Right Time to Sell Your Fullerton, California Restaurant?

After years of sweat equity, you have made the decision sell your Fullerton, California restaurant

Contemplating starting a different eatery, relocating, or even slowing down. No matter the reason, selling a Fullerton, California restaurant can be a lot more challenging than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the labor you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to assist you in selling your Fullerton, California restaurant or do the task yourself. Whether considering selling your Fullerton, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather the Business Documentation

This is an important initial step to make when you commence the process of selling your Fullerton, 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 be requierd to have at hand:

• A list of your assets
• Lease document
• 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 help you in the market for sale of your Fullerton, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to show the majority of 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, compiling these documents allows you to view your Fullerton, California restaurant through the lens of a buyer. It provides you a clear picture of the Fullerton, California restaurant you're offering for sale. In addition, it helps you show whether there are any loopholes you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your Fullerton, California restaurant. This is the reason you should strive to make your documents accurate and organized.

Offering your financial records to potential buyers could aid clear any doubt they may have concerning your Fullerton, California restaurant.

These financial documents could include:

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

Also, make sure you have hard copies of all of these documents. This can make it easier for you to send the records to potential buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions after closing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Fullerton, California restaurant, you need to understand 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 is advisable to talk to your landlord regarding your plan to sell your Fullerton, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of the Fullerton, California restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow starting to sell your Fullerton, California restaurant.

The average time it may take to sell a Fullerton, California restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and reduce various costs, and thus strengthen the worth of your Fullerton, California restaurant.

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

This could assist you in deriving the overall worth of your Fullerton, California restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Fullerton, California restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Fullerton, California restaurant does not appeal to buyers, they might take a pass without consideration.

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

Clean windows, polished handles and a presentable floor are other simple items that can help create a unforgettable first impression.

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

Faulty equipment could raise doubt about your financial status and production abilities. It may even lower the excitment of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding buying your Fullerton, California restaurant.

#7 Search for Fullerton Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire a professional Fullerton, California restaurant broker to help. A professional Fullerton, California restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this task yourself, you will need to carry out proper advertising. You can market your Fullerton, California restaurant on listing websites and let your family and friends know about your plans to sell your Fullerton, California restaurant.

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

#8 Be Prepared

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

You never know when a buyer will visit your Fullerton, California restaurant. Some buyers may even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Fullerton, California Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to finalize the contract. The documentation will likely begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Fullerton, California Restaurant Broker

While attempting to sell your Fullerton, California restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business deal, you need a higher level of expertise in order to stand above and against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Fullerton, California restaurant broker comes in. A Fullerton, California restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Fullerton, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Fullerton, California Restaurant Broker

Choosing to sell your Fullerton, California restaurant through a Fullerton, California restaurant broker has several advantages. First, however, you need to select the best Fullerton, California restaurant broker to help you in selling your Fullerton, California restaurant.

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

Fullerton Zip Codes We Support: 90631, 92801, 92806, 92821, 92831, 92832, 92833, 92834, 92835, 92836, 92837, 92838