Right Time to Sell Your Newport Beach, California Restaurant?

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

Considering opening a new Newport Beach, California restaurant, relocating, or maybe retiring. No matter the reason, selling your Newport Beach, California restaurant can be way more complicated than you might realize. Thats because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you’ve put into it.

Important Steps to Take when Selling Your Restaurant

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

#1 Gather all Necessary Paperwork

This is a necessary initial step to make when you start the process of selling your Newport Beach, California restaurant.

The necessary 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 at hand:

• Gather your assets
• Lease contract
• 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 comes with expertise to help you in the market for sale of your Newport Beach, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to show all these documents to a prospective buyer first day. But, you should have them on hand because you will certainly require them during the sales process.

In addition, compiling these documents lets you see your Newport Beach, California restaurant through the lens of a buyer. It provides you a clear picture of the Newport Beach, California restaurant you're selling. In addition, it helps you show whether there are any areas you will have to address.

#2 Put Your Financial Records in Order

Your financial records are a crucial aspect of selling your Newport Beach, California restaurant. This is why you should make an effort to make these documents accurate and well organized.

Offering your financial records to potential buyers could assist to clear any hesitations they may have concerning your Newport Beach, California restaurant.

These financial documents may 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 documents. This can make it easier for you to send the documentation to possible buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these things may create legal issues for you if a buyer later discovers these liabilities after sealing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Newport Beach, California restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Newport Beach, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the true value of your Newport Beach, California restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow before trying to sell your Newport Beach, California restaurant.

The average time it may take to sell a Newport Beach, California restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and cut several costs, and thus strengthen the value of your Newport Beach, California restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This could aid you in estimating the probable value of your Newport Beach, California restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Newport Beach, California restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Newport Beach, California restaurant does not look good to buyers, they likely take a pass right off the bat.

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

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

Additionally, you should ensure all your equipment is in top condition. If your equipment is not working properly, it might send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial status and output abilities. It could even lower the mood of your staff, and in response, 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 Newport Beach, California restaurant.

#7 Search for Newport Beach Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced Newport Beach, California restaurant broker to help. A professional Newport Beach, California restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out appropriate advertising. You can market your Newport Beach, California restaurant on listing websites and tell family and friends about your plans to market for sale your Newport Beach, California restaurant.

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

#8 Be Ready

If you decide to sell your Newport Beach, California restaurant yourself, or through a Newport Beach, California restaurant broker, you need to always be ready. Be prepared to show your Newport Beach, California restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your Newport Beach, California restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your Newport Beach, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The paperwork often begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Newport Beach, California restaurant, assets and equipment and inventory value.

Choosing a Newport Beach, California Restaurant Broker

While trying to sell your Newport Beach, California restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first time sellers.

It's true, if you're looking to get the most from of the business deal, you need some level of expertise to stand above and against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Newport Beach, California restaurant broker is needed. A Newport Beach, California restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Newport Beach, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

With the help of a Newport Beach, California restaurant broker, you can maintain your undivided attention on operating your Newport Beach, California restaurant and rest easy with the knowledge that a professional is in charge of selling your Newport Beach, California restaurant.

Contact a Newport Beach, California Restaurant Broker

Deciding to sell your Newport Beach, California restaurant through a Newport Beach, California restaurant broker has multiple advantages. First, however, you need to select the best Newport Beach, California restaurant broker to help you in selling your Newport Beach, California restaurant.

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

Newport Beach Zip Codes We Support: 92625, 92651, 92657, 92658, 92659, 92660, 92661, 92662, 92663