Time to Sell Your San Jose, California Restaurant?

Following years of labor, you have made the decision sell your San Jose, California restaurant

Contemplating opening a new San Jose, California restaurant, moving, or maybe retiring. Regardless of the reason, selling your San Jose, California restaurant can be a lot more complicated than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the labor you’ve put into it.

Important Actions to Take when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to assist you in selling your San Jose, California restaurant or do the task on your own. Whether considering selling your San Jose, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Business Documentation

This is a necessary first step to make when you begin the process of offering your San Jose, California restaurant.

The necessary documents may vary from state to state--even in California, but below is a list of a few general documents you may be requierd to have at hand:

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

Corbett Restaurant Group comes with expertise to assist you in the market for sale of your San Jose, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

You certainly do not want to show all these documents to a possible buyer right away. However, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your San Jose, California restaurant through the lens of a buyer. This provides you a clear image of the San Jose, California restaurant you're selling. In addition, it helps you identify whether there are any areas you'll need to take care of.

#2 Get Your Financial Records in Order

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

Offering your financial documents to prospective buyers may assist to clear any hesitations they may have concerning your San Jose, California restaurant.

These financial records can include:

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

In addition, make sure you have duplicate copies of all of these documents. This may make it easier for you to transmit the information to possible buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later discovers these liabilities after signing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your San Jose, California restaurant, you need to understand of your commercial lease. It could be disappointing if, after securing 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 Jose, California restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors could request an detailed evaluation of your financials, whether favorable or not, this helps them evaluate the value of the San Jose, 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 your cash flow starting to sell your San Jose, California restaurant.

The estimated time it takes to sell a San Jose, California restaurant is 6 months. Within those six months, there is a lot you can do in order to strengthen your profit and reduce several costs, and therefore increase the value of your San Jose, 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 assist you in estimating the overall worth of your San Jose, California restaurant. When you understand the overall worth this could help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your San Jose, California restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the general curb appeal of your San Jose, California restaurant does not appeal to buyers, they might take a pass immediately.

To prevent this from happening, everything in and out of your San Jose, 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 door handles and a presentable floor are other small things that could help create a unforgettable first impression.

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

Faulty equipment could raise doubt about your financial capabilities and production capabilities. It may even dampen the excitment of your staff, which in response, 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 buying your San Jose, California restaurant.

#7 Search for San Jose Buyers

Looking for potential buyers is time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire an experienced San Jose, California restaurant broker to help. A professional San Jose, California restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task yourself, you will need to carry out proper advertising. You can show your San Jose, California restaurant on listing websites and tell family and friends about your plans to sell your San Jose, California restaurant.

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

#8 Be Ready

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

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

#9 Sell Your San Jose, California Restaurant

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

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

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

Choosing a San Jose, California Restaurant Broker

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

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

Experience is also vital during negotiations with potential buyers. This is when an experienced San Jose, California restaurant broker comes in. A San Jose, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your San Jose, California restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a San Jose, California Restaurant Broker

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

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

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