Are You Ready to Sell Your Bloomington, California Restaurant?

After years of sweat equity, you have decided to sell your Bloomington, California restaurant

Contemplating starting a new Bloomington, California restaurant, moving, or maybe slowing down. Regardless of the reason, selling your Bloomington, California restaurant can be way more complicated than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough proceeds for all the time you may have put into it.

Necessary Actions to Take in Selling Your Restaurant

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

#1 Gather any Business Paperwork

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

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

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

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

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

In addition, compiling these documents allows you to see your Bloomington, California restaurant through the lens of a buyer. This gives you a clear picture of the Bloomington, California restaurant you're selling. In addition, it allows you to identify whether there are any areas you will need to take care of.

#2 Put Your Financials in Order

Your financial records are a crucial part of selling your Bloomington, California restaurant. That’s why you should make an effort to have your documents accurate and well organized.

Showing your financial documents to prospective buyers may aid clear any hesitations they may have concerning your Bloomington, California restaurant.

These financial records could include:

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

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

In addition, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things may create legal problems 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 Bloomington, California restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Bloomington, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the value of the Bloomington, California restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow planning to sell your Bloomington, California restaurant.

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

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

This may aid you in deriving the overall value of your Bloomington, California restaurant. Understanding the overall value will help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Bloomington, California restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall look of your Bloomington, California restaurant does not look good to buyers, they likely pass over right off the bat.

To avoid this from happening, everything in and out of your Bloomington, California restaurant must be clean. Manicured and a clean parking area can help create appeal for potential buyers.

Clean windows, polished door handles and a clean floor are other easy items that would help create a unforgettable initial impression.

Furthermore, you should make sure that all the equipment is in satisfactory 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.

Non-functional equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the mood of your employees, which in turn, 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 purchasing your Bloomington, California restaurant.

#7 look for Bloomington Buyers

Marketing to potential buyers is time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Bloomington, California restaurant broker to help. The professional Bloomington, California restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to take on this project yourself, you will need to carry out proper advertising. You can list your Bloomington, California restaurant on business websites and let your family and friends know about your intentions to market for sale your Bloomington, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Bloomington, California Restaurant

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

You may need your attorney’s expertise in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Bloomington, California Restaurant Broker

Although trying to sell your Bloomington, California restaurant on your own can be an exhilarating endeavor, it can also be quite risky, especially for first time sellers.

It's true, in order for you to get the most out of the business deal, you need some level of experience in order to stand above and against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Bloomington, California restaurant broker is recommended. A Bloomington, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Bloomington, California restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Bloomington, California Restaurant Broker

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

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

Bloomington Zip Codes We Support: 92316, 92335