Ready to Sell Your Garden Grove, California Restaurant?

After years of hard work, you have decided to sell your Garden Grove, California restaurant

Contemplating starting a different eatery, moving, or even slowing down. No matter the reason, selling your Garden Grove, California restaurant can be way more difficult than you may realize. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the sweat you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either make the decision to contract with a eatery broker to help you in selling your Garden Grove, California restaurant or do the task yourself. Whether considering selling your Garden Grove, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together the Important Paperwork

This is an important first step to take when you start the process of offering your Garden Grove, California restaurant.

The required documents may vary from state to state--even in California, but the following is a list of some generalized documents you may be requierd to have on you:

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your Garden Grove, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to show the majority of these documents to a possible buyer first day. However, you should have them ready because you will certainly require them during the sales process.

In addition, compiling these documents allows you to view your Garden Grove, California restaurant through the lens of a buyer. This provides you a clear picture of the Garden Grove, California restaurant you are offering for sale. In addition, it helps you show whether there are any concerns you will have to address.

#2 Put Your Financials in Order

Your financial documents are a crucial detail of selling your Garden Grove, California restaurant. That’s the reason you should strive to make your documents complete and well organized.

Offering your financial documents to prospective buyers may assist to clear any hesitations they may have concerning your Garden Grove, California restaurant.

The financial records can include:

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

Also, make sure you have soft copies of all of these documents. This could make it easier for you to send the information to possible buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these liabilities after signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Garden Grove, California restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Garden Grove, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps them estimate the value of the Garden Grove, California restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow before trying to sell your Garden Grove, California restaurant.

The estimated time it may take to sell a Garden Grove, 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 value of your Garden Grove, California restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will assist you in coming up with the overall value of your Garden Grove, California restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Garden Grove, California restaurant could go a long way in helping you attract potential buyers. Alternatively, if the overall look of your Garden Grove, California restaurant does not appeal to buyers, they could pass over right off the bat.

To prevent this from happening, all things in and out of your Garden Grove, California restaurant must be clean. Landscaping and a clean parking lot can help create curb appeal for prospective buyers.

Clean windows, polished handles and a presentable floor are other small items that would help create a great initial impression.

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

Faulty equipment may rouse doubt about your financial situation and output capabilities. It can even dampen the mood of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning purchasing your Garden Grove, California restaurant.

#7 Search for Garden Grove Buyers

Looking for potential buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Garden Grove, California restaurant broker to help. A professional Garden Grove, California restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this project by yourself, you will need to carry out proper advertising. You can market your Garden Grove, California restaurant on business websites and tell family and friends about your plans to market for sale your Garden Grove, California restaurant.

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

#8 Be Ready

If you decide to sell your Garden Grove, California restaurant yourself, or with a a Garden Grove, California restaurant broker, you should always be prepared. Be prepared to show your Garden Grove, California restaurant to prospective buyers at all times.

You never know when a buyer could visit your Garden Grove, California restaurant. Some buyers may even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Garden Grove, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

This document includes details including the selling price of your Garden Grove, California restaurant, items and equipment as well as inventory value.

Choosing a Garden Grove, California Restaurant Broker

While attempting to sell your Garden Grove, 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 achieve the most from of the business deal, you need a higher level of experience to stand out against the competition while trying to attract buyers.

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

With the help of a Garden Grove, California restaurant broker, you can focus your undivided attention on operating your Garden Grove, California restaurant and rest assured knowing that a professional is in charge of selling your Garden Grove, California restaurant.

Contact a Garden Grove, California Restaurant Broker

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

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

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