Are You Ready to Sell Your Burbank, California Restaurant?

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

Contemplating opening a new eatery, relocating, or even retiring. No matter the reason, selling your Burbank, California restaurant can be a lot more difficult than you might think. Thats because it takes careful preparation and a solid strategy to successfully exit with enough proceeds for all the labor you may have put into it.

Necessary Actions to Consider when Selling Your Restaurant

You can either think to hire a eatery broker to guide you in selling your Burbank, California restaurant or do the task on your own. Whether considering selling your Burbank, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather the Necessary Paperwork

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

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

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

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You probably do not want to reveal the majority of these documents to a prospective buyer first day. But, you should have them at hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to view your Burbank, California restaurant through the lens of a buyer. This gives you a clear image of the Burbank, California restaurant you're selling. In addition, it allows you to identify whether there are any concerns you will need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important detail of selling your Burbank, California restaurant. That’s the reason you should make it a priority to have your documents accurate and well organized.

Offering your financial documents to possible buyers may help clear any hesitations they might have regarding your Burbank, California restaurant.

These financial documents may include:

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

In addition, ensure you have duplicate copies of all of the documents. This can make it easier for you to send the records to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these items may create legal issues for you if a buyer later discovers these ommissions post completing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Burbank, California restaurant, you must find out the terms of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Burbank, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

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

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow starting to sell your Burbank, California restaurant.

The average time it takes to sell a Burbank, California restaurant is six months. Within the six months, there is a lot you can do in order to strengthen your profit and slash various costs, and therefore strengthen the worth of your Burbank, California restaurant.

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

This will assist you in deriving the probable value of your Burbank, California restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Burbank, California restaurant could go a long way in helping you bring potential buyers. Conversely, if the general appearance of your Burbank, California restaurant does not look good to buyers, they might pass over immediately.

To prevent this from happening, everything in and out of your Burbank, California restaurant must be cleaned and maintained. Landscaping and a clean parking lot can help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are also simple items that could help create a great initial impression.

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

Faulty equipment may rouse doubt about your financial status and output abilities. It could even lower the mood of your staff, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding purchasing your Burbank, California restaurant.

#7 Search for Burbank Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Burbank, California restaurant broker to help. The professional Burbank, California restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this project by yourself, you will need to carry out proper advertising. You can list your Burbank, California restaurant on business websites and let your family and friends know about your plans to market for sale your Burbank, California restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Burbank, California restaurant yourself, or with a a Burbank, California restaurant broker, you should always be ready. Be prepared to show your Burbank, California restaurant to potential buyers at all times.

You'll never know when a buyer could visit your Burbank, California restaurant. Some buyers might even visit as customers just to carry out some research before contacting you.

#9 Sell Your Burbank, California Restaurant

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

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

This agreement includes details such as the selling price of your Burbank, California restaurant, items and equipment and inventory value.

Choosing a Burbank, California Restaurant Broker

While attempting to sell your Burbank, California restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business transaction, you need a higher level of expertise to stand above and against the competition while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Burbank, California restaurant broker comes in. A Burbank, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Burbank, California restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Burbank, California Restaurant Broker

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

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

Burbank Zip Codes We Support: 91501, 91502, 91503, 91504, 91505, 91506, 91507, 91508, 91510, 91523, 91526