Time to Sell Your Palm Springs, California Restaurant?

After years of labor, you have made the decision sell your Palm Springs, California restaurant

Contemplating opening a new eatery, moving, or maybe slowing down. Regardless of the reason, selling your Palm Springs, California restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough proceeds for all the labor you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either decide to hire a eatery broker to help you in selling your Palm Springs, California restaurant or do the task yourself. If you are considering selling your Palm Springs, 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 Business Documentation

This is a necessary preparatory step to make when you commence the process of marketing your Palm Springs, California restaurant.

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

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Palm Springs, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

You certainly do not want to reveal all these documents to a prospective buyer day one. However, you may want to have them on hand because you will eventually require them during the sales process.

In addition, putting together these documents allows you to see your Palm Springs, California restaurant through the lens of a buyer. It gives you a clear picture of the Palm Springs, California restaurant you're selling. In addition, it allows you to show if there are any loopholes you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Palm Springs, California restaurant. This is the reason you should make it a priority to make these documents accurate and well organized.

Showing your financial records to prospective buyers may assist to clear any doubt they might have regarding your Palm Springs, California restaurant.

Your financial records may include:

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

In addition, ensure you have soft copies of all of the documents. This can make it easier for you to transmit the records to prospective buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items may create legal problems for you if a buyer later discovers these liabilities after signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Palm Springs, California restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the true value of your Palm Springs, California restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow starting to sell your Palm Springs, California restaurant.

The average time it takes to sell a Palm Springs, California restaurant is six months. Within the six months, there are many things you can do to strengthen your profit and slash various costs, and therefore strengthen the value of your Palm Springs, 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 will help you in coming up with the probable worth of your Palm Springs, California restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Palm Springs, California restaurant will go a long way in helping you attract potential buyers. Alternatively, if the general curb appeal of your Palm Springs, California restaurant does not look good to buyers, they likely take a pass without consideration.

To prevent this from happening, all things in and out of your Palm Springs, California restaurant must be clean. Manicured and a clean parking lot may help create appeal for potential buyers.

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

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

Non-functional equipment can raise doubt about your financial capabilities and output abilities. It could even dampen the morale of your employees, 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 purchasing your Palm Springs, California restaurant.

#7 look for Palm Springs Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Palm Springs, California restaurant broker to help. The professional Palm Springs, California restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this task alone, you will need to create proper advertising. You can offer your Palm Springs, California restaurant on business websites and tell family and friends about your plans to market for sale your Palm Springs, California restaurant.

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

#8 Be Prepared

Whether you decide to sell your Palm Springs, California restaurant yourself, or through a Palm Springs, California restaurant broker, you should always be prepared. Be ready to show your Palm Springs, California restaurant to potential buyers at all times.

You never know when a buyer will walk into your Palm Springs, California restaurant. Some buyers might even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Palm Springs, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The documentation often begin with the Asset Purchase Agreement.

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

This document includes details such as the selling price of your Palm Springs, California restaurant, assets and equipment and inventory value.

Choosing a Palm Springs, California Restaurant Broker

While attempting to sell your Palm Springs, California restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

It's true, in order for you to achieve the most out of the business deal, you need a higher level of expertise to stand above and against your competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Palm Springs, California restaurant broker is needed. A Palm Springs, California restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Palm Springs, California restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Palm Springs, California Restaurant Broker

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

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

Palm Springs Zip Codes We Support: 92234, 92240, 92241, 92258, 92262, 92263, 92264, 92282, 92292