Time to Sell Your Salinas, California Restaurant?

After years of hard work, you have made the decision sell your Salinas, California restaurant

Considering opening a different eatery, moving, or even retiring. No matter the reason, selling your Salinas, California restaurant can be way more complicated than you might think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the sweat you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either decide to hire a eatery broker to guide you in selling your Salinas, California restaurant or take on the task on your own. If you are considering selling your Salinas, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather any Necessary Documentation

This is an important initial step to take when you start the process of selling your Salinas, California restaurant.

The necessary documents may vary from state to state--even in California, but the following is a list of some general documents you may be requierd to have ready:

• A list of your assets
• Lease documentation
• 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 comes with experience to assist you in the market for sale of your Salinas, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

You probably do not want to show all these documents to a prospective buyer day one. However, you may want to have them at hand because you will certainly need them during the sales process.

Also, compiling these documents lets you see your Salinas, California restaurant through the lens of a buyer. This gives you a clear picture of the Salinas, California restaurant you're selling. Furthermore, it helps you identify whether there are any loopholes you will have to address.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial aspect of selling your Salinas, California restaurant. That’s the reason you should strive to have these documents accurate and well organized.

Showing your financial records to potential buyers may help clear any doubt they might have concerning your Salinas, California restaurant.

Your financial records could include:

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

Also, ensure you have soft copies of all of these records. This may make it easier for you to transmit the records to prospective buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things can create legal problems for you if a buyer later discovers these liabilities after completing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Salinas, California restaurant, you must find out the terms 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 is advisable to talk to your landlord concerning your plan to sell your Salinas, California restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this will help them estimate the value of the Salinas, California restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Salinas, California restaurant.

The average time it takes to sell a Salinas, California restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and cut several costs, and therefore increase the value of your Salinas, California restaurant.

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

This may aid you in coming up with the overall value of your Salinas, California restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Salinas, California restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall look of your Salinas, California restaurant does not appeal to buyers, they might take a pass right off the bat.

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

Spot-free windows, polished door handles and a clean floor are other small items that could help create a great first impression.

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

Faulty equipment may rouse doubt about your financial situation and production capabilities. It could even lower the mood of your employees, which 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 concerning buying your Salinas, California restaurant.

#7 Search for Salinas Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire an experienced Salinas, California restaurant broker to help. The professional Salinas, California restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this task yourself, you will need to carry out appropriate advertising. You can list your Salinas, California restaurant on business websites and let your family and friends know about your intentions to sell your Salinas, California restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will visit your Salinas, California restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Salinas, California Restaurant

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

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

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

Choosing a Salinas, California Restaurant Broker

Although attempting to sell your Salinas, California restaurant on your own can be an exhilarating endeavor, it can also be quite risky, especially for first-timers.

The fact remains, if you're looking to achieve the most out of the business transaction, you need a higher level of experience to stand out against the cometitors while attempting to find buyers.

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

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

Contact a Salinas, California Restaurant Broker

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

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

Salinas Zip Codes We Support: 93901, 93902, 93905, 93906, 93907, 93908, 93912, 93915