Decided to Sell Your Palo Alto, California Restaurant?

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

Contemplating starting a new eatery, moving, or even slowing down. No matter the reason, selling your Palo Alto, California restaurant can be a lot more complicated than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the labor you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to hire a eatery broker to assist you in selling your Palo Alto, California restaurant or do the task yourself. If you are considering selling your Palo Alto, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Necessary Documentation

This is a necessary preparatory step to take when you start the process of marketing your Palo Alto, 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 at hand:

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

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

In addition, putting together these documents lets you see your Palo Alto, California restaurant through the lens of a buyer. It provides you a clear picture of the Palo Alto, California restaurant you're selling. In addition, it allows you to identify whether there are any concerns you'll need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important detail of selling your Palo Alto, California restaurant. This is the reason you should strive to have your documents complete and organized.

Showing your financial records to possible buyers may help clear any doubt they may have concerning your Palo Alto, California restaurant.

The financial records could 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 these documents. This will make it easier for you to transmit the records to possible buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Palo Alto, California restaurant, you need to review of your commercial lease. It could be devestating if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your Palo Alto, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this helps them evaluate the true value of your Palo Alto, California restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow starting to sell your Palo Alto, California restaurant.

The average time it may take to sell a Palo Alto, California restaurant is 6 months. Within those six months, there are several things you can do to increase your profit and cut various costs, and therefore strengthen the value of your Palo Alto, 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 value your assets.

This will assist you in estimating the probable worth of your Palo Alto, California restaurant. When you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Palo Alto, California restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall look of your Palo Alto, California restaurant does not appeal to buyers, they could pass over without a second look.

To prevent this from happening, all things in and out of your Palo Alto, California restaurant must be cleaned and maintained. Manicured and a clean parking lot could help create appeal for potential buyers.

Clean windows, polished handles and a presentable floor are also simple things that could help create a memorable initial impression.

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not working properly, it might convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial situation and output capabilities. It could even lower the mood of your staff, which 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 concerning buying your Palo Alto, California restaurant.

#7 look for Palo Alto Buyers

Looking for prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Palo Alto, California restaurant broker to help. The professional Palo Alto, California restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this task yourself, you will need to create appropriate advertising. You can offer your Palo Alto, California restaurant on business websites and tell family and friends about your intentions to sell your Palo Alto, California restaurant.

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

#8 Be Ready

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

You'll never know when a buyer will visit your Palo Alto, California restaurant. Some buyers might even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Palo Alto, California Restaurant

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

You may need your attorney’s help in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

This agreement includes details including the selling price of your Palo Alto, California restaurant, items and equipment and inventory value.

Choosing a Palo Alto, California Restaurant Broker

While trying to sell your Palo Alto, California restaurant on your own can be an exhilarating project, it can also be very risky, especially for first-timers.

The fact remains, if you're looking to get the most out of the business deal, you need some level of expertise to stand out against the competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Palo Alto, California restaurant broker comes in. A Palo Alto, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Palo Alto, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Palo Alto, California Restaurant Broker

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

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

Palo Alto Zip Codes We Support: 94022, 94301, 94302, 94303, 94304, 94306, 95014, 95033