Right Time to Sell Your Monterey Park, California Restaurant?

After years of sweat equity, you have made the decision sell your Monterey Park, California restaurant

Contemplating starting a new Monterey Park, California restaurant, moving, or maybe slowing down. No matter the reason, selling your Monterey Park, California restaurant can be way more challenging than you might realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to help you in selling your Monterey Park, California restaurant or do the task on your own. Whether considering selling your Monterey Park, 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 first step to make when you start the process of offering your Monterey Park, California restaurant.

The required 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 documentation
• 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 has the expertise to assist you in the sale of your Monterey Park, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

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

Also, putting together these documents lets you see your Monterey Park, California restaurant through the lens of a buyer. It gives you a clear image of the Monterey Park, California restaurant you are offering for sale. Furthermore, it helps you show whether there are any loopholes you will have to take care of.

#2 Put Your Financials in Order

Your financial records are an important aspect of selling your Monterey Park, California restaurant. That’s the reason you should make an effort to have these documents complete and well organized.

Showing your financial documents to potential buyers could assist to clear any hesitations they might have concerning your Monterey Park, California restaurant.

The financial documents may 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 the records. This could make it easier for you to transmit the information to potential 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 items could create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Monterey Park, California restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your Monterey Park, California restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

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

It is therefore in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow before trying to sell your Monterey Park, California restaurant.

The average time it takes to sell a Monterey Park, California restaurant is 6 months. Within those six months, there are many things you can do to increase your profit and reduce several costs, and therefore increase the worth of your Monterey Park, California restaurant.

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

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

#5 Increase Curb Appeal

The appearance of your Monterey Park, California restaurant could go a long way in helping you attract potential buyers. Conversely, if the general look of your Monterey Park, California restaurant does not look good to buyers, they likely take a pass without consideration.

To prevent this from happening, everything in and out of your Monterey Park, California restaurant must be clean. Manicured and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are other easy items that can help create a great first impression.

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

Faulty equipment also raises doubt about your financial status and output capabilities. It could even lower the mood of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning purchasing your Monterey Park, California restaurant.

#7 Search for Monterey Park Buyers

Looking for potential buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire a professional Monterey Park, California restaurant broker to help. The professional Monterey Park, California restaurant broker will have recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this project yourself, you will need to carry out proper advertising. You can list your Monterey Park, California restaurant on listing websites and let your family and friends know about your intentions to market for sale your Monterey Park, California restaurant.

As you will probably run across competition when trying to sell your Monterey Park, California restaurant, you need your restaurant to stand out.

#8 Be Ready

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

You'll never know when a buyer could walk into your Monterey Park, California restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your Monterey Park, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the transaction. The documentation will likely start 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 detail of the contract.

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

Choosing a Monterey Park, California Restaurant Broker

While attempting to sell your Monterey Park, California restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

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

Expertise is also vital during negotiations with potential buyers. This is where an experienced Monterey Park, California restaurant broker comes in. A Monterey Park, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Monterey Park, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Monterey Park, California Restaurant Broker

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

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

Monterey Park Zip Codes We Support: 91754, 91755, 91756