Are You Ready to Sell Your Cerritos, California Restaurant?

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

Contemplating starting a new eatery, relocating, or even retiring. No matter the reason, selling a Cerritos, California restaurant can be way more complicated than you might think. Thats because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the time you may have put into it.

Necessary Steps to Consider in Selling Your Restaurant

You may either think to contract with a Cerritos, California restaurant broker to assist you in selling your Cerritos, California restaurant or do the task yourself. Whether considering selling your Cerritos, 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 Business Documentation

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

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

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

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It's probably smart not to reveal the majority of these documents to a potrntial buyer day one. But, you should have them at hand because you will eventually require them during the sales process.

In addition, putting together these documents allows you to see your Cerritos, California restaurant through the lens of a buyer. This gives you a clear image of the Cerritos, California restaurant you are offering for sale. In addition, it helps you show whether there are any loopholes you will have to take care of.

#2 Get Your Financials in Order

Your financial records are an important part of selling your Cerritos, California restaurant. This is the reason you should make an effort to make your documents accurate and organized.

Offering your financial documents to possible buyers could assist to clear any hesitations they might have regarding your Cerritos, California restaurant.

These financial documents could include:

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

Also, make sure you have soft copies of all of these documents. This can make it easier for you to transmit the records to possible buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these items can create legal issues for you if a buyer later discovers these ommissions after sealing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Cerritos, 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 could be advisable to talk to your landlord concerning your plan to sell your Cerritos, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financials, whether favorable or not, this helps them evaluate the true value of your Cerritos, 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 before trying to sell your Cerritos, California restaurant.

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

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This may help you in estimating the overall value of your Cerritos, California restaurant. If you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Cerritos, California restaurant will go a long way in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Cerritos, California restaurant does not look good to buyers, they likely pass over right off the bat.

To prevent this from happening, all things in and out of your Cerritos, California restaurant must be clean. Landscaped and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a clean floor are other simple things that could help create a great first impression.

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

Non-functional equipment also raises doubt about your financial situation and output capabilities. It may even dampen the excitment of your staff, which in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning buying your Cerritos, California restaurant.

#7 look for Cerritos Buyers

Searching for potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Cerritos, California restaurant broker to help. The professional Cerritos, California restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this project yourself, you will need to create proper advertising. You can list your Cerritos, California restaurant on listing websites and let your family and friends know about your plans to sell your Cerritos, California restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will visit your Cerritos, California restaurant. Some buyers may even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Cerritos, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to complete the contract. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Cerritos, California Restaurant Broker

While attempting to sell your Cerritos, 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 achieve the most out of the business transaction, you need a higher level of experience in order to stand out against the cometitors while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Cerritos, California restaurant broker comes in. A Cerritos, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Cerritos, California restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Cerritos, California Restaurant Broker

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

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

Cerritos Zip Codes We Support: 90703