Are You Ready to Sell Your Los Angeles, California Restaurant?

After years of hard work, you have decided to sell your Los Angeles, California restaurant

Contemplating starting a new Los Angeles, California restaurant, relocating, or even slowing down. Regardless of the reason, selling a Los Angeles, California restaurant can be way more difficult than you might think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the time you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either think to hire a eatery broker to help you in selling your Los Angeles, California restaurant or take on the task on your own. Whether considering selling your Los Angeles, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather any Necessary Paperwork

This is an important preparatory step to make when you commence the process of selling your Los Angeles, California restaurant.

The required documents may vary from state to state--even in California, but below is a list of a few general documents you may be requierd to have at hand:

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Los Angeles, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to show the majority of these documents to a potrntial buyer right away. However, you should have them ready because you will eventually need them during the sales process.

Also, putting together these documents lets you view your Los Angeles, California restaurant through the lens of a buyer. It gives you a clear image of the Los Angeles, California restaurant you are selling. In addition, it helps you show whether there are any concerns you'll have to take care of.

#2 Get Your Financial Documents in Order

Your financial records are a crucial detail of selling your Los Angeles, California restaurant. That’s why you should make it a priority to make these documents accurate and well organized.

Showing your financial documents to possible buyers could assist to clear any hesitations they may have concerning your Los Angeles, California restaurant.

Your financial documents could include:

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

In addition, ensure you have duplicate copies of all of these records. This could make it easier for you to transmit the documentation to prospective buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these ommissions post closing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Los Angeles, 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 is advisable to have a discussion with your landlord concerning your plan to sell your Los Angeles, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps them estimate the true value of the Los Angeles, California restaurant.

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

The average time it takes to sell a Los Angeles, California restaurant is 6 months. Within those six months, there are several things you can do to strengthen your profit and cut several costs, and thus increase the worth of your Los Angeles, 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 could aid you in coming up with the overall value of your Los Angeles, California restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Los Angeles, California restaurant will go a long way in helping you attract potential buyers. Conversely, if the general look of your Los Angeles, California restaurant does not appeal to buyers, they might pass over right off the bat.

To prevent this from happening, all things in and out of your Los Angeles, California restaurant must be clean. Manicured and a clean parking lot can help create appeal for potential buyers.

Clean windows, polished handles and a clean floor are other easy items that can help create a unforgettable initial impression.

Additionally, you should ensure all your equipment is in top condition. If your equipment is not functioning, it could send the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial situation and production abilities. It can even dampen the mood of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Los Angeles, California restaurant.

#7 Search for Los Angeles Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire a professional Los Angeles, California restaurant broker to help. A professional Los Angeles, California restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this project yourself, you will need to create appropriate advertising. You can show your Los Angeles, California restaurant on listing websites and let your family and friends know about your intentions to sell your Los Angeles, California restaurant.

As you will likely come across competition when trying to sell your Los Angeles, California restaurant, you need your restaurant to stand out.

#8 Be Prepared

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

You never know when a buyer could visit your Los Angeles, California restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your Los Angeles, California Restaurant

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

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

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

Choosing a Los Angeles, California Restaurant Broker

Although attempting to sell your Los Angeles, California restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

The fact remains, in order for you to get the most from of the business transaction, you need a higher level of experience to stand out against your competition while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Los Angeles, California restaurant broker is recommended. A Los Angeles, California restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Los Angeles, California restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Los Angeles, California Restaurant Broker

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

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

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