Ready to Sell Your San Bernardino, California Restaurant?

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

Considering starting a new San Bernardino, California restaurant, moving, or even slowing down. Regardless of the reason, selling a San Bernardino, California restaurant can be a lot more difficult than you may realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the labor you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You may either think to hire a San Bernardino, California restaurant broker to help you in selling your San Bernardino, California restaurant or take on the task yourself. Whether considering selling your San Bernardino, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together any Important Paperwork

This is an important preparatory step to make when you commence the process of selling your San Bernardino, California restaurant.

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

• A list of your assets
• Lease document
• 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 has the experience to assist you in the sale of your San Bernardino, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer first day. But, you should have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your San Bernardino, California restaurant through the lens of a buyer. It provides you a clear picture of the San Bernardino, California restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any loopholes you will have to address.

#2 Put Your Financials in Order

Your financial documents are an important part of selling your San Bernardino, California restaurant. This is the reason you should make an effort to make your documents complete and well organized.

Offering your financial documents to potential buyers could help clear any hesitations they may have concerning your San Bernardino, California restaurant.

The financial documents may include:

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

In addition, ensure you have soft copies of all of these documents. This can make it easier for you to transmit the records 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 items may create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your San Bernardino, California restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your San Bernardino, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the value of your San Bernardino, California restaurant.

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

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

This will aid you in estimating the probable value of your San Bernardino, California restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your San Bernardino, California restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the general look of your San Bernardino, California restaurant does not appeal to buyers, they could take a pass without a second look.

To prevent this from happening, everything in and out of your San Bernardino, California restaurant must be cleaned and maintained. Landscaped and a clean parking area can help create appeal for prospective buyers.

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

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

Non-functional equipment also raises doubt about your financial capabilities and output abilities. It may even lower the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning purchasing your San Bernardino, California restaurant.

#7 look for San Bernardino Buyers

Marketing to potential buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional San Bernardino, California restaurant broker to help. A professional San Bernardino, California restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this project by yourself, you will need to carry out proper advertising. You can market your San Bernardino, California restaurant on business websites and let your family and friends know about your plans to market for sale your San Bernardino, California restaurant.

As you will probably come across competition when trying to sell your San Bernardino, California restaurant, you need your restaurant to stand out.

#8 Be Ready

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

You'll never know when a buyer will walk into your San Bernardino, California restaurant. Some buyers may even come in as customers in order to perform some research before contacting you.

#9 Sell Your San Bernardino, California Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the contract. The documentation will usually start with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

This document includes details including the selling price of your San Bernardino, California restaurant, assets and equipment as well as inventory value.

Choosing a San Bernardino, California Restaurant Broker

Although attempting to sell your San Bernardino, California restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business deal, you need some level of expertise in order to stand above and against the cometitors while trying to find buyers.

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

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

Contact a San Bernardino, California Restaurant Broker

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

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

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