Decided to Sell Your Canoga Park, California Restaurant?

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

Contemplating opening a new Canoga Park, California restaurant, relocating, or maybe retiring. No matter the reason, selling your Canoga Park, California restaurant can be way more difficult than you may realize. Thats because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either think to contract with a Canoga Park, California restaurant broker to assist you in selling your Canoga Park, California restaurant or take on the task yourself. Whether considering selling your Canoga Park, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together any Important Paperwork

This is an important initial step to make when you begin the process of offering your Canoga Park, 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 find helpful to have at hand:

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

Corbett Restaurant Group has the experience to assist you in the sale of your Canoga Park, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

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

Also, putting together these documents allows you to see your Canoga Park, California restaurant through the lens of a buyer. This provides you a clear image of the Canoga Park, California restaurant you are offering for sale. In addition, it helps you show if there are any concerns you will have to address.

#2 Get Your Financials in Order

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

Offering your financial records to potential buyers may help clear any hesitations they might have concerning your Canoga Park, California restaurant.

The financial documents may include:

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

In addition, make sure you have soft copies of all of the documents. This could make it easier for you to transmit the records to prospective buyers.

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

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Canoga Park, California restaurant, you need to review 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 Canoga Park, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors could request an detailed analysis of your financial records, whether favorable or not, this will help them evaluate the true value of the Canoga Park, California restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow starting to sell your Canoga Park, California restaurant.

The estimated time it takes to sell a Canoga Park, California restaurant is 6 months. Within the six months, there are several things you can do to strengthen your profit and cut several costs, and thus strengthen the value of your Canoga Park, California restaurant.

In addition, 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 help you in deriving the probable value of your Canoga Park, California restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Canoga Park, California restaurant will go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Canoga Park, California restaurant does not look good to buyers, they might pass over immediately.

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

Spot-free windows, polished handles and a presentable floor are other small items that can help create a memorable initial impression.

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

Faulty equipment could raise doubt about your financial capabilities and production abilities. It could 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 regarding buying your Canoga Park, California restaurant.

#7 Search for Canoga Park Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Canoga Park, California restaurant broker to help. The professional Canoga Park, California restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you decide to take on this task yourself, you will need to create appropriate advertising. You can list your Canoga Park, California restaurant on listing websites and let your family and friends know about your plans to sell your Canoga Park, California restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Canoga Park, California restaurant yourself, or through a Canoga Park, California restaurant broker, you need to always be ready. Be ready to show your Canoga Park, California restaurant to prospective buyers at all times.

You will never know when a buyer will walk into your Canoga Park, California restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Canoga Park, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the deal.

This agreement includes details including the selling price of your Canoga Park, California restaurant, assets and equipment and inventory value.

Choosing a Canoga Park, California Restaurant Broker

While trying to sell your Canoga Park, California restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of expertise in order to stand out against your competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Canoga Park, California restaurant broker comes in. A Canoga Park, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Canoga Park, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Canoga Park, California Restaurant Broker

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

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

Canoga Park Zip Codes We Support: 91303, 91304, 91305, 91309