Decided to Sell Your Riverside, California Restaurant?

After years of sweat equity, you have decided to sell your Riverside, California restaurant

Contemplating opening a different eatery, moving, or maybe slowing down. Regardless of the reason, selling your Riverside, California restaurant can be a lot more complicated than you might think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to guide you in selling your Riverside, California restaurant or take on the task yourself. Whether considering selling your Riverside, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together any Business Documentation

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

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

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

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

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

Also, compiling these documents lets you view your Riverside, California restaurant through the lens of a buyer. It provides you a clear picture of the Riverside, California restaurant you're selling. In addition, it allows you to identify if there are any areas you'll need to take care of.

#2 Put Your Financials in Order

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

Offering your financial documents to potential buyers may assist to clear any doubt they may have concerning your Riverside, California restaurant.

These financial records can include:

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

In addition, ensure you have duplicate copies of all of these records. This could make it easier for you to send the documentation to potential buyers.

Likewise, as a seller, you have to 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 post sealing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Riverside, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed analysis of your financials, whether favorable or not, this will help them estimate the true value of your Riverside, California restaurant.

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

The estimated time it takes to sell a Riverside, California restaurant is six months. Within the six months, there are several things you can do to strengthen your profit and cut several costs, and therefore strengthen the worth of your Riverside, California restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

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

#5 Make Your Restaurant Look Better

The first impression of your Riverside, California restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall curb appeal of your Riverside, California restaurant does not appeal to buyers, they could take a pass without consideration.

To avoid this from happening, everything in and out of your Riverside, California restaurant must be cleaned and maintained. Manicured and a clean parking area could help create curb appeal for prospective buyers.

Clean windows, polished handles and a clean floor are other easy items that could help create a great initial impression.

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

Non-functional equipment could raise doubt about your financial status and production abilities. It can even dampen the morale of your staff, which in response, 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 Riverside, California restaurant.

#7 look for Riverside 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 an experienced Riverside, California restaurant broker to help. A professional Riverside, California restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this project by yourself, you will need to create appropriate advertising. You can market your Riverside, California restaurant on business websites and let your family and friends know about your intentions to market for sale your Riverside, California restaurant.

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

#8 Be Ready

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

You will never know when a buyer could visit your Riverside, California restaurant. Some buyers might even visit as customers just to carry out some research before contacting you.

#9 Sell Your Riverside, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the contract. The paperwork often start with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Riverside, California Restaurant Broker

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

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

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

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

Contact a Riverside, California Restaurant Broker

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

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

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