Right Time to Sell Your Boyle Heights, California Restaurant?

After years of labor, you have made the decision sell your Boyle Heights, California restaurant

Considering starting a new eatery, relocating, or maybe slowing down. Regardless of the reason, selling a Boyle Heights, California restaurant can be a lot more complicated than you might think. Thats because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the sweat you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You can either make the decision to hire a Boyle Heights, California restaurant broker to guide you in selling your Boyle Heights, California restaurant or take on the task yourself. Whether considering selling your Boyle Heights, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Necessary Documentation

This is a necessary first step to take when you begin the process of selling your Boyle Heights, California restaurant.

The necessary paperwork may vary from state to state--even in California, but below is a list of a few standard documents you may find helpful to have prepared:

• Gather 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

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You certainly do not want to show all these documents to a prospective buyer right away. But, you may want to have them at hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your Boyle Heights, California restaurant through the lens of a buyer. This provides you a clear image of the Boyle Heights, California restaurant you're selling. Furthermore, it helps you identify if there are any concerns you will have to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial aspect of selling your Boyle Heights, California restaurant. This is why you should strive to make your documents complete and organized.

Offering your financial documents to possible buyers could assist to clear any doubt they might have regarding your Boyle Heights, California restaurant.

These financial documents may include:

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

Also, make sure you have hard copies of all of these records. This can make it easier for you to send the records to prospective buyers.

Likewise, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later on discovers these liabilities post signing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Boyle Heights, California restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from closing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Boyle Heights, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this will help them estimate the value of your Boyle Heights, California restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow starting to sell your Boyle Heights, California restaurant.

The estimated time it may take to sell a Boyle Heights, California restaurant is 6 months. Within the six months, there are many things you can do in order to increase your profit and cut several costs, and therefore increase the worth of your Boyle Heights, 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 may aid you in estimating the overall value of your Boyle Heights, California restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Boyle Heights, California restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the overall appearance of your Boyle Heights, California restaurant does not look good to buyers, they likely take a pass immediately.

To avoid this from happening, all things in and out of your Boyle Heights, California restaurant must be clean. Manicured and a clean parking area could help create curb appeal for prospective buyers.

Clean windows, polished handles and a clean floor are also easy things that would help create a memorable first impression.

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

Non-functional equipment can raise doubt about your financial situation and production abilities. It could even lower the excitment of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning buying your Boyle Heights, California restaurant.

#7 Search for Boyle Heights Buyers

Searching for potential buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Boyle Heights, California restaurant broker to help. A professional Boyle Heights, California restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this project by yourself, you will need to create appropriate advertising. You can market your Boyle Heights, California restaurant on listing websites and let your family and friends know about your intentions to sell your Boyle Heights, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Boyle Heights, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The documentation will usually start with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Boyle Heights, California Restaurant Broker

Although attempting to sell your Boyle Heights, California restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

It's true, if you're looking to get the most out of the business deal, you need a higher level of experience to stand above and against the cometitors while attempting to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Boyle Heights, California restaurant broker is needed. A Boyle Heights, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Boyle Heights, California restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Boyle Heights, California Restaurant Broker

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

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

Boyle Heights Zip Codes We Support: 90033