Decided to Sell Your Covina, California Restaurant?

After years of labor, you have decided to sell your Covina, California restaurant

Contemplating starting a different Covina, California restaurant, relocating, or maybe slowing down. Regardless of the reason, selling your Covina, California restaurant can be a lot more challenging than you might realize. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough profit for all the sweat you may have put into it.

Important Actions to Take in Selling Your Restaurant

You can either decide to contract with a Covina, California restaurant broker to help you in selling your Covina, California restaurant or take on the task yourself. Whether considering selling your Covina, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather any Necessary Documentation

This is a necessary first step to take when you begin the process of offering your Covina, California restaurant.

The required paperwork may vary from state to state--even in California, but below is a list of some general documents you may need to have ready:

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

Corbett Restaurant Group has the expertise to help you in the sale of your Covina, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a possible buyer right away. But, you may want to have them ready because you will eventually need them during the sales process.

In addition, putting together these documents allows you to view your Covina, California restaurant through the lens of a buyer. This gives you a clear picture of the Covina, California restaurant you're offering for sale. In addition, it helps you identify if there are any loopholes you will have to take care of.

#2 Get Your Financials in Order

Your financial records are a crucial part of selling your Covina, California restaurant. This is the reason you should make it a priority to make your documents accurate and organized.

Showing your financial records to prospective buyers may help clear any doubt they might have regarding your Covina, California restaurant.

The financial records 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 these documents. This can make it easier for you to send the documentation to potential buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these ommissions post completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Covina, California restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your Covina, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow planning to sell your Covina, California restaurant.

The average time it may take to sell a Covina, California restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and reduce several costs, and therefore strengthen the value of your Covina, California restaurant.

Also, 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 could assist you in deriving the probable value of your Covina, California restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Covina, California restaurant could go a great distance in helping you bring potential buyers. Conversely, if the general curb appeal of your Covina, California restaurant does not look good to buyers, they might pass over right off the bat.

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

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

Furthermore, you should ensure that all the equipment is in satisfactory 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 could raise doubt about your financial situation and production capabilities. It may even lower the morale 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 prospective buyers concerning purchasing your Covina, California restaurant.

#7 look for Covina Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Covina, California restaurant broker to help. A professional Covina, California restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task yourself, you will need to carry out proper advertising. You can market your Covina, California restaurant on listing websites and let your family and friends know about your intentions to sell your Covina, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Covina, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the deal. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Covina, California Restaurant Broker

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

It's true, in order for you to get the most out of the business transaction, you need a higher level of experience in order to stand out against your cometitors while attempting to attract buyers.

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

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

Contact a Covina, California Restaurant Broker

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

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

Covina Zip Codes We Support: 91722, 91723, 91724