Ready to Sell Your Goleta, California Restaurant?

Following years of labor, you have decided to sell your Goleta, California restaurant

Considering opening a different eatery, moving, or maybe slowing down. No matter the reason, selling your Goleta, California restaurant can be way more difficult than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the labor you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You may either make the decision to contract with a Goleta, California restaurant broker to guide you in selling your Goleta, California restaurant or take on the task yourself. If you are considering selling your Goleta, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together the Necessary Documentation

This is an important preparatory step to make when you start the process of offering your Goleta, California restaurant.

The necessary paperwork may vary from state to state--even in California, but the following is a list of a few general documents you may need 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 plan
• Financial statements and other important financial documents

Corbett Restaurant Group has the experience to assist you in the market for sale of your Goleta, 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 prospective buyer right away. However, you may want to have them at hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you see your Goleta, California restaurant through the lens of a buyer. It provides you a clear picture of the Goleta, California restaurant you are selling. Furthermore, it helps you show whether there are any areas you will need to address.

#2 Put Your Financials in Order

Your financial documents are an important detail of selling your Goleta, California restaurant. This is the reason you should strive to have these documents complete and well organized.

Offering your financial records to potential buyers may help clear any hesitations they might have regarding your Goleta, California restaurant.

The financial records can include:

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

In addition, make sure you have duplicate copies of all of the records. This can make it easier for you to transmit the records to potential buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later on discovers these liabilities post closing the deal.

#3 Organize the Information On Your Commercial Lease

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

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Goleta, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth evaluation of your financials, whether favorable or not, this will help them evaluate the value of your Goleta, California restaurant.

This will be in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow planning to sell your Goleta, California restaurant.

The estimated time it takes to sell a Goleta, California restaurant is 6 months. Within the six months, there are many things you can do in order to increase your profit and cut various costs, and therefore increase the worth of your Goleta, California restaurant.

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

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

#5 Make Your Restaurant Look Awesome

The appearance of your Goleta, California restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the overall look of your Goleta, California restaurant does not appeal to buyers, they might pass over right off the bat.

To avoid this from happening, everything in and out of your Goleta, California restaurant must be clean. Landscaping and a clean parking area can help create curb appeal for potential buyers.

Spot-free windows, polished handles and a presentable floor are other easy things that would help create a unforgettable initial impression.

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

Faulty equipment could raise doubt about your financial situation and production abilities. It can 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 prospective buyers regarding buying your Goleta, California restaurant.

#7 look for Goleta Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Goleta, California restaurant broker to help. A professional Goleta, California restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this task yourself, you will need to carry out proper advertising. You can offer your Goleta, California restaurant on listing websites and tell family and friends about your intentions to market for sale your Goleta, California restaurant.

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

#8 Be Ready

Whether you decide to sell your Goleta, California restaurant yourself, or through a Goleta, California restaurant broker, you should always be ready. Be prepared to show your Goleta, California restaurant to prospective buyers at all times.

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

#9 Sell Your Goleta, California Restaurant

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

You should have your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Goleta, California Restaurant Broker

Although trying to sell your Goleta, California restaurant on your own can be an exhilarating project, it can also be very risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of expertise in order to stand out against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Goleta, California restaurant broker comes in. A Goleta, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Goleta, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Goleta, California Restaurant Broker

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

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

Goleta Zip Codes We Support: 93106, 93111, 93116, 93117, 93118, 93199