away. But, you may want to have them on hand because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Bakersfield, California restaurant through the lens of a buyer. It gives you a clear image of the Bakersfield, California restaurant you're offering for sale. Furthermore, it allows you to show if there are any areas you will have to address.

#2 Put Your Financials in Order

Your financial records are an important part of selling your Bakersfield, California restaurant. That’s why you should make it a priority to have these documents complete and organized.

Offering your financial records to prospective buyers could assist to clear any hesitations they may have regarding your Bakersfield, California restaurant.

The financial records could include:

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

Also, ensure you have soft copies of all of the records. This can make it easier for you to send the information to possible buyers.

In addition, as a seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items could create legal problems for you if a buyer later discovers these liabilities post signing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Bakersfield, California restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of the Bakersfield, California restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Bakersfield, California restaurant.

The average time it takes to sell a Bakersfield, California restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and reduce several costs, and therefore increase the worth of your Bakersfield, 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 value your assets.

This could help you in deriving the probable worth of your Bakersfield, California restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Bakersfield, California restaurant will go a great distance in helping you bring potential buyers. Conversely, if the overall look of your Bakersfield, California restaurant does not look good to buyers, they likely take a pass without consideration.

To prevent this from happening, all things in and out of your Bakersfield, California restaurant must be cleaned and maintained. Landscaped and a clean parking area can help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also easy items that would help create a unforgettable first impression.

Additionally, you should ensure that all the equipment is in top condition. If your equipment is not working, it may convey the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and production abilities. It may even lower the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Bakersfield Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Bakersfield, California restaurant broker to help. The professional Bakersfield, 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 carry out proper advertising. You can show your Bakersfield, California restaurant on listing websites and let your family and friends know about your intentions to market for sale your Bakersfield, California restaurant.

As you will likely run across competition when trying to sell your Bakersfield, California restaurant, you need your restaurant to stand out.

#8 Be Ready

If you decide to sell your Bakersfield, California restaurant yourself, or with a a Bakersfield, California restaurant broker, you need to always be prepared. Be ready to show your Bakersfield, California restaurant to prospective buyers at all times.

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

#9 Sell Your Bakersfield, 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 contract. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This agreement includes details such as the selling price of your Bakersfield, California restaurant, items and equipment as well as inventory value.

Choosing a Bakersfield, California Restaurant Broker

Although trying to sell your Bakersfield, California restaurant on your own can be an exciting project, it can also be quite risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business transaction, you need a higher level of expertise to stand above and against your cometitors while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Bakersfield, California restaurant broker is needed. A Bakersfield, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Bakersfield, California restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Bakersfield, California Restaurant Broker

Choosing to sell your Bakersfield, California restaurant through a Bakersfield, California restaurant broker has several advantages. First, however, you need to select the best Bakersfield, California restaurant broker to assist you in selling your Bakersfield, California restaurant.

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

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