Time to Sell Your Lompoc, California Restaurant?

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

Considering opening a different eatery, relocating, or even slowing down. No matter the reason, selling a Lompoc, California restaurant can be a lot more difficult than you might think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the labor you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You may either think to hire a Lompoc, California restaurant broker to help you in selling your Lompoc, California restaurant or take on the task on your own. If you are considering selling your Lompoc, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together the Necessary Paperwork

This is a necessary preparatory step to take when you begin the process of offering your Lompoc, California restaurant.

The necessary paperwork may vary from state to state--even in California, but below is a list of a few generalized documents you may be requierd to have prepared:

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

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You probably do not want to show the majority of these documents to a possible buyer day one. But, you may want to have them ready because you will certainly require them during the sales process.

Also, putting together these documents allows you to see your Lompoc, California restaurant through the lens of a buyer. This provides you a clear image of the Lompoc, California restaurant you're offering for sale. In addition, it allows you to identify if there are any loopholes you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are a crucial part of selling your Lompoc, California restaurant. This is why you should make it a priority to make these documents accurate and organized.

Showing your financial documents to potential buyers could assist to clear any doubt they might have concerning your Lompoc, California restaurant.

These financial documents may include:

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

Also, ensure you have hard copies of all of the documents. This may make it easier for you to transmit the documentation to possible buyers.

Also, as the seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things can create legal problems for you if a buyer later discovers these liabilities after completing the deal.

#3 Put Together the Details of Your Commercial Lease

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

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Lompoc, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed analysis of your financials, whether favorable or not, this will help them evaluate the true value of your Lompoc, California restaurant.

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

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

In addition, 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 Lompoc, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Lompoc, California restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Lompoc, California restaurant does not look good to buyers, they could pass over without consideration.

To prevent this from happening, everything in and out of your Lompoc, California restaurant must be clean. Landscaping and a clean parking lot could help create curb appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also easy things that would help create a memorable first impression.

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

Non-functional equipment could raise doubt about your financial situation and production capabilities. It can even dampen the mood of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding buying your Lompoc, California restaurant.

#7 look for Lompoc Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Lompoc, California restaurant broker to help. The professional Lompoc, California restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this project by yourself, you will need to create appropriate advertising. You can market your Lompoc, California restaurant on listing websites and let your family and friends know about your intentions to sell your Lompoc, California restaurant.

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

#8 Be Ready

Whether you decide to sell your Lompoc, California restaurant yourself, or through a Lompoc, California restaurant broker, you should always be prepared. Be ready to show your Lompoc, California restaurant to prospective buyers at all times.

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

#9 Sell Your Lompoc, California Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the contract. The paperwork often begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Lompoc, California Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need a higher level of expertise to stand out against your cometitors while trying to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Lompoc, California restaurant broker is needed. A Lompoc, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Lompoc, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Lompoc, California Restaurant Broker

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

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

Lompoc Zip Codes We Support: 93436, 93438