Ready to Sell Your Lafayette, California Restaurant?

Following years of hard work, you have decided to sell your Lafayette, California restaurant

Considering opening a new Lafayette, California restaurant, moving, or maybe retiring. No matter the reason, selling your Lafayette, California restaurant can be way more complicated than you may think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the labor you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to hire a Lafayette, California restaurant broker to assist you in selling your Lafayette, California restaurant or take on the task on your own. If you are considering selling your Lafayette, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather all Business Paperwork

This is a necessary preparatory step to take when you start the process of selling your Lafayette, California restaurant.

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

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

Corbett Restaurant Group has the expertise to help you in the sale of your Lafayette, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a possible buyer day one. However, you may want to have them on hand because you will eventually require them during the sales process.

In addition, putting together these documents lets you see your Lafayette, California restaurant through the lens of a buyer. It provides you a clear picture of the Lafayette, California restaurant you're selling. Furthermore, it allows you to identify if there are any concerns you'll have to address.

#2 Put Your Financial Records in Order

Your financial documents are a crucial detail of selling your Lafayette, California restaurant. This is why you should make it a priority to have your documents accurate and well organized.

Offering your financial documents to potential buyers may assist to clear any hesitations they may have regarding your Lafayette, California restaurant.

The financial records may include:

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

In addition, ensure you have duplicate copies of all of these records. This could make it easier for you to send the information to prospective buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these liabilities after signing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Lafayette, California restaurant, you need to review 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 is advisable to talk to your landlord regarding your plan to sell your Lafayette, California restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the true value of the Lafayette, California restaurant.

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

The estimated time it may take to sell a Lafayette, California restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and reduce several costs, and therefore strengthen the value of your Lafayette, California restaurant.

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

This could help you in coming up with the overall value of your Lafayette, California restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Lafayette, California restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall appearance of your Lafayette, California restaurant does not look good to buyers, they might take a pass without a second look.

To avoid this from happening, all things in and out of your Lafayette, California restaurant must be cleaned and maintained. Manicured and a clean parking area could help create curb appeal for potential buyers.

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

Furthermore, you should make sure that all the equipment is in satisfactory condition. If your equipment is not functioning, it may convey the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment also raises doubt about your financial situation and production abilities. It may even dampen the morale of your staff, and 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 purchasing your Lafayette, California restaurant.

#7 Search for Lafayette Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Lafayette, California restaurant broker to help. A professional Lafayette, California restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this project by yourself, you will need to carry out proper advertising. You can offer your Lafayette, California restaurant on business websites and let your family and friends know about your plans to sell your Lafayette, California restaurant.

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

#8 Be Ready

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

You never know when a buyer could walk into your Lafayette, California restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Lafayette, California Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the transaction. The paperwork will likely start 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 detail of the contract.

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

Choosing a Lafayette, California Restaurant Broker

Although trying to sell your Lafayette, California restaurant on your own can be an exhilarating endeavor, it can also be quite risky, especially for first time sellers.

It's true, in order for you to get the most from of the business deal, you need a higher level of experience to stand above and against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Lafayette, California restaurant broker is needed. A Lafayette, California restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Lafayette, California restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Lafayette, California Restaurant Broker

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

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

Lafayette Zip Codes We Support: 94549, 94556, 94563, 94595