Right Time to Sell Your Santa Cruz, California Restaurant?

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

Considering opening a new Santa Cruz, California restaurant, moving, or even retiring. No matter the reason, selling a Santa Cruz, 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 money for all the sweat you may have put into it.

Important Actions to Consider in Selling Your Restaurant

You may either think to contract with a Santa Cruz, California restaurant broker to guide you in selling your Santa Cruz, California restaurant or do the task on your own. Whether considering selling your Santa Cruz, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together all Important Documentation

This is an important first step to make when you begin the process of selling your Santa Cruz, California restaurant.

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

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

Corbett Restaurant Group has the expertise to help you in the market for sale of your Santa Cruz, California restaurant. Call today for a no-obligation 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 should have them ready because you will eventually need them during the sales process.

In addition, compiling these documents lets you see your Santa Cruz, California restaurant through the lens of a buyer. It provides you a clear image of the Santa Cruz, California restaurant you're selling. Furthermore, it helps you identify whether there are any loopholes you'll need to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial aspect of selling your Santa Cruz, California restaurant. This is why you should make an effort to have these documents accurate and organized.

Offering your financial documents to potential buyers may assist to clear any hesitations they may have regarding your Santa Cruz, California restaurant.

These financial documents can 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 send the records to prospective buyers.

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

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Santa Cruz, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing 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 Cruz, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this will help them estimate the true value of your Santa Cruz, California restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow planning to sell your Santa Cruz, California restaurant.

The estimated time it may take to sell a Santa Cruz, California restaurant is six months. Within those six months, there are many things you can do to strengthen your profit and cut various costs, and therefore increase the value of your Santa Cruz, California restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will aid you in deriving the overall worth of your Santa Cruz, California restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Santa Cruz, California restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general aesthetic of your Santa Cruz, California restaurant does not appeal to buyers, they likely pass over without a second look.

To avoid this from happening, all things in and out of your Santa Cruz, California restaurant must be cleaned and maintained. Landscaping and a clean parking area could help create appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are also simple things that can help create a unforgettable initial impression.

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

Non-functional equipment could raise doubt about your financial capabilities and output abilities. It can even dampen the morale 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 potential buyers concerning purchasing your Santa Cruz, California restaurant.

#7 Search for Santa Cruz Buyers

Looking for potential buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Santa Cruz, California restaurant broker to help. A professional Santa Cruz, California restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task alone, you will need to create proper advertising. You can show your Santa Cruz, California restaurant on business websites and tell family and friends about your intentions to market for sale your Santa Cruz, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Santa Cruz, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the deal. The paperwork will likely begin with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Santa Cruz, California Restaurant Broker

Although trying to sell your Santa Cruz, California restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first-timers.

The fact remains, in order for you to achieve the most from of the business deal, you need some level of experience in order to stand above and against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Santa Cruz, California restaurant broker comes in. A Santa Cruz, California restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Santa Cruz, California restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Santa Cruz, California Restaurant Broker

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

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

Santa Cruz Zip Codes We Support: 95060, 95061, 95062, 95063, 95064, 95065, 95067