Ready to Sell Your Foster City, California Restaurant?

After years of labor, you have made the decision sell your Foster City, California restaurant

Contemplating opening a different Foster City, California restaurant, relocating, or maybe retiring. Regardless of the reason, selling a Foster City, California restaurant can be a lot more complicated than you may think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the time you may have put into it.

Important Steps to Consider when Selling Your Restaurant

You may either make the decision to hire a eatery broker to assist you in selling your Foster City, California restaurant or do the task on your own. Whether considering selling your Foster City, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Business Paperwork

This is a necessary first step to make when you commence the process of offering your Foster City, California restaurant.

The necessary paperwork may vary from state to state--even in California, but the following is a list of some general documents you may find helpful to have prepared:

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

Corbett Restaurant Group has the experience to assist you in the market for sale of your Foster City, 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 right away. But, you should have them at hand because you will eventually require them during the sales process.

In addition, putting together these documents allows you to see your Foster City, California restaurant through the lens of a buyer. It gives you a clear picture of the Foster City, California restaurant you're offering for sale. In addition, it helps you identify whether there are any concerns you will have to take care of.

#2 Get Your Financial Documents in Order

Your financial records are an important part of selling your Foster City, California restaurant. This is why you should strive to make your documents complete and organized.

Showing your financial documents to prospective buyers may aid clear any hesitations they may have concerning your Foster City, California restaurant.

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

Likewise, as a seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later discovers these ommissions after closing the deal.

#3 Put Together the Information On Your Commercial Lease

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

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Foster City, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth evaluation of your financial records, whether favorable or not, this will help them estimate the value of the Foster City, California restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow planning to sell your Foster City, California restaurant.

The average time it takes to sell a Foster City, California restaurant is 6 months. Within those six months, there are several things you can do to increase your profit and cut various costs, and therefore increase the value of your Foster City, 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 will help you in coming up with the overall value of your Foster City, California restaurant. When you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Foster City, California restaurant can go a long way in helping you bring potential buyers. Conversely, if the general curb appeal of your Foster City, California restaurant does not look good to buyers, they might take a pass right off the bat.

To prevent this from happening, everything in and out of your Foster City, California restaurant must be cleaned and maintained. Manicured and a clean parking lot may help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also simple things that can help create a great first impression.

Additionally, you should make sure all your equipment is in top condition. If your equipment is not working, it could convey the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial status and production capabilities. It could even lower the mood of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding buying your Foster City, California restaurant.

#7 Search for Foster City Buyers

Looking for potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Foster City, California restaurant broker to help. The professional Foster City, California restaurant broker will offer recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to handle this task alone, you will need to create appropriate advertising. You can offer your Foster City, California restaurant on business websites and tell family and friends about your plans to sell your Foster City, California restaurant.

As you will likely run across competition when trying to sell your Foster City, California restaurant, you need your restaurant to stand out.

#8 Be Prepared

Regardless if you decide to sell your Foster City, California restaurant yourself, or through a Foster City, California restaurant broker, you should always be prepared. Be ready to show your Foster City, California restaurant to potential buyers at all times.

You'll never know when a buyer will visit your Foster City, California restaurant. Some buyers might even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Foster City, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the contract. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s expertise 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 Foster City, California restaurant, items and equipment and inventory value.

Choosing a Foster City, California Restaurant Broker

Although attempting to sell your Foster City, California restaurant on your own can be an exciting project, it can also be quite risky, especially for first time sellers.

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

Experience is also vital during negotiations with prospective buyers. This is where an experienced Foster City, California restaurant broker comes in. A Foster City, California restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Foster City, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

With the assistance of a Foster City, California restaurant broker, you can focus your undivided attention on operating your Foster City, California restaurant and rest easy knowing that a professional is in charge of selling your Foster City, California restaurant.

Contact a Foster City, California Restaurant Broker

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

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

Foster City Zip Codes We Support: 94404