Ready to Sell Your Glendale, California Restaurant?

Following years of sweat equity, you have made the decision sell your Glendale, California restaurant

Considering starting a different Glendale, California restaurant, moving, or even retiring. Regardless of the reason, selling a Glendale, California restaurant can be way more challenging than you may realize. This is because it takes careful preparation and a solid game plan to successfully exit with enough profit for all the labor you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

You may either decide to contract with a Glendale, California restaurant broker to help you in selling your Glendale, California restaurant or do the task yourself. If you are considering selling your Glendale, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Put Together the Business Paperwork

This is an important initial step to make when you begin the process of selling your Glendale, California restaurant.

The necessary documents may vary from state to state--even in California, but the following is a list of a few general documents you may be requierd to have at hand:

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

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

You certainly do not want to show all these documents to a possible buyer day one. However, you may want to have them ready because you will certainly need them during the sales process.

Also, putting together these documents lets you view your Glendale, California restaurant through the lens of a buyer. It provides you a clear image of the Glendale, California restaurant you're offering for sale. Furthermore, it allows you to identify whether there are any concerns you'll have to take care of.

#2 Get Your Financial Records in Order

Your financial records are a crucial aspect of selling your Glendale, California restaurant. This is the reason you should make an effort to make these documents complete and organized.

Showing your financial records to prospective buyers may assist to clear any hesitations they may have regarding your Glendale, California restaurant.

The 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.

Also, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these things can create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Glendale, California restaurant, you need to understand 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 regarding your plan to sell your Glendale, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed analysis of your financials, whether favorable or not, this will help them evaluate the true value of your Glendale, 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 planning to sell your Glendale, California restaurant.

The estimated time it may take to sell a Glendale, California restaurant is six months. Within those six months, there are many things you can do to increase your profit and reduce several costs, and thus strengthen the value of your Glendale, 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 value your assets.

This may aid you in coming up with the overall value of your Glendale, California restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Glendale, California restaurant will go a long way in helping you bring potential buyers. Conversely, if the general curb appeal of your Glendale, California restaurant does not appeal to buyers, they might pass over immediately.

To prevent this from happening, all things in and out of your Glendale, California restaurant must be cleaned and maintained. Manicured and a clean parking area can help create curb appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are also small things that can help create a memorable initial impression.

Additionally, you should ensure that all your equipment is in top condition. If your equipment is not working, it can convey the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial situation and production abilities. It may even lower the morale of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Glendale Buyers

Marketing to potential buyers can be time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire a professional Glendale, California restaurant broker to help. A professional Glendale, California restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task yourself, you will need to create appropriate advertising. You can list your Glendale, California restaurant on listing websites and tell family and friends about your intentions to market for sale your Glendale, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Glendale, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the contract. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details including the selling price of your Glendale, California restaurant, items and equipment and inventory value.

Choosing a Glendale, California Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of experience to stand out against your competition while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Glendale, California restaurant broker is recommended. A Glendale, California restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Glendale, California restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Glendale, California Restaurant Broker

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

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

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