Right Time to Sell Your Santa Ana, California Restaurant?

Following years of sweat equity, you have decided to sell your Santa Ana, California restaurant

Considering opening a different Santa Ana, California restaurant, moving, or maybe retiring. Regardless of the reason, selling your Santa Ana, California restaurant can be a lot 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’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

You may either think to hire a Santa Ana, California restaurant broker to assist you in selling your Santa Ana, California restaurant or take on the task on your own. Whether considering selling your Santa Ana, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together the Important Paperwork

This is a necessary first step to make when you commence the process of marketing your Santa Ana, California restaurant.

The necessary paperwork may vary from state to state--even in California, but the following is a list of some general documents you may find helpful to have ready:

• 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 has the expertise to help you in the market for sale of your Santa Ana, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, compiling these documents allows you to view your Santa Ana, California restaurant through the lens of a buyer. It gives you a clear picture of the Santa Ana, California restaurant you are selling. In addition, it allows you to identify if there are any loopholes you'll have to address.

#2 Get Your Financials in Order

Your financial documents are an important part of selling your Santa Ana, California restaurant. That’s the reason you should make an effort to have these documents complete and well organized.

Offering your financial documents to possible buyers may assist to clear any hesitations they might have regarding your Santa Ana, California restaurant.

Your financial records can include:

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

Also, ensure you have hard copies of all of the records. This could make it easier for you to send the information to prospective buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items could create legal issues for you if a buyer later on discovers these liabilities post signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Santa Ana, California restaurant, you need to review of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this will help them estimate the true value of the Santa Ana, California restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow starting to sell your Santa Ana, California restaurant.

The estimated time it takes to sell a Santa Ana, California restaurant is six months. Within the six months, there are many things you can do to increase your profit and slash several costs, and thus increase the worth of your Santa Ana, California restaurant.

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

This could aid you in deriving the overall value of your Santa Ana, California restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Santa Ana, California restaurant can go a long way in helping you attract potential buyers. Conversely, if the overall aesthetic of your Santa Ana, California restaurant does not appeal to buyers, they likely pass over immediately.

To prevent this from happening, all things in and out of your Santa Ana, California restaurant must be clean. Landscaped and a clean parking area can help create appeal for potential buyers.

Clean windows, polished handles and a neat floor are also easy things that can help create a great initial impression.

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

Non-functional equipment may rouse doubt about your financial status and output abilities. It may even dampen the excitment of your staff, which 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 buying your Santa Ana, California restaurant.

#7 Search for Santa Ana Buyers

Searching for potential buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Santa Ana, California restaurant broker to help. A professional Santa Ana, California restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this task alone, you will need to carry out appropriate advertising. You can offer your Santa Ana, California restaurant on listing websites and tell family and friends about your plans to market for sale your Santa Ana, California restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Santa Ana, California restaurant yourself, or with a a Santa Ana, California restaurant broker, you need to always be ready. Be ready to show your Santa Ana, California restaurant to potential buyers at all times.

You'll never know when a buyer will visit your Santa Ana, California restaurant. Some buyers may even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Santa Ana, California Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the transaction. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

This document includes details such as the selling price of your Santa Ana, California restaurant, assets and equipment and inventory value.

Choosing a Santa Ana, California Restaurant Broker

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

The fact remains, if you're looking to get the most out of the business transaction, you need some level of experience in order to stand above and against the competition while trying to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Santa Ana, California restaurant broker is needed. A Santa Ana, California restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Santa Ana, California restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

With the help of a Santa Ana, California restaurant broker, you can maintain your undivided attention on operating your Santa Ana, California restaurant and rest easy with the knowledge that a professional is in charge of selling your Santa Ana, California restaurant.

Contact a Santa Ana, California Restaurant Broker

Choosing to sell your Santa Ana, California restaurant through a Santa Ana, California restaurant broker has many advantages. First, however, you need to select the best Santa Ana, California restaurant broker to assist you in selling your Santa Ana, California restaurant.

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

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