Right Time to Sell Your Beverly Hills, California Restaurant?

After years of sweat equity, you have made the decision sell your Beverly Hills, California restaurant

Contemplating opening a new Beverly Hills, California restaurant, relocating, or even slowing down. No matter the reason, selling a Beverly Hills, California restaurant can be way more complicated than you may think. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough money for all the time you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You can either think to contract with a eatery broker to guide you in selling your Beverly Hills, California restaurant or take on the task on your own. If you are considering selling your Beverly Hills, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather any Important Paperwork

This is a necessary preparatory step to take when you begin the process of offering your Beverly Hills, California restaurant.

The required documents may vary from state to state--even in California, but below is a list of a few standard documents you may need to have ready:

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

Corbett Restaurant Group has the expertise to help you in the sale of your Beverly Hills, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to show the majority of these documents to a possible buyer right away. However, you should have them on hand because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Beverly Hills, California restaurant through the lens of a buyer. It gives you a clear picture of the Beverly Hills, California restaurant you are selling. In addition, it allows you to show whether there are any loopholes you will need to take care of.

#2 Put Your Financials in Order

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

Showing your financial documents to prospective buyers could aid clear any doubt they might have regarding your Beverly Hills, California restaurant.

The financial documents could include:

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

Also, ensure you have hard copies of all of the records. This can make it easier for you to send the documentation to potential buyers.

Likewise, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items could create legal problems for you if a buyer later discovers these liabilities after closing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Beverly Hills, California restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Beverly Hills, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this helps them evaluate the value of the Beverly Hills, 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 Beverly Hills, California restaurant.

The estimated time it may take to sell a Beverly Hills, California restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and slash several costs, and therefore increase the worth of your Beverly Hills, California restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will aid you in estimating the probable value of your Beverly Hills, California restaurant. Understanding the overall value will help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Beverly Hills, California restaurant could go a long way in helping you bring potential buyers. Alternatively, if the general look of your Beverly Hills, California restaurant does not appeal to buyers, they could pass over without a second look.

To prevent this from happening, all things in and out of your Beverly Hills, California restaurant must be clean. Manicured and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished door handles and a clean floor are other simple things that could help create a memorable initial impression.

Furthermore, you should make sure that all the equipment is in satisfactory condition. If your equipment is not functioning, it could convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial status and output abilities. It may even lower the mood of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Beverly Hills, California restaurant.

#7 look for Beverly Hills Buyers

Marketing to potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Beverly Hills, California restaurant broker to help. A professional Beverly Hills, California restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can offer your Beverly Hills, California restaurant on listing websites and let your family and friends know about your plans to market for sale your Beverly Hills, California restaurant.

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

#8 Be Ready

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

You never know when a buyer will walk into your Beverly Hills, California restaurant. Some buyers may even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Beverly Hills, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the deal.

This document includes details including the selling price of your Beverly Hills, California restaurant, assets and equipment and inventory value.

Choosing a Beverly Hills, California Restaurant Broker

While trying to sell your Beverly Hills, California restaurant on your own can be an exciting project, it can also be quite risky, especially for first-timers.

The fact remains, if you're looking to achieve the most from of the business transaction, you need a higher level of experience in order to stand above and against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Beverly Hills, California restaurant broker is recommended. A Beverly Hills, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Beverly Hills, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

With the assistance of a Beverly Hills, California restaurant broker, you can focus your undivided attention on operating your Beverly Hills, California restaurant and rest easy with the knowledge that a professional is in charge of selling your Beverly Hills, California restaurant.

Contact a Beverly Hills, California Restaurant Broker

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

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

Beverly Hills Zip Codes We Support: 90209, 90210, 90211, 90212