Are You Ready to Sell Your Santa Monica, California Restaurant?

Following years of hard work, you have made the decision sell your Santa Monica, California restaurant

Considering starting a new Santa Monica, California restaurant, moving, or maybe slowing down. No matter the reason, selling your Santa Monica, California restaurant can be way more challenging than you may think. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the labor you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You may either decide to hire a eatery broker to guide you in selling your Santa Monica, California restaurant or do the task on your own. Whether considering selling your Santa Monica, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Important Documentation

This is a necessary initial step to take when you commence the process of marketing your Santa Monica, 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 be requierd to have ready:

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

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

In addition, compiling these documents lets you view your Santa Monica, California restaurant through the lens of a buyer. This gives you a clear image of the Santa Monica, California restaurant you are offering for sale. In addition, it allows you to identify if there are any loopholes you will need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your Santa Monica, California restaurant. This is the reason you should make it a priority to have these documents accurate and well organized.

Showing your financial records to potential buyers could assist to clear any hesitations they might have concerning your Santa Monica, California restaurant.

Your financial records may include:

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

Also, make sure you have duplicate copies of all of the records. This will make it easier for you to transmit the information to possible buyers.

Likewise, as a seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these things may create legal problems for you if a buyer later on discovers these ommissions post closing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Santa Monica, California restaurant, you need to understand of your commercial lease. It could be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Santa Monica, California restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the value of your Santa Monica, California restaurant.

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

The average time it may take to sell a Santa Monica, California restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and reduce various costs, and thus strengthen the worth of your Santa Monica, 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 assist you in coming up with the probable worth of your Santa Monica, California restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Santa Monica, California restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general curb appeal of your Santa Monica, California restaurant does not look good to buyers, they might pass over without a second look.

To avoid this from happening, all things in and out of your Santa Monica, California restaurant must be clean. Manicured and a clean parking lot can help create appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are other small items that can help create a memorable first impression.

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

Non-functional equipment also raises doubt about your financial status and output abilities. It may even lower the morale of your staff, and in response, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Santa Monica Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Santa Monica, California restaurant broker to help. The professional Santa Monica, California restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project by yourself, you will need to carry out appropriate advertising. You can market your Santa Monica, California restaurant on listing websites and tell family and friends about your intentions to market for sale your Santa Monica, California restaurant.

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

#8 Be Prepared

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

You never know when a buyer could walk into your Santa Monica, California restaurant. Some buyers may even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Santa Monica, California Restaurant

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

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

This document includes details including the selling price of your Santa Monica, California restaurant, items and equipment and inventory value.

Choosing a Santa Monica, California Restaurant Broker

Although attempting to sell your Santa Monica, California restaurant on your own can be an exhilarating project, it could also be very risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business transaction, you need some level of experience in order to stand out against your cometitors while attempting to find buyers.

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

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

Contact a Santa Monica, California Restaurant Broker

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

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

Santa Monica Zip Codes We Support: 90401, 90402, 90403, 90404, 90405, 90406, 90407, 90408, 90409, 90410, 90411