Right Time to Sell Your Pasadena, California Restaurant?

Following years of hard work, you have decided to sell your Pasadena, California restaurant

Considering starting a new eatery, relocating, or even retiring. No matter the reason, selling a Pasadena, California restaurant can be way more challenging than you might think. This is because it takes careful preparation and a solid strategy to successfully get out with enough money for all the labor you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your Pasadena, California restaurant or take on the task on your own. Whether considering selling your Pasadena, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together the Important Documentation

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

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

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

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

It's probably best not to show the majority of these documents to a prospective buyer day one. However, you should have them ready because you will certainly require them during the sales process.

In addition, putting together these documents lets you view your Pasadena, California restaurant through the lens of a buyer. It gives you a clear image of the Pasadena, California restaurant you are offering for sale. In addition, it helps you identify if there are any areas you'll need to address.

#2 Put Your Financials in Order

Your financial records are a crucial part of selling your Pasadena, California restaurant. This is the reason you should make an effort to make these documents complete and well organized.

Offering your financial records to prospective buyers may assist to clear any hesitations they may have concerning your Pasadena, California restaurant.

The financial documents can include:

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

In addition, make sure you have duplicate copies of all of these documents. This will make it easier for you to send the information to prospective buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things may create legal issues for you if a buyer later on discovers these liabilities post signing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Pasadena, California restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the value of your Pasadena, California restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to increase your cash flow planning to sell your Pasadena, California restaurant.

The average time it may take to sell a Pasadena, California restaurant is six months. Within the six months, there are many things you can do to strengthen your profit and reduce various costs, and thus increase the value of your Pasadena, California restaurant.

Also, 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 help you in estimating the probable value of your Pasadena, California restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Pasadena, California restaurant can go a great distance in helping you attract potential buyers. Conversely, if the general look of your Pasadena, California restaurant does not look good to buyers, they might pass over right off the bat.

To avoid this from happening, everything in and out of your Pasadena, California restaurant must be clean. Manicured and a clean parking lot may help create curb appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also small items that would help create a memorable first impression.

Furthermore, you should ensure that all the equipment is in top condition. If your equipment is not functioning, it can convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial capabilities and production capabilities. It may even lower the mood of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your Pasadena, California restaurant.

#7 Search for Pasadena Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Pasadena, California restaurant broker to help. A professional Pasadena, California restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you decide to take on this task yourself, you will need to carry out proper advertising. You can show your Pasadena, California restaurant on listing websites and tell family and friends about your plans to sell your Pasadena, California restaurant.

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

#8 Be Ready

If you decide to sell your Pasadena, California restaurant yourself, or through a Pasadena, California restaurant broker, you need to always be prepared. Be prepared to show your Pasadena, California restaurant to potential buyers at all times.

You never know when a buyer could walk into your Pasadena, California restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Pasadena, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the transaction. The documentation will likely start with the Asset Purchase Agreement.

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

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

Choosing a Pasadena, California Restaurant Broker

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

It's true, in order for you to get the most from of the business transaction, you need a higher level of experience to stand above and against your competition while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Pasadena, California restaurant broker is recommended. A Pasadena, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Pasadena, California restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Pasadena, California Restaurant Broker

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

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

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