Right Time to Sell Your San Pedro, California Restaurant?

After years of sweat equity, you have decided to sell your San Pedro, California restaurant

Considering starting a different eatery, moving, or even retiring. Regardless of the reason, selling a San Pedro, California restaurant can be a lot more complicated than you may realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the sweat you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

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

#1 Gather the Necessary Documentation

This is a necessary initial step to take when you commence the process of offering your San Pedro, California restaurant.

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

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

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

It's probably best not to reveal the majority of these documents to a prospective buyer day one. However, you should have them ready because you will certainly require them during the sales process.

Also, putting together these documents allows you to see your San Pedro, California restaurant through the lens of a buyer. This gives you a clear image of the San Pedro, California restaurant you are offering for sale. In addition, it allows you to identify if there are any concerns you will need to address.

#2 Put Your Financial Documents in Order

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

Showing your financial records to prospective buyers could aid clear any hesitations they might have regarding your San Pedro, California restaurant.

Your financial records may 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 records to potential buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items could create legal problems for you if a buyer later discovers these ommissions after sealing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your San Pedro, California restaurant, you need to review of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders 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 Pedro, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this will help them estimate the true value of the San Pedro, California restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow before trying to sell your San Pedro, California restaurant.

The average time it takes to sell a San Pedro, California restaurant is 6 months. Within the six months, there is a lot you can do to increase your profit and cut various costs, and thus increase the worth of your San Pedro, California restaurant.

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

This will assist you in coming up with the probable worth of your San Pedro, California restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your San Pedro, California restaurant will go a long way in helping you attract potential buyers. Alternatively, if the overall aesthetic of your San Pedro, California restaurant does not appeal to buyers, they might pass over without a second look.

To avoid this from happening, everything in and out of your San Pedro, California restaurant must be clean. Landscaping and a clean parking area may help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are other simple things that would help create a great first impression.

Furthermore, you should make sure that all the equipment is in satisfactory condition. If your equipment is not working properly, it can convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and output abilities. It could even dampen the excitment of your staff, 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 prospective buyers concerning purchasing your San Pedro, California restaurant.

#7 Search for San Pedro Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional San Pedro, California restaurant broker to help. The professional San Pedro, California restaurant broker will offer recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to handle this project by yourself, you will need to carry out proper advertising. You can list your San Pedro, California restaurant on listing websites and let your family and friends know about your plans to market for sale your San Pedro, California restaurant.

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

#8 Be Prepared

If you decide to sell your San Pedro, California restaurant yourself, or with a a San Pedro, California restaurant broker, you should always be prepared. Be ready to show your San Pedro, California restaurant to potential buyers at all times.

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

#9 Sell Your San Pedro, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork 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 helps to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a San Pedro, California Restaurant Broker

Although attempting to sell your San Pedro, California restaurant on your own can be an exciting project, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to get the most out of the business deal, you need some level of experience in order to stand out against the competition while trying to find buyers.

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

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

Contact a San Pedro, California Restaurant Broker

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

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

San Pedro Zip Codes We Support: 90731, 90732, 90733, 90734