Are You Ready to Sell Your Hollywood, California Restaurant?

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

Contemplating opening a new Hollywood, California restaurant, relocating, or maybe retiring. Regardless of the reason, selling your Hollywood, California restaurant can be way more challenging than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the labor you may have put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either think to hire a Hollywood, California restaurant broker to assist you in selling your Hollywood, California restaurant or take on the task on your own. If you are considering selling your Hollywood, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather any Business Paperwork

This is a necessary initial step to make when you commence the process of offering your Hollywood, California restaurant.

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

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

Corbett Restaurant Group comes with experience to help you in the sale of your Hollywood, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a potrntial buyer day one. However, you may want to have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you view your Hollywood, California restaurant through the lens of a buyer. This gives you a clear image of the Hollywood, California restaurant you're offering for sale. In addition, it helps you identify whether there are any loopholes you'll need to address.

#2 Put Your Financials in Order

Your financial documents are a crucial part of selling your Hollywood, California restaurant. This is why you should strive to make these documents complete and organized.

Showing your financial documents to potential buyers could aid clear any hesitations they might have concerning your Hollywood, California restaurant.

Your 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 documentation to prospective buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items may create legal problems for you if a buyer later discovers these ommissions after completing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Hollywood, California restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your Hollywood, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the value of the Hollywood, California restaurant.

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

The average time it may take to sell a Hollywood, California restaurant is 6 months. Within those six months, there are many things you can do in order to strengthen your profit and reduce several costs, and therefore increase the value of your Hollywood, 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 help you in estimating the overall worth of your Hollywood, California restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Hollywood, California restaurant will go a long way in helping you attract potential buyers. Conversely, if the general curb appeal of your Hollywood, California restaurant does not look good to buyers, they might pass over without a second look.

To prevent this from happening, everything in and out of your Hollywood, California restaurant must be cleaned and maintained. Manicured and a clean parking lot could help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also simple items that would help create a great initial impression.

Additionally, you should ensure all your equipment is in satisfactory condition. If your equipment is not working properly, 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 status and production abilities. It may even lower the mood of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your Hollywood, California restaurant.

#7 look for Hollywood 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 an experienced Hollywood, California restaurant broker to help. A professional Hollywood, California restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this project by yourself, you will need to create appropriate advertising. You can show your Hollywood, California restaurant on business websites and tell family and friends about your plans to market for sale your Hollywood, California restaurant.

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

#8 Be Ready

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

You'll never know when a buyer will walk into your Hollywood, California restaurant. Some buyers may even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Hollywood, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the contract. The documentation will usually start with the Asset Purchase Agreement.

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

This agreement includes details such as the selling price of your Hollywood, California restaurant, assets and equipment as well as inventory value.

Choosing a Hollywood, California Restaurant Broker

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

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

Expertise is also vital during negotiations with potential buyers. This is where an experienced Hollywood, California restaurant broker is recommended. A Hollywood, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Hollywood, California restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

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

Contact a Hollywood, California Restaurant Broker

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

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

Hollywood Zip Codes We Support: 90027, 90028, 90038, 90068, 90078