Are You Ready to Sell Your La Mirada, California Restaurant?

After years of hard work, you have made the decision sell your La Mirada, California restaurant

Considering starting a different eatery, moving, or maybe retiring. No matter the reason, selling a La Mirada, 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 walk away with enough proceeds for all the time you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You may either decide to hire a eatery broker to assist you in selling your La Mirada, California restaurant or do the task on your own. Whether considering selling your La Mirada, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather all Necessary Documentation

This is an important first step to take when you commence the process of offering your La Mirada, California restaurant.

The required paperwork may vary from state to state--even in California, but below is a list of a few standard documents you may find helpful to have on you:

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

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It's probably best not to reveal the majority of these documents to a prospective buyer first day. However, you may want to have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents allows you to see your La Mirada, California restaurant through the lens of a buyer. It gives you a clear image of the La Mirada, California restaurant you are selling. Furthermore, it allows you to show whether there are any loopholes you'll have to address.

#2 Get Your Financials in Order

Your financial records are an important part of selling your La Mirada, California restaurant. That’s the reason you should make an effort to make your documents accurate and well organized.

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

The financial records could include:

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

Also, ensure you have duplicate copies of all of these records. This may make it easier for you to transmit the documentation to potential buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these items may create legal problems for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your La Mirada, California restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your La Mirada, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the true value of the La Mirada, California restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build your cash flow before trying to sell your La Mirada, California restaurant.

The average time it takes to sell a La Mirada, California restaurant is six months. Within the six months, there are several things you can do to increase your profit and reduce several costs, and therefore increase the worth of your La Mirada, California restaurant.

In addition, 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 help you in estimating the probable worth of your La Mirada, California restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your La Mirada, California restaurant can go a long way in helping you bring potential buyers. Alternatively, if the general curb appeal of your La Mirada, California restaurant does not appeal to buyers, they could pass over without consideration.

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

Clean windows, polished handles and a clean floor are also simple items that could help create a memorable initial impression.

Additionally, you should ensure that all your equipment is in top condition. If your equipment is not functioning, it might send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial status and production abilities. It could even lower the excitment of your employees, and in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding purchasing your La Mirada, California restaurant.

#7 look for La Mirada Buyers

Looking for potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced La Mirada, California restaurant broker to help. The professional La Mirada, California restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this task yourself, you will need to create appropriate advertising. You can market your La Mirada, California restaurant on business websites and let your family and friends know about your plans to sell your La Mirada, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your La Mirada, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The documentation will likely begin with the Asset Purchase Agreement.

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

This document includes details including the selling price of your La Mirada, California restaurant, items and equipment and inventory value.

Choosing a La Mirada, California Restaurant Broker

While trying to sell your La Mirada, California restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first time sellers.

The fact remains, if you're looking to achieve the most out of the business transaction, you need a higher level of expertise in order to stand above and against your competition while attempting to attract buyers.

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

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

Contact a La Mirada, California Restaurant Broker

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

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

La Mirada Zip Codes We Support: 90637, 90638, 90639