Time to Sell Your Irvine, California Restaurant?

After years of labor, you have decided to sell your Irvine, California restaurant

Considering starting a new Irvine, California restaurant, moving, or even retiring. No matter the reason, selling a Irvine, California restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You may either make the decision to hire a eatery broker to guide you in selling your Irvine, California restaurant or do the task on your own. Whether considering selling your Irvine, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together any Necessary Documentation

This is a necessary initial step to take when you begin the process of marketing your Irvine, California restaurant.

The necessary paperwork may vary from state to state--even in California, but below is a list of some general documents you may find helpful to have prepared:

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

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

It's probably smart not to reveal the majority of these documents to a potrntial buyer right away. However, you should have them ready because you will eventually need them during the sales process.

In addition, compiling these documents lets you view your Irvine, California restaurant through the lens of a buyer. It gives you a clear image of the Irvine, California restaurant you're selling. Furthermore, it helps you identify if there are any loopholes you'll need to take care of.

#2 Get Your Financial Records in Order

Your financial documents are an important part of selling your Irvine, California restaurant. This is why you should make it a priority to have these documents accurate and organized.

Offering your financial documents to potential buyers could help clear any doubt they might have concerning your Irvine, California restaurant.

Your financial records can include:

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

Also, ensure you have hard copies of all of these documents. This will make it easier for you to transmit the records to prospective buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these items may create legal problems for you if a buyer later discovers these ommissions after signing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Irvine, California restaurant, you need to review of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this will help them estimate the true value of your Irvine, California restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow planning to sell your Irvine, California restaurant.

The estimated time it may take to sell a Irvine, California restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and cut several costs, and therefore strengthen the worth of your Irvine, California restaurant.

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

This will assist you in estimating the overall value of your Irvine, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Irvine, California restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general appearance of your Irvine, California restaurant does not look good to buyers, they likely take a pass without a second look.

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

Clean windows, polished door handles and a clean floor are other simple items that could help create a unforgettable first impression.

Furthermore, you should make sure all the equipment is in top condition. If your equipment is not working, it might 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 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 purchasing your Irvine, California restaurant.

#7 look for Irvine Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Irvine, California restaurant broker to help. A professional Irvine, California restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this task alone, you will need to create appropriate advertising. You can show your Irvine, California restaurant on listing websites and let your family and friends know about your intentions to market for sale your Irvine, California restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Irvine, California Restaurant

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

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

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

Choosing a Irvine, California Restaurant Broker

While attempting to sell your Irvine, California restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

It's true, if you're looking to achieve the most out of the business transaction, you need a higher level of experience to stand above and against the cometitors while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Irvine, California restaurant broker is needed. A Irvine, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Irvine, California restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

With the assistance of a Irvine, California restaurant broker, you can focus your undivided attention on operating your Irvine, California restaurant and rest easy knowing that a professional is in charge of selling your Irvine, California restaurant.

Contact a Irvine, California Restaurant Broker

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

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

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