Ready to Sell Your Lomita, California Restaurant?

Following years of hard work, you have made the decision sell your Lomita, California restaurant

Contemplating opening a different Lomita, California restaurant, moving, or even slowing down. No matter the reason, selling your Lomita, California restaurant can be a lot more difficult than you might realize. This is because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the time you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You may either make the decision to hire a Lomita, California restaurant broker to help you in selling your Lomita, California restaurant or take on the task on your own. Whether considering selling your Lomita, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather any Business Documentation

This is a necessary initial step to take when you begin the process of selling your Lomita, California restaurant.

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

• Gather 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 comes with expertise to help you in the market for sale of your Lomita, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal all these documents to a possible buyer right away. But, you should have them at hand because you will certainly require them during the sales process.

In addition, putting together these documents allows you to see your Lomita, California restaurant through the lens of a buyer. It gives you a clear picture of the Lomita, California restaurant you are selling. In addition, it allows you to show if there are any loopholes you'll need to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Lomita, California restaurant. That’s the reason you should strive to make these documents accurate and well organized.

Showing your financial records to prospective buyers may assist to clear any doubt they might have regarding your Lomita, California restaurant.

These financial records may 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 transmit the records to potential buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things can create legal issues for you if a buyer later discovers these liabilities post sealing the deal.

#3 Organize the Details of Your Commercial Lease

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

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Lomita, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps them evaluate the value of your Lomita, California restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow planning to sell your Lomita, California restaurant.

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

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

This will aid you in deriving the overall worth of your Lomita, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Lomita, California restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general appearance of your Lomita, California restaurant does not look good to buyers, they likely pass over without consideration.

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

Spot-free windows, polished handles and a clean floor are other small items that would help create a memorable initial impression.

Furthermore, you should make sure all the equipment is in top condition. If your equipment is not working properly, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial situation and production abilities. It could even lower the mood of your employees, 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 potential buyers regarding buying your Lomita, California restaurant.

#7 look for Lomita Buyers

Marketing to prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Lomita, California restaurant broker to help. The professional Lomita, California restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this project yourself, you will need to create appropriate advertising. You can show your Lomita, California restaurant on listing websites and tell family and friends about your intentions to market for sale your Lomita, California restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Lomita, California restaurant yourself, or through a Lomita, California restaurant broker, you need to always be prepared. Be ready to show your Lomita, California restaurant to potential buyers at all times.

You will never know when a buyer could visit your Lomita, California restaurant. Some buyers may even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Lomita, California Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the deal. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Lomita, California Restaurant Broker

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

The fact remains, in order for you to get the most out of the business transaction, you need some level of expertise to stand out against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Lomita, California restaurant broker is recommended. A Lomita, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Lomita, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

With the assistance of a Lomita, California restaurant broker, you can focus your undivided attention on operating your Lomita, California restaurant and rest easy with the knowledge that a professional is in charge of selling your Lomita, California restaurant.

Contact a Lomita, California Restaurant Broker

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

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

Lomita Zip Codes We Support: 90717