Right Time to Sell Your Northridge, California Restaurant?

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

Contemplating opening a different Northridge, California restaurant, relocating, or maybe retiring. Regardless of the reason, selling your Northridge, California restaurant can be a lot more complicated than you may realize. Thats because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the labor you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You can either decide to contract with a Northridge, California restaurant broker to help you in selling your Northridge, California restaurant or do the task on your own. If you are considering selling your Northridge, 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 any Important Paperwork

This is a necessary first step to make when you commence the process of marketing your Northridge, California restaurant.

The necessary paperwork may vary from state to state--even in California, but the following is a list of some standard documents you may need to have on you:

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your Northridge, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a possible buyer first day. However, you should have them ready because you will certainly require them during the sales process.

In addition, compiling these documents allows you to see your Northridge, California restaurant through the lens of a buyer. This provides you a clear image of the Northridge, California restaurant you're selling. In addition, it allows you to show if there are any loopholes you will need to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your Northridge, California restaurant. This is the reason you should strive to have these documents complete and well organized.

Offering your financial documents to prospective buyers could assist to clear any doubt they may have concerning your Northridge, California restaurant.

The 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 these records. This may make it easier for you to transmit the documentation to potential buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these items can create legal issues for you if a buyer later discovers these liabilities after closing the deal.

#3 Put Together the Details of Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps them evaluate the value of your Northridge, California restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Northridge, California restaurant.

The estimated time it may take to sell a Northridge, California restaurant is six months. Within the six months, there are several things you can do in order to increase your profit and slash various costs, and thus increase the worth of your Northridge, California restaurant.

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

This could help you in coming up with the probable worth of your Northridge, California restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Northridge, California restaurant can go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Northridge, California restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, everything in and out of your Northridge, California restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are other easy things that can help create a great initial impression.

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

Non-functional equipment also raises doubt about your financial capabilities and output capabilities. It can even dampen the mood of your employees, 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 regarding buying your Northridge, California restaurant.

#7 Search for Northridge Buyers

Looking for prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Northridge, California restaurant broker to help. A professional Northridge, California restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can list your Northridge, California restaurant on listing websites and let your family and friends know about your plans to sell your Northridge, California restaurant.

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

#8 Be Ready

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

You never know when a buyer will visit your Northridge, California restaurant. Some buyers may even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Northridge, California Restaurant

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

You should have your attorney’s assistance in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This agreement includes details such as the selling price of your Northridge, California restaurant, items and equipment as well as inventory value.

Choosing a Northridge, California Restaurant Broker

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

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of expertise to stand out against your cometitors while trying to attract buyers.

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

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

Contact a Northridge, California Restaurant Broker

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

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

Northridge Zip Codes We Support: 91324, 91325, 91327, 91328, 91329, 91330