Are You Ready to Sell Your Echo Park, California Restaurant?

Following years of labor, you have decided to sell your Echo Park, California restaurant

Contemplating opening a different eatery, moving, or even retiring. No matter the reason, selling a Echo Park, California restaurant can be a lot more difficult than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough profit for all the sweat you may have put into it.

Necessary Actions to Consider when Selling Your Restaurant

You can either think to hire a Echo Park, California restaurant broker to assist you in selling your Echo Park, California restaurant or do the task on your own. Whether considering selling your Echo Park, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together the Business Paperwork

This is an important initial step to make when you start the process of selling your Echo Park, California restaurant.

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

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

Corbett Restaurant Group comes with experience to help you in the sale of your Echo Park, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to reveal all these documents to a possible buyer first day. But, you may want to have them at hand because you will certainly need them during the sales process.

Also, putting together these documents lets you see your Echo Park, California restaurant through the lens of a buyer. This gives you a clear image of the Echo Park, California restaurant you're selling. Furthermore, it allows you to show whether there are any concerns you will have to address.

#2 Get Your Financial Documents in Order

Your financial documents are an important detail of selling your Echo Park, California restaurant. This is why you should strive to make these documents accurate and organized.

Showing your financial documents to possible buyers may assist to clear any hesitations they might have concerning your Echo Park, California restaurant.

Your financial documents may 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 records. This could make it easier for you to send the information to possible buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these liabilities after sealing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Echo Park, California restaurant, you must find out the terms 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 may advisable to talk to your landlord concerning your plan to sell your Echo Park, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the value of the Echo Park, 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 starting to sell your Echo Park, California restaurant.

The average time it takes to sell a Echo Park, California restaurant is six months. Within the six months, there are several things you can do to strengthen your profit and cut several costs, and thus strengthen the value of your Echo Park, California restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This will help you in deriving the overall worth of your Echo Park, California restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Echo Park, California restaurant will go a long way in helping you attract potential buyers. Conversely, if the overall aesthetic of your Echo Park, California restaurant does not appeal to buyers, they could take a pass right off the bat.

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

Spot-free windows, polished door handles and a clean floor are also easy things that could help create a memorable first impression.

Furthermore, you should make sure that all the equipment is in top condition. If your equipment is not working, it may send the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial situation and output abilities. It may even dampen the excitment 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 buying your Echo Park, California restaurant.

#7 Search for Echo Park Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Echo Park, California restaurant broker to help. A professional Echo Park, California restaurant broker will have recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can market your Echo Park, California restaurant on listing websites and tell family and friends about your intentions to sell your Echo Park, California restaurant.

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

#8 Be Prepared

If you decide to sell your Echo Park, California restaurant yourself, or with a a Echo Park, California restaurant broker, you need to always be ready. Be prepared to show your Echo Park, California restaurant to potential buyers at all times.

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

#9 Sell Your Echo Park, California Restaurant

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

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

This document includes details such as the selling price of your Echo Park, California restaurant, assets and equipment as well as inventory value.

Choosing a Echo Park, California Restaurant Broker

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

It's true, if you're looking to get the most from of the business deal, you need some level of expertise to stand above and against the competition while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Echo Park, California restaurant broker is recommended. A Echo Park, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Echo Park, California restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Echo Park, California Restaurant Broker

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

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

Echo Park Zip Codes We Support: 90026