Time to Sell Your Gilroy, California Restaurant?

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

Contemplating starting a new eatery, moving, or even retiring. No matter the reason, selling a Gilroy, California restaurant can be a lot more challenging than you may realize. This is because it takes careful preparation and a solid game plan to successfully get out with enough money for all the time you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either think to hire a Gilroy, California restaurant broker to guide you in selling your Gilroy, California restaurant or do the task yourself. Whether considering selling your Gilroy, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Important Documentation

This is a necessary initial step to make when you start the process of marketing your Gilroy, California restaurant.

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

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

Corbett Restaurant Group comes with expertise to assist you in the market for sale of your Gilroy, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

Also, putting together these documents lets you see your Gilroy, California restaurant through the lens of a buyer. It provides you a clear picture of the Gilroy, California restaurant you're selling. Furthermore, it helps you show if there are any areas you'll need to take care of.

#2 Put Your Financials in Order

Your financial records are an important part of selling your Gilroy, California restaurant. This is the reason you should make an effort to have your documents accurate and organized.

Offering your financial records to potential buyers could aid clear any hesitations they may have regarding your Gilroy, 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 hard copies of all of the records. This may make it easier for you to send the records to prospective buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these items could create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Gilroy, California restaurant, you must find out the terms of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For 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 Gilroy, 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 starting to sell your Gilroy, California restaurant.

The average time it may take to sell a Gilroy, California restaurant is 6 months. Within the six months, there is a lot you can do in order to increase your profit and slash several costs, and thus strengthen the value of your Gilroy, California restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will aid you in deriving the probable worth of your Gilroy, California restaurant. When you understand the overall worth this could help you determine a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Gilroy, California restaurant will go a long way in helping you bring potential buyers. Alternatively, if the general look of your Gilroy, California restaurant does not appeal to buyers, they might take a pass without a second look.

To avoid this from happening, all things in and out of your Gilroy, California restaurant must be cleaned and maintained. Landscaped and a clean parking area may help create appeal for potential buyers.

Clean windows, polished handles and a clean floor are also simple things that can help create a great first impression.

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

Non-functional equipment may rouse doubt about your financial situation and production abilities. It may even dampen the excitment of your staff, 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 prospective buyers concerning buying your Gilroy, California restaurant.

#7 look for Gilroy Buyers

Looking for potential buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Gilroy, California restaurant broker to help. A professional Gilroy, California restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to carry out proper advertising. You can market your Gilroy, California restaurant on listing websites and let your family and friends know about your plans to market for sale your Gilroy, California restaurant.

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

#8 Be Ready

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

You never know when a buyer will visit your Gilroy, California restaurant. Some buyers might even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Gilroy, California Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the transaction. The documentation often start with the Asset Purchase Agreement.

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

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

Choosing a Gilroy, California Restaurant Broker

Although attempting to sell your Gilroy, California restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first time sellers.

It's true, in order for you to get the most out of the business transaction, you need some level of expertise to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Gilroy, California Restaurant Broker

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

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

Gilroy Zip Codes We Support: 95020, 95021