Decided to Sell Your Lathrop, California Restaurant?

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

Contemplating starting a new eatery, moving, or even retiring. Regardless of the reason, selling your Lathrop, California restaurant can be a lot more difficult than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough money for all the time you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You can either think to hire a eatery broker to assist you in selling your Lathrop, California restaurant or take on the task on your own. If you are considering selling your Lathrop, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather all Important Paperwork

This is an important preparatory step to make when you start the process of marketing your Lathrop, California restaurant.

The required documents may vary from state to state--even in California, but below is a list of some generalized documents you may need to have prepared:

• A list of your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• Architectural plan
• 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 ready because you will eventually need them during the sales process.

In addition, compiling these documents allows you to see your Lathrop, California restaurant through the lens of a buyer. It provides you a clear picture of the Lathrop, California restaurant you're selling. Furthermore, it allows you to show if there are any areas you'll have to address.

#2 Put Your Financial Records in Order

Your financial records are an important detail of selling your Lathrop, California restaurant. This is the reason you should make an effort to have these documents complete and organized.

Offering your financial records to prospective buyers may aid clear any doubt they might have regarding your Lathrop, California restaurant.

The financial records could include:

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

Also, make sure you have duplicate copies of all of these records. This can make it easier for you to send the information to prospective buyers.

In addition, as the seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these items could create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Lathrop, California restaurant, you need to review of your commercial lease. It would be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Lathrop, California restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the true value of the Lathrop, California restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow starting to sell your Lathrop, California restaurant.

The estimated time it may take to sell a Lathrop, California restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and slash various costs, and therefore increase the worth of your Lathrop, California restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This could assist you in deriving the probable worth of your Lathrop, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Lathrop, California restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the general look of your Lathrop, California restaurant does not look good to buyers, they might take a pass immediately.

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

Clean windows, polished handles and a neat floor are also simple items that would help create a unforgettable first impression.

Additionally, you should make sure all the equipment is in satisfactory condition. If your equipment is not working properly, it can send the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial situation and output capabilities. It can even dampen the mood of your staff, which 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 concerning buying your Lathrop, California restaurant.

#7 Search for Lathrop Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire an experienced Lathrop, California restaurant broker to help. A professional Lathrop, California restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you decide to take on this project alone, you will need to carry out appropriate advertising. You can show your Lathrop, California restaurant on listing websites and let your family and friends know about your plans to sell your Lathrop, California restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could visit your Lathrop, California restaurant. Some buyers might even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Lathrop, California Restaurant

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

You may need your attorney’s help in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the transaction.

This agreement includes details including the selling price of your Lathrop, California restaurant, assets and equipment and inventory value.

Choosing a Lathrop, California Restaurant Broker

While attempting to sell your Lathrop, California restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first-timers.

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

Expertise is also vital during negotiations with potential buyers. This is where an experienced Lathrop, California restaurant broker is recommended. A Lathrop, California restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Lathrop, California restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

With the help of a Lathrop, California restaurant broker, you can maintain your undivided attention on operating your Lathrop, California restaurant and rest assured with the knowledge that a professional is in charge of selling your Lathrop, California restaurant.

Contact a Lathrop, California Restaurant Broker

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

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

Lathrop Zip Codes We Support: 95206, 95231, 95304, 95330