Decided to Sell Your Lynwood, California Restaurant?

Following years of sweat equity, you have made the decision sell your Lynwood, California restaurant

Contemplating opening a different Lynwood, California restaurant, moving, or maybe retiring. No matter the reason, selling a Lynwood, California restaurant can be a lot more challenging than you might realize. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You may either decide to hire a Lynwood, California restaurant broker to guide you in selling your Lynwood, California restaurant or do the task yourself. Whether considering selling your Lynwood, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Necessary Documentation

This is an important initial step to take when you commence the process of offering your Lynwood, California restaurant.

The necessary paperwork may vary from state to state--even in California, but the following is a list of a few generalized 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 records
• Architectural drawings
• Financial statements and other important financial documents

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

It's probably best not to reveal all these documents to a prospective buyer day one. However, you may want to have them at hand because you will certainly need them during the sales process.

Also, compiling these documents lets you see your Lynwood, California restaurant through the lens of a buyer. It provides you a clear image of the Lynwood, California restaurant you're offering for sale. In addition, it allows you to identify if there are any concerns you will need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Lynwood, California restaurant. That’s why you should make an effort to have your documents accurate and organized.

Showing your financial documents to prospective buyers may help clear any doubt they might have concerning your Lynwood, California restaurant.

Your financial records can include:

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

Also, ensure you have soft copies of all of these records. This can make it easier for you to transmit the documentation to possible buyers.

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

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Lynwood, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord regarding your plan to sell your Lynwood, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financials, whether favorable or not, this will help them estimate the true value of your Lynwood, California restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Lynwood, California restaurant.

The estimated time it takes to sell a Lynwood, California restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and cut several costs, and thus strengthen the value of your Lynwood, California restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This may assist you in deriving the probable worth of your Lynwood, California restaurant. When you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

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

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

Clean windows, polished door handles and a neat floor are other small things that would help create a memorable initial impression.

Furthermore, you should make sure all your equipment is in satisfactory condition. If your equipment is not working, it may convey the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial status and production abilities. It may even dampen the mood of your staff, which 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 concerning purchasing your Lynwood, California restaurant.

#7 Search for Lynwood Buyers

Searching for potential buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Lynwood, California restaurant broker to help. The professional Lynwood, California restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this task yourself, you will need to create appropriate advertising. You can list your Lynwood, California restaurant on business websites and let your family and friends know about your intentions to market for sale your Lynwood, California restaurant.

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

#8 Be Prepared

If you decide to sell your Lynwood, California restaurant yourself, or with a a Lynwood, California restaurant broker, you need to always be prepared. Be prepared to show your Lynwood, California restaurant to prospective buyers at all times.

You'll never know when a buyer could walk into your Lynwood, California restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Lynwood, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the deal. The documentation will likely begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Lynwood, California Restaurant Broker

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

It's true, if you're looking to achieve the most out of the business transaction, you need some level of expertise to stand out against your competition while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Lynwood, California restaurant broker comes in. A Lynwood, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Lynwood, California restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

With the assistance of a Lynwood, California restaurant broker, you can focus your undivided attention on operating your Lynwood, California restaurant and rest assured knowing that a professional is in charge of selling your Lynwood, California restaurant.

Contact a Lynwood, California Restaurant Broker

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

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

Lynwood Zip Codes We Support: 90002, 90262