Time to Sell Your Millbrae, California Restaurant?

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

Considering starting a new eatery, relocating, or maybe retiring. Regardless of the reason, selling your Millbrae, California restaurant can be way more difficult than you may think. Thats because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the sweat you may have put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Gather any Important Paperwork

This is an important preparatory step to take when you commence the process of selling your Millbrae, California restaurant.

The required paperwork may vary from state to state--even in California, but the following is a list of a few standard documents you may find helpful to have on you:

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

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

You certainly do not want to reveal the majority of these documents to a possible buyer first day. However, you should have them at hand because you will certainly need them during the sales process.

Also, putting together these documents lets you see your Millbrae, California restaurant through the lens of a buyer. It gives you a clear image of the Millbrae, California restaurant you are selling. Furthermore, it helps you show whether there are any concerns you will have to address.

#2 Put Your Financials in Order

Your financial records are a crucial detail of selling your Millbrae, California restaurant. This is the reason you should make an effort to make your documents accurate and well organized.

Offering your financial records to potential buyers could help clear any doubt they may have regarding your Millbrae, 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 hard copies of all of the documents. This could make it easier for you to send the documentation to possible buyers.

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

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Millbrae, California restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this helps them evaluate the true value of the Millbrae, California restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow before trying to sell your Millbrae, California restaurant.

The average time it takes to sell a Millbrae, California restaurant is six months. Within the six months, there is a lot you can do in order to strengthen your profit and slash various costs, and therefore strengthen the value of your Millbrae, California restaurant.

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

This will aid you in deriving the overall value of your Millbrae, California restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Millbrae, California restaurant can go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Millbrae, California restaurant does not appeal to buyers, they might pass over immediately.

To prevent this from happening, everything in and out of your Millbrae, California restaurant must be cleaned and maintained. Landscaped and a clean parking lot could help create appeal for prospective buyers.

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

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

Faulty equipment can raise doubt about your financial capabilities and output abilities. It may even lower the excitment of your employees, and 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 Millbrae, California restaurant.

#7 Search for Millbrae Buyers

Looking for prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Millbrae, California restaurant broker to help. The professional Millbrae, California restaurant broker will offer recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task by yourself, you will need to create proper advertising. You can offer your Millbrae, California restaurant on listing websites and tell family and friends about your plans to sell your Millbrae, California restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Millbrae, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the transaction. The documentation will usually start with the Asset Purchase Agreement.

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

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

Choosing a Millbrae, California Restaurant Broker

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

The fact remains, in order for you to get the most from of the business transaction, you need some level of experience in order to stand above and against your cometitors while attempting to attract buyers.

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

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

Contact a Millbrae, California Restaurant Broker

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

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

Millbrae Zip Codes We Support: 94030