Decided to Sell Your Monrovia, California Restaurant?

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

Considering starting a new eatery, moving, or even retiring. No matter the reason, selling a Monrovia, California restaurant can be way more challenging than you might think. This is because it takes careful preparation and a solid game plan to successfully get out with enough money for all the time you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your Monrovia, California restaurant or take on the task yourself. Whether considering selling your Monrovia, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together all Necessary Documentation

This is a necessary initial step to make when you begin the process of selling your Monrovia, California restaurant.

The necessary documents 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 prepared:

• Gather 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 assist you in the market for sale of your Monrovia, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to show the majority of these documents to a prospective buyer right away. However, you may want to have them on hand because you will eventually need them during the sales process.

Also, compiling these documents lets you see your Monrovia, California restaurant through the lens of a buyer. It provides you a clear image of the Monrovia, California restaurant you are offering for sale. Furthermore, it helps you show if there are any concerns you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are a crucial aspect of selling your Monrovia, California restaurant. That’s the reason you should strive to have your documents accurate and well organized.

Offering your financial documents to prospective buyers could assist to clear any hesitations they might have regarding your Monrovia, California restaurant.

Your financial documents 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 may make it easier for you to send the information to potential buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these things can create legal issues for you if a buyer later on discovers these liabilities post closing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Monrovia, California restaurant, you must find out the terms of your commercial lease. It could be devestating if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Monrovia, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financials, whether favorable or not, this will help them estimate the true value of the Monrovia, California restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow starting to sell your Monrovia, California restaurant.

The average time it takes to sell a Monrovia, California restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and reduce various costs, and thus strengthen the value of your Monrovia, California restaurant.

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

This may assist you in deriving the overall worth of your Monrovia, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Monrovia, California restaurant can go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Monrovia, California restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, all things in and out of your Monrovia, California restaurant must be clean. Landscaping and a clean parking lot can help create appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are other simple items that could help create a unforgettable first impression.

Additionally, you should make sure that all the 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 could raise doubt about your financial situation and output abilities. It could even lower the excitment of your staff, and 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 concerning purchasing your Monrovia, California restaurant.

#7 Search for Monrovia Buyers

Looking for prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Monrovia, California restaurant broker to help. The professional Monrovia, California restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this task yourself, you will need to create proper advertising. You can offer your Monrovia, California restaurant on business websites and tell family and friends about your intentions to market for sale your Monrovia, California restaurant.

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

#8 Be Ready

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

You will never know when a buyer will walk into your Monrovia, California restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Monrovia, 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 complete the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Monrovia, California Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need some level of expertise to stand above and against the cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Monrovia, California restaurant broker is recommended. A Monrovia, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Monrovia, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Monrovia, California Restaurant Broker

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

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

Monrovia Zip Codes We Support: 91016, 91066, 91185