Are You Ready to Sell Your Poway, California Restaurant?

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

Considering opening a different eatery, relocating, or maybe retiring. Regardless of the reason, selling your Poway, California restaurant can be way more complicated than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either decide to contract with a eatery broker to help you in selling your Poway, California restaurant or do the task on your own. If you are considering selling your Poway, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather any Important Documentation

This is an important first step to make when you begin the process of selling your Poway, California restaurant.

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

• Gather your assets
• Lease document
• 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 assist you in the sale of your Poway, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, putting together these documents lets you view your Poway, California restaurant through the lens of a buyer. It gives you a clear picture of the Poway, California restaurant you're offering for sale. Furthermore, it allows you to show if there are any loopholes you'll need to take care of.

#2 Get Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Poway, California restaurant. This is why you should make it a priority to make your documents complete and organized.

Showing your financial records to prospective buyers could aid clear any doubt they may have regarding your Poway, California restaurant.

The financial documents could include:

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

Also, ensure you have hard copies of all of the records. This may make it easier for you to send the records to potential buyers.

In addition, as a seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things may create legal problems for you if a buyer later discovers these ommissions after closing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Poway, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the true value of the Poway, California restaurant.

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

The estimated time it may take to sell a Poway, California restaurant is six months. Within those six months, there are many things you can do to strengthen your profit and slash various costs, and thus strengthen the worth of your Poway, California restaurant.

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

This could assist you in deriving the probable value of your Poway, California restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Poway, California restaurant will go a great distance in helping you attract potential buyers. Conversely, if the general appearance of your Poway, California restaurant does not appeal to buyers, they might take a pass immediately.

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

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

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

Faulty equipment could raise doubt about your financial status and output capabilities. It may even lower the morale of your staff, 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 purchasing your Poway, California restaurant.

#7 Search for Poway Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire a professional Poway, California restaurant broker to help. A professional Poway, California restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can market your Poway, California restaurant on listing websites and let your family and friends know about your intentions to market for sale your Poway, California restaurant.

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

#8 Be Ready

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

You'll never know when a buyer will visit your Poway, California restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your Poway, California Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the contract. The paperwork will usually begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

This agreement includes details including the selling price of your Poway, California restaurant, assets and equipment and inventory value.

Choosing a Poway, California Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business deal, you need some level of experience in order 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 Poway, California restaurant broker is needed. A Poway, California restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Poway, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Poway, California Restaurant Broker

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

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

Poway Zip Codes We Support: 92025, 92064, 92065, 92074