Decided to Sell Your Monterey, California Restaurant?

After years of sweat equity, you have decided to sell your Monterey, California restaurant

Considering starting a new eatery, relocating, or even slowing down. Regardless of the reason, selling your Monterey, California restaurant can be way more complicated than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the time you may have put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Put Together any Important Paperwork

This is a necessary initial step to take when you begin the process of marketing your Monterey, California restaurant.

The necessary documents may vary from state to state--even in California, but the following is a list of a few general documents you may be requierd to have at hand:

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

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

You probably do not want to show the majority of these documents to a possible buyer day one. But, you should have them ready because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your Monterey, California restaurant through the lens of a buyer. This gives you a clear picture of the Monterey, California restaurant you're selling. In addition, it helps you show if there are any loopholes you will have to address.

#2 Put Your Financials in Order

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

Offering your financial records to possible buyers could assist to clear any hesitations they might have regarding your Monterey, California restaurant.

Your financial records can include:

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

Also, make sure you have duplicate copies of all of the records. This could make it easier for you to transmit the information to possible buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things may create legal problems for you if a buyer later discovers these ommissions post sealing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Monterey, California restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the true value of the Monterey, California restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow planning to sell your Monterey, California restaurant.

The average time it may take to sell a Monterey, California restaurant is six months. Within those six months, there are many things you can do to increase your profit and slash various costs, and thus increase the value of your Monterey, California restaurant.

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

This will aid you in estimating the overall value of your Monterey, California restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Monterey, California restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Monterey, California restaurant does not look good to buyers, they might take a pass immediately.

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

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

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

Faulty equipment could raise doubt about your financial capabilities and output abilities. It can even lower the excitment of your employees, 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 potential buyers regarding purchasing your Monterey, California restaurant.

#7 look for Monterey Buyers

Searching 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 Monterey, California restaurant broker to help. The professional Monterey, California restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this task by yourself, you will need to carry out proper advertising. You can offer your Monterey, California restaurant on listing websites and tell family and friends about your intentions to market for sale your Monterey, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Monterey, California Restaurant

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

You should have your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

This agreement includes details including the selling price of your Monterey, California restaurant, assets and equipment and inventory value.

Choosing a Monterey, California Restaurant Broker

Although trying to sell your Monterey, California restaurant on your own can be an exciting project, it could also be quite risky, especially for first time sellers.

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

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

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

Contact a Monterey, California Restaurant Broker

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

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

Monterey Zip Codes We Support: 93940, 93942, 93943, 93944, 93955