Are You Ready to Sell Your Richmond, California Restaurant?

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

Considering starting a different eatery, moving, or maybe slowing down. No matter the reason, selling a Richmond, California restaurant can be way more challenging than you might realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough profit for all the time you’ve put into it.

Necessary Steps to Take in Selling Your Restaurant

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

#1 Gather any Business Paperwork

This is a necessary initial step to make when you commence the process of marketing your Richmond, California restaurant.

The required paperwork may vary from state to state--even in California, but below is a list of some generalized documents you may need to have on you:

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

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

It's probably smart not to show the majority of these documents to a potrntial buyer first day. However, you should have them on hand because you will certainly require them during the sales process.

Also, compiling these documents allows you to view your Richmond, California restaurant through the lens of a buyer. This gives you a clear image of the Richmond, California restaurant you're selling. In addition, it allows you to show whether there are any concerns you'll have to address.

#2 Get Your Financial Records in Order

Your financial records are an important aspect of selling your Richmond, California restaurant. This is why you should make it a priority to make these documents accurate and organized.

Offering your financial documents to prospective buyers could help clear any doubt they might have concerning your Richmond, California restaurant.

These financial records can include:

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

Also, make sure you have hard copies of all of the documents. This can make it easier for you to transmit the documentation to potential buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these things can create legal issues for you if a buyer later on discovers these liabilities post sealing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Richmond, California restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease ends up preventing you from closing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Richmond, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the value of the Richmond, California restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow planning to sell your Richmond, California restaurant.

The average time it may take to sell a Richmond, California restaurant is 6 months. Within those six months, there are several things you can do in order to strengthen your profit and slash various costs, and thus strengthen the value of your Richmond, California restaurant.

Also, when it comes 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 aid you in deriving the probable worth of your Richmond, California restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Richmond, California restaurant can go a long way in helping you bring potential buyers. Conversely, if the general appearance of your Richmond, California restaurant does not look good to buyers, they could pass over without a second look.

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

Spot-free windows, polished door handles and a presentable floor are also simple things that can help create a great initial impression.

Furthermore, you should ensure all the equipment is in top condition. If your equipment is not working, it could send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial situation and production capabilities. It can even lower the mood of your staff, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding purchasing your Richmond, California restaurant.

#7 Search for Richmond Buyers

Looking for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Richmond, California restaurant broker to help. The professional Richmond, California restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you decide to take on this project alone, you will need to carry out appropriate advertising. You can list your Richmond, California restaurant on business websites and let your family and friends know about your intentions to sell your Richmond, California restaurant.

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

#8 Be Ready

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

You never know when a buyer could visit your Richmond, California restaurant. Some buyers may even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Richmond, California Restaurant

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

You should have your attorney’s help in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Richmond, California Restaurant Broker

Although trying to sell your Richmond, California restaurant on your own can be an exciting project, it can also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business transaction, you need some level of experience in order to stand out against the competition while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Richmond, California restaurant broker is needed. A Richmond, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Richmond, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Richmond, California Restaurant Broker

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

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

Richmond Zip Codes We Support: 94530, 94801, 94802, 94803, 94804, 94805, 94806, 94807, 94808, 94820, 94850