Decided to Sell Your Culver City, California Restaurant?

After years of hard work, you have made the decision sell your Culver City, California restaurant

Considering opening a different eatery, relocating, or maybe slowing down. No matter the reason, selling a Culver City, California restaurant can be a lot more challenging than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough proceeds for all the time you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to guide you in selling your Culver City, California restaurant or take on the task on your own. If you are considering selling your Culver City, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Business Paperwork

This is an important initial step to take when you commence the process of selling your Culver City, California restaurant.

The required documents may vary from state to state--even in California, but below is a list of a few generalized documents you may need to have on you:

• A list of 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 comes with experience to assist you in the sale of your Culver City, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a prospective buyer day one. However, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your Culver City, California restaurant through the lens of a buyer. It provides you a clear picture of the Culver City, California restaurant you're offering for sale. Furthermore, it allows you to identify whether there are any loopholes you will need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial aspect of selling your Culver City, California restaurant. That’s the reason you should strive to make these documents accurate and well organized.

Showing your financial records to prospective buyers could assist to clear any doubt they might have regarding your Culver City, California restaurant.

The financial documents can include:

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

In addition, ensure you have soft copies of all of the documents. This can make it easier for you to send the information to possible buyers.

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

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Culver City, 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 could be advisable to have a discussion with your landlord regarding your plan to sell your Culver City, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the true value of the Culver City, California restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to increase your cash flow starting to sell your Culver City, California restaurant.

The average time it takes to sell a Culver City, California restaurant is six months. Within those six months, there are many things you can do in order to increase your profit and cut several costs, and thus increase the value of your Culver City, California restaurant.

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

This could aid you in estimating the overall worth of your Culver City, California restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Culver City, California restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Culver City, California restaurant does not look good to buyers, they likely pass over right off the bat.

To avoid this from happening, everything in and out of your Culver City, California restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are other small things that would help create a great initial impression.

Furthermore, you should ensure that all the equipment is in top condition. If your equipment is not working, 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 output capabilities. It can even lower the morale of your staff, and 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 concerning purchasing your Culver City, California restaurant.

#7 Search for Culver City Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Culver City, California restaurant broker to help. The professional Culver City, California restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this project by yourself, you will need to carry out appropriate advertising. You can offer your Culver City, California restaurant on listing websites and tell family and friends about your plans to sell your Culver City, California restaurant.

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

#8 Be Ready

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

You never know when a buyer could visit your Culver City, California restaurant. Some buyers might even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Culver City, 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 begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details including the selling price of your Culver City, California restaurant, items and equipment and inventory value.

Choosing a Culver City, California Restaurant Broker

Although attempting to sell your Culver City, California restaurant on your own can be an exciting endeavor, it could also be very 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 to stand above and against the cometitors while trying to find buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Culver City, California restaurant broker is recommended. A Culver City, California restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Culver City, California restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Culver City, California Restaurant Broker

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

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

Culver City Zip Codes We Support: 90016, 90034, 90066, 90230, 90231, 90232