Time to Sell Your East Los Angeles, California Restaurant?

After years of hard work, you have decided to sell your East Los Angeles, California restaurant

Contemplating starting a different East Los Angeles, California restaurant, relocating, or even retiring. Regardless of the reason, selling a East Los Angeles, California restaurant can be a lot more complicated than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough proceeds for all the sweat you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You can either make the decision to hire a eatery broker to guide you in selling your East Los Angeles, California restaurant or take on the task on your own. If you are considering selling your East Los Angeles, 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 Paperwork

This is a necessary initial step to make when you begin the process of selling your East Los Angeles, California restaurant.

The necessary paperwork may vary from state to state--even in California, but below is a list of a few standard documents you may find helpful 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 plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to assist you in the sale of your East Los Angeles, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer first day. However, you may want to have them ready because you will eventually require them during the sales process.

Also, compiling these documents lets you view your East Los Angeles, California restaurant through the lens of a buyer. This gives you a clear image of the East Los Angeles, California restaurant you're selling. Furthermore, it allows you to identify if there are any concerns you'll have to address.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your East Los Angeles, California restaurant. That’s why you should strive to make your documents accurate and organized.

Offering your financial records to prospective buyers may aid clear any hesitations they may have regarding your East Los Angeles, California restaurant.

The financial documents could include:

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

In addition, make sure you have hard copies of all of these documents. This can make it easier for you to send the documentation to possible buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things could create legal problems for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your East Los Angeles, California restaurant, you need to review of your commercial lease. It could be devestating 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 East Los Angeles, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

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

It is therefore in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow before trying to sell your East Los Angeles, California restaurant.

The average time it takes to sell a East Los Angeles, California restaurant is 6 months. Within the six months, there is a lot you can do to increase your profit and reduce several costs, and therefore increase the worth of your East Los Angeles, 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 coming up with the overall worth of your East Los Angeles, California restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Attractive

The appearance of your East Los Angeles, California restaurant could go a long way in helping you attract potential buyers. Conversely, if the general appearance of your East Los Angeles, California restaurant does not appeal to buyers, they likely pass over without a second look.

To avoid this from happening, everything in and out of your East Los Angeles, California restaurant must be clean. Landscaping and a clean parking lot may help create curb appeal for prospective buyers.

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

Additionally, you should ensure that all your equipment is in satisfactory condition. If your equipment is not working, it might send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial capabilities and production abilities. It may even dampen the morale of your employees, 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 regarding purchasing your East Los Angeles, California restaurant.

#7 look for East Los Angeles Buyers

Marketing to potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional East Los Angeles, California restaurant broker to help. A professional East Los Angeles, California restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this project alone, you will need to carry out appropriate advertising. You can offer your East Los Angeles, California restaurant on listing websites and tell family and friends about your plans to sell your East Los Angeles, California restaurant.

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

#8 Be Prepared

If you decide to sell your East Los Angeles, California restaurant yourself, or with a a East Los Angeles, California restaurant broker, you should always be ready. Be ready to show your East Los Angeles, California restaurant to potential buyers at all times.

You'll never know when a buyer will visit your East Los Angeles, California restaurant. Some buyers might even come in as customers just to perform some research before contacting you.

#9 Sell Your East Los Angeles, California Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the transaction. The documentation will usually start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

This document includes details including the selling price of your East Los Angeles, California restaurant, items and equipment and inventory value.

Choosing a East Los Angeles, California Restaurant Broker

Although attempting to sell your East Los Angeles, California restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first time sellers.

The fact remains, if you're looking to achieve the most out of the business transaction, you need some level of expertise in order to stand above and against your competition while trying to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced East Los Angeles, California restaurant broker is recommended. A East Los Angeles, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your East Los Angeles, California restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

With the help of a East Los Angeles, California restaurant broker, you can focus your undivided attention on operating your East Los Angeles, California restaurant and rest easy knowing that a professional is in charge of selling your East Los Angeles, California restaurant.

Contact a East Los Angeles, California Restaurant Broker

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

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

East Los Angeles Zip Codes We Support: 90022, 90023, 90063