Decided to Sell Your San Diego, California Restaurant?

Following years of labor, you have decided to sell your San Diego, California restaurant

Considering starting a new eatery, relocating, or maybe slowing down. Regardless of the reason, selling a San Diego, California restaurant can be a lot more complicated than you might realize. This is because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the time you may have put into it.

Important Steps to Consider in Selling Your Restaurant

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

#1 Put Together the Business Paperwork

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

The required documents may vary from state to state--even in California, but below is a list of some standard documents you may be requierd to have prepared:

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

Corbett Restaurant Group has the experience to help you in the sale of your San Diego, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to show the majority of these documents to a prospective buyer day one. However, you may want to have them at hand because you will certainly require them during the sales process.

In addition, putting together these documents lets you view your San Diego, California restaurant through the lens of a buyer. This provides you a clear picture of the San Diego, California restaurant you're selling. Furthermore, it helps you show whether there are any loopholes you will have to take care of.

#2 Get Your Financial Records in Order

Your financial records are an important detail of selling your San Diego, California restaurant. This is why you should make an effort to make your documents complete and organized.

Showing your financial documents to potential buyers could help clear any doubt they may have regarding your San Diego, California restaurant.

Your financial documents may include:

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

Also, make sure you have duplicate copies of all of the documents. This may make it easier for you to transmit the records to potential buyers.

In addition, as the seller, you must 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 post closing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your San Diego, California restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your San Diego, California restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the true value of the San Diego, California restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow starting to sell your San Diego, California restaurant.

The average time it may take to sell a San Diego, California restaurant is six months. Within the six months, there is a lot you can do to increase your profit and reduce various costs, and thus strengthen the value of your San Diego, 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 aid you in deriving the probable worth of your San Diego, California restaurant. When you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your San Diego, California restaurant will go a long way in helping you attract potential buyers. Alternatively, if the overall aesthetic of your San Diego, California restaurant does not appeal to buyers, they might take a pass right off the bat.

To prevent this from happening, all things in and out of your San Diego, California restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are also easy things that would help create a memorable first impression.

Additionally, you should ensure that all the equipment is in satisfactory condition. If your equipment is not functioning, it can convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial status and output abilities. It could even lower the mood of your employees, and 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 purchasing your San Diego, California restaurant.

#7 look for San Diego Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced San Diego, California restaurant broker to help. A professional San Diego, California restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this task yourself, you will need to create appropriate advertising. You can show your San Diego, California restaurant on business websites and tell family and friends about your plans to market for sale your San Diego, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your San Diego, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the contract. The paperwork will likely begin with the Asset Purchase Agreement.

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

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

Choosing a San Diego, California Restaurant Broker

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

The fact remains, if you're looking to achieve the most from of the business deal, you need some level of experience to stand above and against your competition while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced San Diego, California restaurant broker is recommended. A San Diego, California restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your San Diego, California restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a San Diego, California Restaurant Broker

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

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

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