Ready to Sell Your La Jolla, California Restaurant?

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

Considering starting a new eatery, relocating, or even slowing down. Regardless of the reason, selling your La Jolla, California restaurant can be a lot more complicated than you may think. This is because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either think to contract with a La Jolla, California restaurant broker to guide you in selling your La Jolla, California restaurant or do the task on your own. If you are considering selling your La Jolla, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Business Documentation

This is a necessary preparatory step to take when you start the process of offering your La Jolla, California restaurant.

The necessary paperwork may vary from state to state--even in California, but below is a list of a few generalized documents you may need to have ready:

• Gather your assets
• Lease documentation
• 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 expertise to assist you in the sale of your La Jolla, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably smart not to reveal all these documents to a prospective buyer right away. But, you may want to have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your La Jolla, California restaurant through the lens of a buyer. It gives you a clear image of the La Jolla, California restaurant you're offering for sale. Furthermore, it allows you to identify if there are any areas you will need to address.

#2 Put Your Financials in Order

Your financial records are an important part of selling your La Jolla, California restaurant. This is why you should make it a priority to have your documents complete and organized.

Offering your financial documents to possible buyers may assist to clear any doubt they may have regarding your La Jolla, California restaurant.

Your financial records may include:

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

Also, ensure you have soft copies of all of these records. This could make it easier for you to transmit the documentation to possible buyers.

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

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your La Jolla, California restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financials, whether favorable or not, this will help them estimate the value of your La Jolla, California restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your La Jolla, California restaurant.

The average time it takes to sell a La Jolla, California restaurant is six months. Within the six months, there is a lot you can do to increase your profit and slash several costs, and thus increase the worth of your La Jolla, California restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could help you in deriving the probable worth of your La Jolla, California restaurant. When you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Better

The appearance of your La Jolla, California restaurant could go a long way in helping you attract potential buyers. Conversely, if the overall aesthetic of your La Jolla, California restaurant does not look good to buyers, they could take a pass immediately.

To avoid this from happening, everything in and out of your La Jolla, California restaurant must be clean. Manicured and a clean parking area could help create curb appeal for prospective buyers.

Clean windows, polished handles and a clean floor are other easy things 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 functioning, it could send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial capabilities and production capabilities. It can even lower the excitment of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for La Jolla Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire an experienced La Jolla, California restaurant broker to help. The professional La Jolla, California restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out appropriate advertising. You can offer your La Jolla, California restaurant on business websites and tell family and friends about your plans to sell your La Jolla, California restaurant.

As you will likely run across competition when trying to sell your La Jolla, California restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your La Jolla, California restaurant yourself, or with a a La Jolla, California restaurant broker, you need to always be ready. Be ready to show your La Jolla, California restaurant to prospective buyers at all times.

You will never know when a buyer could visit your La Jolla, California restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your La Jolla, California Restaurant

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

You should have your attorney’s expertise in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

This document includes details including the selling price of your La Jolla, California restaurant, assets and equipment as well as inventory value.

Choosing a La Jolla, California Restaurant Broker

Although trying to sell your La Jolla, 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 above and against your competition while trying to find buyers.

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

With the assistance of a La Jolla, California restaurant broker, you can maintain your undivided attention on operating your La Jolla, California restaurant and rest assured knowing that a professional is in charge of selling your La Jolla, California restaurant.

Contact a La Jolla, California Restaurant Broker

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

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

La Jolla Zip Codes We Support: 92037, 92038, 92039, 92092, 92093