Decided to Sell Your Santa Barbara, California Restaurant?

After years of labor, you have decided to sell your Santa Barbara, California restaurant

Contemplating starting a new Santa Barbara, California restaurant, moving, or even slowing down. Regardless of the reason, selling a Santa Barbara, California restaurant can be a lot more complicated than you might realize. Thats 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.

Necessary Actions to Consider in Selling Your Restaurant

You may either decide to contract with a Santa Barbara, California restaurant broker to assist you in selling your Santa Barbara, California restaurant or take on the task on your own. If you are considering selling your Santa Barbara, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together the Necessary Documentation

This is an important first step to take when you begin the process of marketing your Santa Barbara, California restaurant.

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

• A list of your assets
• Lease contract
• 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 assist you in the sale of your Santa Barbara, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a potrntial buyer day one. But, you may want to have them at hand because you will certainly require them during the sales process.

Also, compiling these documents allows you to view your Santa Barbara, California restaurant through the lens of a buyer. It gives you a clear image of the Santa Barbara, California restaurant you're selling. Furthermore, it allows you to show whether there are any areas you'll have to address.

#2 Put Your Financials in Order

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

Offering your financial records to possible buyers may assist to clear any hesitations they may have concerning your Santa Barbara, California restaurant.

Your financial documents may include:

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

In addition, ensure you have soft copies of all of these records. This will make it easier for you to transmit the information to potential buyers.

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

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Santa Barbara, California restaurant, you need to understand of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

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

#4 Appraise Your Restaurant

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

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow planning to sell your Santa Barbara, California restaurant.

The average time it may take to sell a Santa Barbara, California restaurant is 6 months. Within those six months, there are many things you can do in order to strengthen your profit and slash several costs, and therefore increase the worth of your Santa Barbara, 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 estimate your assets.

This could aid you in coming up with the probable worth of your Santa Barbara, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Santa Barbara, California restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Santa Barbara, California restaurant does not appeal to buyers, they could pass over immediately.

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

Spot-free windows, polished handles and a neat floor are other small things that can help create a unforgettable initial impression.

Furthermore, you should ensure all your equipment is in top condition. If your equipment is not working properly, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial capabilities and production capabilities. It could even dampen the morale of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning purchasing your Santa Barbara, California restaurant.

#7 Search for Santa Barbara Buyers

Searching for potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire a professional Santa Barbara, California restaurant broker to help. A professional Santa Barbara, California restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can show your Santa Barbara, California restaurant on listing websites and let your family and friends know about your intentions to sell your Santa Barbara, California restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Santa Barbara, California Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The documentation often start 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 detail of the deal.

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

Choosing a Santa Barbara, California Restaurant Broker

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

It's true, in order for you to get the most from of the business transaction, you need some level of expertise to stand out against your competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Santa Barbara, California restaurant broker is needed. A Santa Barbara, California restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Santa Barbara, California restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Santa Barbara, California Restaurant Broker

Deciding to sell your Santa Barbara, California restaurant through a Santa Barbara, California restaurant broker has multiple advantages. First, however, you need to select the best Santa Barbara, California restaurant broker to help you in selling your Santa Barbara, California restaurant.

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

Santa Barbara Zip Codes We Support: 93101, 93102, 93103, 93105, 93108, 93109, 93110, 93111, 93117, 93120, 93121, 93130, 93140, 93160, 93190