Decided to Sell Your Redwood City, California Restaurant?

After years of hard work, you have decided to sell your Redwood City, California restaurant

Considering starting a new Redwood City, California restaurant, moving, or even slowing down. Regardless of the reason, selling your Redwood City, California restaurant can be way more difficult than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either make the decision to hire a Redwood City, California restaurant broker to help you in selling your Redwood City, California restaurant or do the task on your own. If you are considering selling your Redwood City, California restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Necessary Documentation

This is an important initial step to take when you begin the process of offering your Redwood City, 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 need to have prepared:

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

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You certainly do not want to show all these documents to a prospective buyer right away. However, you may want to have them on hand because you will eventually need them during the sales process.

In addition, compiling these documents lets you see your Redwood City, California restaurant through the lens of a buyer. This provides you a clear image of the Redwood City, California restaurant you are selling. Furthermore, it helps you show if there are any areas you'll need to address.

#2 Get Your Financial Records in Order

Your financial documents are a crucial part of selling your Redwood City, California restaurant. This is why you should strive to make these documents complete and well organized.

Offering your financial records to possible buyers may aid clear any hesitations they might have regarding your Redwood City, California restaurant.

Your financial records can include:

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

In addition, make sure you have soft copies of all of these records. This could make it easier for you to send the information to possible buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items could create legal issues for you if a buyer later on discovers these liabilities after closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Redwood City, California restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Redwood City, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this helps them evaluate the value of the Redwood City, California restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Redwood City, California restaurant.

The average time it takes to sell a Redwood City, California restaurant is six months. Within the six months, there are several things you can do in order to increase your profit and slash various costs, and thus increase the worth of your Redwood City, 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 value your assets.

This could assist you in deriving the probable worth of your Redwood City, California restaurant. If you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Redwood City, California restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general appearance of your Redwood City, California restaurant does not look good to buyers, they might take a pass without a second look.

To prevent this from happening, everything in and out of your Redwood City, California restaurant must be clean. Landscaping and a clean parking area can help create appeal for potential buyers.

Spot-free windows, polished handles and a clean floor are also simple items that could help create a memorable initial impression.

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

Non-functional equipment may rouse doubt about your financial status and production abilities. It may even dampen the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Redwood City, California restaurant.

#7 Search for Redwood City Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Redwood City, California restaurant broker to help. The professional Redwood City, 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 by yourself, you will need to carry out appropriate advertising. You can list your Redwood City, California restaurant on business websites and tell family and friends about your intentions to sell your Redwood City, California restaurant.

As you will likely come across competition when trying to sell your Redwood City, California restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Redwood City, California restaurant yourself, or with a a Redwood City, California restaurant broker, you need to always be ready. Be ready to show your Redwood City, California restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your Redwood City, California restaurant. Some buyers may even visit as customers in order to carry out some research before reaching out to you.

#9 Sell Your Redwood City, California Restaurant

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

You may need your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Redwood City, California Restaurant Broker

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

The fact remains, in order for you to achieve the most from of the business transaction, you need a higher level of experience in order to stand above and against the competition while attempting to find buyers.

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

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

Contact a Redwood City, California Restaurant Broker

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

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

Redwood City Zip Codes We Support: 94061, 94062, 94063, 94064, 94065