Are You Ready to Sell Your Oakland, California Restaurant?

Following years of labor, you have decided to sell your Oakland, California restaurant

Contemplating starting a different eatery, relocating, or maybe slowing down. No matter the reason, selling your Oakland, California restaurant can be way more difficult than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the sweat you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

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

#1 Put Together the Important Paperwork

This is an important first step to take when you commence the process of marketing your Oakland, California restaurant.

The required paperwork 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 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 has the expertise to help you in the market for sale of your Oakland, California restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to show all these documents to a prospective buyer first day. However, you may want to have them on hand because you will certainly require them during the sales process.

Also, putting together these documents lets you view your Oakland, California restaurant through the lens of a buyer. This provides you a clear picture of the Oakland, California restaurant you're offering for sale. In addition, it helps you show whether there are any concerns you'll have to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Oakland, California restaurant. This is why you should make an effort to make your documents accurate and organized.

Showing your financial records to prospective buyers may assist to clear any doubt they might have concerning your Oakland, 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 hard copies of all of these records. This can make it easier for you to transmit the documentation to possible buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things could create legal problems for you if a buyer later discovers these ommissions after signing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Oakland, California restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this will help them evaluate the true value of the Oakland, 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 starting to sell your Oakland, California restaurant.

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

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

This may aid you in coming up with the overall value of your Oakland, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Oakland, California restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Oakland, California restaurant does not look good to buyers, they might take a pass right off the bat.

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

Clean windows, polished handles and a clean floor are also simple things that can help create a great initial impression.

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

Faulty equipment may rouse doubt about your financial capabilities and output abilities. It may even lower the mood of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning buying your Oakland, California restaurant.

#7 Search for Oakland Buyers

Searching for potential buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Oakland, California restaurant broker to help. A professional Oakland, California restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project yourself, you will need to carry out proper advertising. You can list your Oakland, California restaurant on business websites and let your family and friends know about your plans to market for sale your Oakland, California restaurant.

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

#8 Be Ready

If you decide to sell your Oakland, California restaurant yourself, or with a a Oakland, California restaurant broker, you should always be prepared. Be ready to show your Oakland, California restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your Oakland, California restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Oakland, California Restaurant

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

You should have your attorney’s help in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Oakland, California Restaurant Broker

While attempting to sell your Oakland, California restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business deal, you need a higher level of experience in order to stand out against the cometitors while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Oakland, California restaurant broker comes in. A Oakland, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Oakland, California restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Oakland, California Restaurant Broker

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

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

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