Decided to Sell Your Burlingame, California Restaurant?

Following years of hard work, you have decided to sell your Burlingame, California restaurant

Considering starting a new Burlingame, California restaurant, moving, or maybe retiring. Regardless of the reason, selling your Burlingame, California restaurant can be way more difficult than you might realize. This is because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the sweat you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to assist you in selling your Burlingame, California restaurant or take on the task on your own. Whether considering selling your Burlingame, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Important Documentation

This is a necessary initial step to make when you begin the process of selling your Burlingame, California restaurant.

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

• Gather your assets
• Lease documentation
• 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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It's probably smart not to show the majority of these documents to a potrntial buyer day one. 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 Burlingame, California restaurant through the lens of a buyer. This provides you a clear picture of the Burlingame, California restaurant you're offering for sale. In addition, it helps you identify if there are any areas you'll need to take care of.

#2 Put Your Financials in Order

Your financial records are an important detail of selling your Burlingame, California restaurant. That’s the reason you should make an effort to have these documents complete and well organized.

Offering your financial records to possible buyers may aid clear any hesitations they might have regarding your Burlingame, California restaurant.

These financial records could 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 records. This may make it easier for you to transmit the records to possible buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things can create legal problems for you if a buyer later discovers these liabilities post signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Burlingame, California restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing a buyer, your lease hinders you from sealing the deal.

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

#4 Appraise Your Restaurant

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

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

The estimated time it takes to sell a Burlingame, California restaurant is six months. Within those six months, there are several things you can do to increase your profit and slash various costs, and therefore strengthen the value of your Burlingame, California restaurant.

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

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

#5 Make Your Restaurant Look Better

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

To avoid this from happening, all things in and out of your Burlingame, California restaurant must be clean. Landscaping and a clean parking lot may help create appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also simple items that can help create a great first impression.

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

Faulty equipment could raise doubt about your financial situation and production capabilities. It may even lower the excitment of your staff, and 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 concerning buying your Burlingame, California restaurant.

#7 Search for Burlingame Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Burlingame, California restaurant broker to help. A professional Burlingame, California restaurant broker will come with recommendations for saving time 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 Burlingame, California restaurant on listing websites and tell family and friends about your intentions to sell your Burlingame, California restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will walk into your Burlingame, California restaurant. Some buyers may even come in as customers in order to perform some research before contacting you.

#9 Sell Your Burlingame, California Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the deal. The paperwork will usually start with the Asset Purchase Agreement.

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

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

Choosing a Burlingame, California Restaurant Broker

While attempting to sell your Burlingame, California restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

It's true, in order for you to get the most from of the business transaction, you need some level of experience to stand out against the competition while trying to find buyers.

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

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

Contact a Burlingame, California Restaurant Broker

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

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

Burlingame Zip Codes We Support: 94010