Time to Sell Your Long Beach, California Restaurant?

After years of sweat equity, you have decided to sell your Long Beach, California restaurant

Contemplating opening a new eatery, relocating, or even slowing down. Regardless of the reason, selling a Long Beach, California restaurant can be a lot more complicated than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the time you may have put into it.

Important Actions to Take when Selling Your Restaurant

You can either think to hire a Long Beach, California restaurant broker to guide you in selling your Long Beach, California restaurant or take on the task on your own. Whether considering selling your Long Beach, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together all Important Documentation

This is a necessary preparatory step to take when you commence the process of offering your Long Beach, 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 find helpful to have at hand:

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

Corbett Restaurant Group comes with expertise to assist you in the market for sale of your Long Beach, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to show all these documents to a potrntial buyer right away. But, you may want to have them ready because you will certainly need them during the sales process.

Also, putting together these documents allows you to see your Long Beach, California restaurant through the lens of a buyer. It gives you a clear image of the Long Beach, California restaurant you're offering for sale. Furthermore, it allows you to show whether there are any areas you'll need to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial aspect of selling your Long Beach, California restaurant. That’s the reason you should strive to have these documents accurate and well organized.

Offering your financial documents to prospective buyers may assist to clear any hesitations they may have concerning your Long Beach, California restaurant.

The financial records may include:

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

Also, make sure you have hard copies of all of these records. This will make it easier for you to send the information to possible buyers.

Also, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items may create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Long Beach, California restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

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

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow planning to sell your Long Beach, California restaurant.

The estimated time it may take to sell a Long Beach, California restaurant is six months. Within those six months, there is a lot you can do to increase your profit and slash several costs, and therefore increase the value of your Long Beach, 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 value your assets.

This could aid you in deriving the overall worth of your Long Beach, California restaurant. When you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Long Beach, California restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the overall look of your Long Beach, California restaurant does not look good to buyers, they might pass over right off the bat.

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

Spot-free windows, polished door handles and a neat floor are other small items that can help create a great first impression.

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

Non-functional equipment may rouse doubt about your financial capabilities and production capabilities. It could even lower the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning buying your Long Beach, California restaurant.

#7 Search for Long Beach Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Long Beach, California restaurant broker to help. The professional Long Beach, California restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this project alone, you will need to create proper advertising. You can market your Long Beach, California restaurant on listing websites and tell family and friends about your intentions to sell your Long Beach, California restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could visit your Long Beach, California restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Long Beach, California Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to finalize the deal. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

This agreement includes details including the selling price of your Long Beach, California restaurant, assets and equipment as well as inventory value.

Choosing a Long Beach, California Restaurant Broker

Although attempting to sell your Long Beach, California restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

The fact remains, if you're looking to achieve the most out of the business deal, you need some level of experience to stand above and against the competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Long Beach, California restaurant broker is recommended. A Long Beach, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Long Beach, California restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Long Beach, California Restaurant Broker

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

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

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