Time to Sell Your North Hollywood, California Restaurant?

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

Considering starting a new eatery, moving, or even slowing down. Regardless of the reason, selling your North Hollywood, California restaurant can be a lot more complicated than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough profit for all the sweat you may have put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either decide to hire a North Hollywood, California restaurant broker to guide you in selling your North Hollywood, California restaurant or do the task yourself. Whether considering selling your North Hollywood, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Necessary Paperwork

This is an important initial step to take when you begin the process of marketing your North Hollywood, California restaurant.

The necessary documents may vary from state to state--even in California, but below is a list of some general documents you may find helpful to have prepared:

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

Corbett Restaurant Group comes with expertise to assist you in the market for sale of your North Hollywood, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

Also, putting together these documents allows you to view your North Hollywood, California restaurant through the lens of a buyer. It gives you a clear image of the North Hollywood, California restaurant you're selling. In addition, it allows you to identify whether there are any loopholes you'll need to take care of.

#2 Get Your Financial Records in Order

Your financial records are an important part of selling your North Hollywood, California restaurant. This is the reason you should strive to make your documents complete and organized.

Offering your financial documents to potential buyers could assist to clear any hesitations they may have regarding your North Hollywood, California restaurant.

Your financial records can 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 can make it easier for you to transmit the documentation to prospective buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these items may create legal problems for you if a buyer later on discovers these ommissions after sealing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your North Hollywood, California restaurant, you need to review 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 could be advisable to talk to your landlord regarding your plan to sell your North Hollywood, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps them estimate the value of the North Hollywood, California restaurant.

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

The average time it takes to sell a North Hollywood, California restaurant is six months. Within those six months, there are many things you can do in order to increase your profit and cut several costs, and thus increase the value of your North Hollywood, California restaurant.

In addition, 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 will assist you in estimating the overall worth of your North Hollywood, California restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your North Hollywood, California restaurant could go a long way in helping you attract potential buyers. Alternatively, if the overall aesthetic of your North Hollywood, California restaurant does not appeal to buyers, they might take a pass without consideration.

To prevent this from happening, all things in and out of your North Hollywood, California restaurant must be clean. Landscaped and a clean parking area may help create appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are also easy items that would help create a memorable initial impression.

Additionally, you should make sure that all your equipment is in satisfactory condition. If your equipment is not working, it could send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and output abilities. It could even dampen the mood of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning purchasing your North Hollywood, California restaurant.

#7 look for North Hollywood Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional North Hollywood, California restaurant broker to help. A professional North Hollywood, California restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task by yourself, you will need to carry out proper advertising. You can show your North Hollywood, California restaurant on listing websites and let your family and friends know about your plans to sell your North Hollywood, California restaurant.

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

#8 Be Ready

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

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

#9 Sell Your North Hollywood, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The documentation will usually start with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the transaction.

This agreement includes details including the selling price of your North Hollywood, California restaurant, assets and equipment as well as inventory value.

Choosing a North Hollywood, California Restaurant Broker

While trying to sell your North Hollywood, California restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first-timers.

It's true, if you're looking to get the most out of the business transaction, you need a higher level of experience to stand out against the cometitors while attempting to attract buyers.

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

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

Contact a North Hollywood, California Restaurant Broker

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

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

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