Time to Sell Your Los Altos, California Restaurant?

Following years of labor, you have made the decision sell your Los Altos, California restaurant

Contemplating starting a new eatery, moving, or even slowing down. No matter the reason, selling your Los Altos, California restaurant can be way more difficult than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the labor you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You may either make the decision to hire a eatery broker to help you in selling your Los Altos, California restaurant or do the task yourself. If you are considering selling your Los Altos, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Put Together all Important Documentation

This is a necessary first step to take when you commence the process of selling your Los Altos, 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 find helpful to have prepared:

• Gather your assets
• Lease contract
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• 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 potrntial buyer right away. But, you should have them on hand because you will eventually require them during the sales process.

In addition, compiling these documents lets you see your Los Altos, California restaurant through the lens of a buyer. It provides you a clear image of the Los Altos, California restaurant you are selling. Furthermore, it allows you to show whether there are any loopholes you will need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Los Altos, California restaurant. This is the reason you should strive to have these documents accurate and well organized.

Showing your financial records to possible buyers could assist to clear any doubt they may have concerning your Los Altos, California restaurant.

Your financial documents may include:

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

In addition, ensure you have hard copies of all of the records. This will make it easier for you to send the information to prospective buyers.

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

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Los Altos, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Los Altos, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the true value of your Los Altos, California restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow starting to sell your Los Altos, California restaurant.

The average time it may take to sell a Los Altos, California restaurant is six months. Within those six months, there are several things you can do in order to strengthen your profit and reduce several costs, and therefore strengthen the worth of your Los Altos, California restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This will help you in estimating the overall worth of your Los Altos, California restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Los Altos, California restaurant will go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your Los Altos, California restaurant does not look good to buyers, they could pass over right off the bat.

To prevent this from happening, all things in and out of your Los Altos, California restaurant must be cleaned and maintained. Landscaped and a clean parking lot may help create curb appeal for potential buyers.

Clean windows, polished door handles and a presentable floor are also easy items that can help create a unforgettable first impression.

Additionally, you should make sure all the equipment is in satisfactory condition. If your equipment is not functioning, it could send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the morale of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for Los Altos Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire an experienced Los Altos, California restaurant broker to help. A professional Los Altos, California restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to handle this task alone, you will need to carry out proper advertising. You can show your Los Altos, California restaurant on listing websites and tell family and friends about your intentions to sell your Los Altos, California restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Los Altos, California Restaurant

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

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Los Altos, California restaurant, items and equipment as well as inventory value.

Choosing a Los Altos, California Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business deal, you need some level of experience in order to stand above and against the cometitors while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Los Altos, California restaurant broker comes in. A Los Altos, California restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Los Altos, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Los Altos, California Restaurant Broker

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

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

Los Altos Zip Codes We Support: 94022, 94023, 94024