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Considering opening a different eatery, relocating, or even slowing down. Regardless of the reason, selling a Downey, California restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the sweat you may have put into it.
You can either think to contract with a eatery broker to assist you in selling your Downey, California restaurant or do the task on your own. Whether considering selling your Downey, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.
This is a necessary initial step to make when you commence the process of selling your Downey, California restaurant.
The required paperwork may vary from state to state--even in California, but the following is a list of a few general documents you may find helpful to have at hand:
Corbett Restaurant Group has the experience to assist you in the sale of your Downey, California restaurant. Call today for a no strings attached business review at (888) 266-5182.
It's probably best not to show the majority of these documents to a possible buyer right away. But, you may want to have them ready because you will certainly require them during the sales process.
In addition, compiling these documents lets you see your Downey, California restaurant through the lens of a buyer. This provides you a clear picture of the Downey, California restaurant you're selling. Furthermore, it allows you to show whether there are any loopholes you'll need to take care of.
Your financial documents are an important detail of selling your Downey, California restaurant. This is the reason you should make it a priority to make your documents complete and organized.
Offering your financial documents to prospective buyers may help clear any doubt they might have concerning your Downey, California restaurant.
Your financial records can include:
In addition, ensure you have hard copies of all of the records. This will make it easier for you to transmit the records to prospective buyers.
Also, as the seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these items can create legal problems for you if a buyer later on discovers these liabilities after signing the deal.
In the process of preparing to sell your Downey, California restaurant, you need to review of your commercial lease. It would be devestating 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 Downey, California restaurant and to possibly extend your lease.
Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the true value of the Downey, California restaurant.
This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to increase your cash flow planning to sell your Downey, California restaurant.
The average time it may take to sell a Downey, California restaurant is six months. Within those six months, there are several things you can do to strengthen your profit and reduce several costs, and therefore increase the worth of your Downey, California restaurant.
Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.
This may assist you in coming up with the overall value of your Downey, California restaurant. When you understand the overall worth this could help you settle on a selling price.
The appearance of your Downey, California restaurant can go a great distance in helping you bring potential buyers. Conversely, if the general look of your Downey, California restaurant does not look good to buyers, they likely pass over right off the bat.
To avoid this from happening, all things in and out of your Downey, California restaurant must be cleaned and maintained. Landscaping and a clean parking lot may help create appeal for potential buyers.
Spot-free windows, polished handles and a neat floor are other easy things that would help create a great initial impression.
Additionally, you should make sure all your equipment is in top condition. If your equipment is not working properly, it can convey the message that you're in a hurry to pass a bad deal to the buyer.
Non-functional equipment could raise doubt about your financial situation and output abilities. It may even dampen 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 potential buyers concerning purchasing your Downey, California restaurant.
Searching for potential buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Downey, California restaurant broker to help. The professional Downey, California restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this project yourself, you will need to create proper advertising. You can show your Downey, California restaurant on business websites and tell family and friends about your intentions to sell your Downey, California restaurant.
As you will likely run across competition when trying to sell your Downey, California restaurant, you need your restaurant to stand out.
Regardless if you decide to sell your Downey, California restaurant yourself, or through a Downey, California restaurant broker, you need to always be prepared. Be prepared to show your Downey, California restaurant to prospective buyers at all times.
You'll never know when a buyer could walk into your Downey, California restaurant. Some buyers might even come in as customers just to perform some research before contacting you.
This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the transaction. The paperwork often begin with the Asset Purchase Agreement.
You should have your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.
This agreement includes details such as the selling price of your Downey, California restaurant, items and equipment as well as inventory value.
While attempting to sell your Downey, California restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first-timers.
The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of expertise in order to stand out against the cometitors while attempting to attract buyers.
Experience is also vital during negotiations with potential buyers. This is where an experienced Downey, California restaurant broker is recommended. A Downey, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Downey, California restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.
With the assistance of a Downey, California restaurant broker, you can maintain your undivided attention on operating your Downey, California restaurant and rest easy with the knowledge that a professional is in charge of selling your Downey, California restaurant.
Deciding to sell your Downey, California restaurant through a Downey, California restaurant broker has many advantages. First, however, you need to select the best Downey, California restaurant broker to assist you in selling your Downey, California restaurant.
At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your Downey, California restaurant. And, we work harder than any other Downey 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 Downey, California restaurant for a great price.
Downey Zip Codes We Support: 90239, 90240, 90241, 90242
We've been in business for over 15 years and its because of the hard work and loyalty of our Brokers and staff. When you partner with us, you'll receive the absolutely best service the industry has to offer.