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Considering starting a different Berkeley, California restaurant, relocating, or maybe slowing down. No matter the reason, selling a Berkeley, California restaurant can be a lot more complicated than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the sweat you may have put into it.
You can either make the decision to hire a eatery broker to help you in selling your Berkeley, California restaurant or do the task on your own. Whether considering selling your Berkeley, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.
This is an important initial step to take when you begin the process of selling your Berkeley, California restaurant.
The required documents may vary from state to state--even in California, but below is a list of some generalized documents you may be requierd to have on you:
Corbett Restaurant Group comes with experience to help you in the sale of your Berkeley, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.
It's probably best not to show the majority of these documents to a potrntial buyer right away. But, you may want to have them at hand because you will eventually need them during the sales process.
Also, putting together these documents allows you to view your Berkeley, California restaurant through the lens of a buyer. It provides you a clear image of the Berkeley, California restaurant you're offering for sale. Furthermore, it allows you to show if there are any concerns you will have to address.
Your financial records are a crucial aspect of selling your Berkeley, California restaurant. This is the reason you should strive to have these documents accurate and well organized.
Offering your financial records to prospective buyers may help clear any doubt they might have regarding your Berkeley, California restaurant.
The financial documents could include:
In addition, make sure you have soft copies of all of these records. This may make it easier for you to transmit the documentation to prospective buyers.
Also, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things could create legal problems for you if a buyer later discovers these liabilities after sealing the deal.
While preparing to sell your Berkeley, California restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from closing the deal.
For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Berkeley, California restaurant and to possibly extend your lease.
Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps them evaluate the value of the Berkeley, California restaurant.
It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to increase your cash flow planning to sell your Berkeley, California restaurant.
The average time it may take to sell a Berkeley, California restaurant is six months. Within the six months, there are many things you can do to increase your profit and cut several costs, and thus increase the worth of your Berkeley, California restaurant.
In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.
This could aid you in coming up with the overall worth of your Berkeley, California restaurant. If you understand the overall value this may help you settle on a selling price.
The first impression of your Berkeley, California restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Berkeley, California restaurant does not look good to buyers, they likely take a pass without consideration.
To prevent this from happening, everything in and out of your Berkeley, California restaurant must be cleaned and maintained. Landscaping and a clean parking lot could help create appeal for potential buyers.
Clean windows, polished handles and a neat floor are also small items that can help create a unforgettable first impression.
Additionally, you should make sure that all your equipment is in top condition. If your equipment is not functioning, it could send the message that you're hurried to pass a bad deal to the buyer.
Non-functional equipment can raise doubt about your financial status and output capabilities. It may even lower the mood of your staff, 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 regarding buying your Berkeley, California restaurant.
Searching for prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional Berkeley, California restaurant broker to help. A professional Berkeley, California restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task alone, you will need to create proper advertising. You can market your Berkeley, California restaurant on listing websites and tell family and friends about your plans to market for sale your Berkeley, California restaurant.
As you will likely come across competition when trying to sell your Berkeley, California restaurant, you need your restaurant to stand out.
Whether you decide to sell your Berkeley, California restaurant yourself, or with a a Berkeley, California restaurant broker, you need to always be ready. Be prepared to show your Berkeley, California restaurant to prospective buyers at all times.
You will never know when a buyer could visit your Berkeley, California restaurant. Some buyers might even come in as customers just to perform some research before contacting you.
This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the contract. The paperwork will usually begin with the Asset Purchase Agreement.
You should have your attorney’s expertise in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the transaction.
This agreement includes details such as the selling price of your Berkeley, California restaurant, assets and equipment as well as inventory value.
While attempting to sell your Berkeley, California restaurant on your own can be an exciting project, it could also be quite risky, especially for first time sellers.
It's true, if you're looking to get the most from of the business transaction, you need a higher level of experience to stand above and against the cometitors while trying to find buyers.
Experience is also vital during negotiations with potential buyers. This is when an experienced Berkeley, California restaurant broker comes in. A Berkeley, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Berkeley, California restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.
With the help of a Berkeley, California restaurant broker, you can maintain your undivided attention on operating your Berkeley, California restaurant and rest easy knowing that a professional is in charge of selling your Berkeley, California restaurant.
Deciding to sell your Berkeley, California restaurant through a Berkeley, California restaurant broker has several advantages. First, however, you need to select the best Berkeley, California restaurant broker to help you in selling your Berkeley, California restaurant.
At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your Berkeley, California restaurant. And, we work harder than any other Berkeley 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 Berkeley, California restaurant for a great price.
Berkeley Zip Codes We Support: 94701, 94702, 94703, 94704, 94705, 94706, 94707, 94708, 94709, 94710, 94712, 94720
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.