Right Time to Sell Your San Francisco, California Restaurant?

After years of labor, you have decided to sell your San Francisco, California restaurant

Considering opening a different San Francisco, California restaurant, moving, or maybe slowing down. Regardless of the reason, selling your San Francisco, California restaurant can be way more complicated than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the labor you may have put into it.

Important Steps to Take when Selling Your Restaurant

You may either think to contract with a San Francisco, California restaurant broker to help you in selling your San Francisco, California restaurant or take on the task yourself. Whether considering selling your San Francisco, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Business Paperwork

This is an important initial step to make when you commence the process of marketing your San Francisco, 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 find helpful to have at hand:

• A list of your assets
• Lease document
• 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 has the expertise to help you in the sale of your San Francisco, 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 may want to have them ready because you will certainly require them during the sales process.

In addition, compiling these documents lets you view your San Francisco, California restaurant through the lens of a buyer. This provides you a clear picture of the San Francisco, California restaurant you are offering for sale. In addition, it helps you identify whether there are any concerns you'll have to address.

#2 Put Your Financial Records in Order

Your financial records are an important detail of selling your San Francisco, California restaurant. That’s the reason you should strive to make these documents complete and organized.

Showing your financial documents to potential buyers may aid clear any hesitations they may have regarding your San Francisco, California restaurant.

These financial documents could 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 can make it easier for you to transmit the information to potential buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items could create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your San Francisco, California restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your San Francisco, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the value of the San Francisco, California restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow before trying to sell your San Francisco, California restaurant.

The estimated time it takes to sell a San Francisco, California restaurant is 6 months. Within the six months, there are many things you can do in order to strengthen your profit and cut various costs, and thus increase the worth of your San Francisco, California restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

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

#5 Increase Curb Appeal

The appearance of your San Francisco, California restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall aesthetic of your San Francisco, California restaurant does not look good to buyers, they likely take a pass without a second look.

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

Spot-free windows, polished handles and a presentable floor are also small items that would help create a memorable initial impression.

Additionally, you should ensure all the equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and production capabilities. It can even lower the morale of your employees, 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 potential buyers regarding purchasing your San Francisco, California restaurant.

#7 look for San Francisco Buyers

Looking for prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire an experienced San Francisco, California restaurant broker to help. A professional San Francisco, California restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this project alone, you will need to carry out appropriate advertising. You can show your San Francisco, California restaurant on listing websites and tell family and friends about your plans to market for sale your San Francisco, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your San Francisco, California Restaurant

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

You may need your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This agreement includes details including the selling price of your San Francisco, California restaurant, items and equipment as well as inventory value.

Choosing a San Francisco, California Restaurant Broker

While trying to sell your San Francisco, California restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business deal, you need a higher level of expertise in order to stand out against your competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced San Francisco, California restaurant broker comes in. A San Francisco, California restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your San Francisco, 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 Francisco, California restaurant broker, you can maintain your undivided attention on operating your San Francisco, California restaurant and rest assured knowing that a professional is in charge of selling your San Francisco, California restaurant.

Contact a San Francisco, California Restaurant Broker

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

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

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