Ready to Sell Your Corona, California Restaurant?

Following years of labor, you have made the decision sell your Corona, California restaurant

Considering starting a new Corona, California restaurant, relocating, or even retiring. Regardless of the reason, selling your Corona, California restaurant can be way more challenging than you may think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either decide to hire a eatery broker to assist you in selling your Corona, California restaurant or take on the task on your own. If you are considering selling your Corona, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather the Business Paperwork

This is an important initial step to take when you start the process of marketing your Corona, 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 find helpful to have at hand:

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

Corbett Restaurant Group comes with expertise to help you in the sale of your Corona, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

You probably do not want to show the majority of these documents to a possible buyer day one. However, you should have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you see your Corona, California restaurant through the lens of a buyer. This gives you a clear picture of the Corona, California restaurant you're offering for sale. Furthermore, it allows you to show if there are any concerns you will have to address.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial part of selling your Corona, California restaurant. That’s why you should strive to make these documents complete and organized.

Offering your financial records to prospective buyers may aid clear any doubt they might have concerning your Corona, California restaurant.

The financial records can 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 records. This may make it easier for you to transmit the records to potential buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things could create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Corona, California restaurant, you must find out the terms 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 is advisable to talk to your landlord concerning your plan to sell your Corona, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth evaluation of your financials, whether favorable or not, this helps them estimate the true value of the Corona, California restaurant.

This will be in your best interest to ensure that you augment sales and reduce expenses to build your cash flow before trying to sell your Corona, California restaurant.

The average time it may take to sell a Corona, California restaurant is six months. Within those six months, there is a lot you can do in order to increase your profit and cut several costs, and thus increase the worth of your Corona, 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 estimate your assets.

This will assist you in deriving the overall worth of your Corona, California restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Corona, California restaurant can go a long way in helping you bring potential buyers. Conversely, if the general look of your Corona, California restaurant does not appeal to buyers, they might pass over right off the bat.

To avoid this from happening, everything in and out of your Corona, California restaurant must be cleaned and maintained. Landscaped and a clean parking area may help create appeal for potential buyers.

Clean windows, polished door handles and a neat floor are other small things that can help create a memorable first impression.

Additionally, you should ensure all the equipment is in top condition. If your equipment is not working properly, it could convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial capabilities and production abilities. It could even dampen the excitment of your employees, 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 Corona, California restaurant.

#7 look for Corona Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Corona, California restaurant broker to help. A professional Corona, California restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project by yourself, you will need to carry out proper advertising. You can market your Corona, California restaurant on listing websites and let your family and friends know about your intentions to sell your Corona, California restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could walk into your Corona, California restaurant. Some buyers might even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Corona, California Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the contract. The paperwork often begin with the Asset Purchase Agreement.

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

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

Choosing a Corona, California Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need some level of experience to stand above and against the competition while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Corona, California restaurant broker is recommended. A Corona, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Corona, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Corona, California Restaurant Broker

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

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

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