Right Time to Sell Your Milpitas, California Restaurant?

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

Considering starting a new Milpitas, California restaurant, moving, or even slowing down. Regardless of the reason, selling your Milpitas, California restaurant can be way more challenging than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough money for all the time you may have put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Gather the Necessary Paperwork

This is a necessary preparatory step to make when you commence the process of selling your Milpitas, California restaurant.

The required documents may vary from state to state--even in California, but the following is a list of some generalized documents you may find helpful to have ready:

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

Corbett Restaurant Group has the experience to help you in the sale of your Milpitas, 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 prospective buyer first day. However, you should have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your Milpitas, California restaurant through the lens of a buyer. It gives you a clear image of the Milpitas, California restaurant you're offering for sale. In addition, it helps you identify if there are any areas you'll need to address.

#2 Get Your Financial Documents in Order

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

Showing your financial records to potential buyers could assist to clear any hesitations they might have regarding your Milpitas, California restaurant.

The financial records 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 the records. This may make it easier for you to transmit the information to possible buyers.

In addition, 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 issues 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 Milpitas, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your Milpitas, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow planning to sell your Milpitas, California restaurant.

The average time it may take to sell a Milpitas, California restaurant is 6 months. Within the six months, there are many things you can do in order to strengthen your profit and cut several costs, and thus increase the worth of your Milpitas, 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 may assist you in deriving the probable value of your Milpitas, California restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Milpitas, California restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall appearance of your Milpitas, California restaurant does not look good to buyers, they could take a pass immediately.

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

Spot-free windows, polished handles and a clean floor are other small items that would help create a memorable initial impression.

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

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

You should appear credible in order to build the confidence of prospective buyers regarding buying your Milpitas, California restaurant.

#7 Search for Milpitas Buyers

Looking for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire an experienced Milpitas, California restaurant broker to help. A professional Milpitas, California restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this task yourself, you will need to create appropriate advertising. You can show your Milpitas, California restaurant on listing websites and let your family and friends know about your intentions to market for sale your Milpitas, California restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Milpitas, California restaurant yourself, or with a a Milpitas, California restaurant broker, you should always be ready. Be prepared to show your Milpitas, California restaurant to prospective buyers at all times.

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

#9 Sell Your Milpitas, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Milpitas, California restaurant, items and equipment and inventory value.

Choosing a Milpitas, California Restaurant Broker

While trying to sell your Milpitas, California restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need a higher level of expertise to stand above and against your cometitors while attempting to find buyers.

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

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

Contact a Milpitas, California Restaurant Broker

Deciding to sell your Milpitas, California restaurant through a Milpitas, California restaurant broker has several advantages. First, however, you need to select the best Milpitas, California restaurant broker to assist you in selling your Milpitas, California restaurant.

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

Milpitas Zip Codes We Support: 95035