Decided to Sell Your Lakewood, California Restaurant?

Following years of sweat equity, you have decided to sell your Lakewood, California restaurant

Considering starting a new eatery, relocating, or even retiring. No matter the reason, selling a Lakewood, 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 proceeds for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You may either think to contract with a eatery broker to guide you in selling your Lakewood, California restaurant or take on the task on your own. Whether considering selling your Lakewood, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather the Necessary Paperwork

This is a necessary preparatory step to make when you commence the process of selling your Lakewood, 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 be requierd to have on you:

• Gather 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 has the experience to help you in the sale of your Lakewood, California restaurant. Call today for a no strings attached business review 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 ready because you will certainly need them during the sales process.

In addition, compiling these documents allows you to view your Lakewood, California restaurant through the lens of a buyer. It gives you a clear picture of the Lakewood, California restaurant you're selling. In addition, it allows you to identify if there are any areas you'll have to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial part of selling your Lakewood, California restaurant. That’s why you should strive to have these documents accurate and organized.

Showing your financial documents to possible buyers could assist to clear any hesitations they might have regarding your Lakewood, California restaurant.

The financial records can 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 documents. This may make it easier for you to transmit the information to potential buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these things can create legal issues for you if a buyer later on discovers these ommissions post completing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Lakewood, California restaurant, you need to understand of your commercial lease. It could be devestating if, after securing a buyer, your lease ends up preventing you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this helps them estimate the value of the Lakewood, California restaurant.

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

The estimated time it may take to sell a Lakewood, California restaurant is 6 months. Within those six months, there is a lot you can do to increase your profit and reduce various costs, and thus strengthen the value of your Lakewood, California restaurant.

In addition, with regards 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 assist you in estimating the probable value of your Lakewood, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Lakewood, California restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the general aesthetic of your Lakewood, California restaurant does not appeal to buyers, they might pass over without consideration.

To avoid this from happening, everything in and out of your Lakewood, California restaurant must be clean. Manicured and a clean parking lot can help create curb appeal for potential buyers.

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

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

Non-functional equipment also raises doubt about your financial status and output capabilities. It can even dampen the mood of your staff, 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 prospective buyers regarding buying your Lakewood, California restaurant.

#7 Search for Lakewood Buyers

Searching for prospective buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Lakewood, California restaurant broker to help. The professional Lakewood, California restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can list your Lakewood, California restaurant on business websites and let your family and friends know about your intentions to market for sale your Lakewood, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Lakewood, 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 complete the contract. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Lakewood, California Restaurant Broker

Although attempting to sell your Lakewood, 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 get the most from of the business transaction, you need some level of expertise in order to stand above and against your cometitors while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Lakewood, California restaurant broker comes in. A Lakewood, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Lakewood, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Lakewood, California Restaurant Broker

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

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

Lakewood Zip Codes We Support: 90712, 90713, 90714, 90715