Right Time to Sell Your Banning, California Restaurant?

After years of hard work, you have decided to sell your Banning, California restaurant

Contemplating opening a different eatery, moving, or even slowing down. No matter the reason, selling a Banning, California restaurant can be way more difficult than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the time you may have put into it.

Important Steps to Take in Selling Your Restaurant

You may either decide to contract with a Banning, California restaurant broker to guide you in selling your Banning, California restaurant or do the task yourself. If you are considering selling your Banning, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Business Documentation

This is a necessary initial step to make when you begin the process of marketing your Banning, California restaurant.

The required documents may vary from state to state--even in California, but below is a list of some general documents you may need to have at hand:

• Gather your assets
• Lease document
• 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 comes with experience to help you in the market for sale of your Banning, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to reveal all these documents to a possible buyer right away. However, you should have them ready because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your Banning, California restaurant through the lens of a buyer. It provides you a clear image of the Banning, California restaurant you are offering for sale. Furthermore, it helps you identify whether there are any concerns you'll have to take care of.

#2 Get Your Financial Documents in Order

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

Offering your financial records to possible buyers could aid clear any hesitations they may have concerning your Banning, California restaurant.

These financial documents may include:

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

In addition, make sure you have duplicate copies of all of these documents. This may make it easier for you to send the records to prospective buyers.

In addition, as a seller, you must disclose information such as 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 after sealing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Banning, California restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this helps them estimate the value of your Banning, California restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow starting to sell your Banning, California restaurant.

The estimated time it may take to sell a Banning, California restaurant is six months. Within the six months, there are several things you can do to increase your profit and reduce various costs, and therefore strengthen the worth of your Banning, California restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will assist you in coming up with the overall value of your Banning, California restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Banning, California restaurant will go a long way in helping you attract potential buyers. Conversely, if the general curb appeal of your Banning, California restaurant does not look good to buyers, they might take a pass immediately.

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

Spot-free windows, polished handles and a presentable floor are other simple items that would help create a unforgettable first impression.

Additionally, you should make sure that all your equipment is in satisfactory condition. If your equipment is not working properly, it may convey the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial situation and production capabilities. It can even lower the morale of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Banning Buyers

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 an experienced Banning, California restaurant broker to help. A professional Banning, California restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can offer your Banning, California restaurant on listing websites and tell family and friends about your plans to sell your Banning, California restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will visit your Banning, California restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Banning, California Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the contract. The paperwork often start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Banning, California Restaurant Broker

Although attempting to sell your Banning, California restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of experience in order to stand above and against your cometitors while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Banning, California restaurant broker comes in. A Banning, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Banning, California restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Banning, California Restaurant Broker

Deciding to sell your Banning, California restaurant through a Banning, California restaurant broker has many advantages. First, however, you need to select the best Banning, California restaurant broker to assist you in selling your Banning, California restaurant.

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

Banning Zip Codes We Support: 92220, 92223