Right Time to Sell Your South Whittier, California Restaurant?

Following years of sweat equity, you have made the decision sell your South Whittier, California restaurant

Contemplating opening a new South Whittier, California restaurant, moving, or even slowing down. Regardless of the reason, selling your South Whittier, California restaurant can be way more difficult than you might think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the labor you may have put into it.

Important Actions to Take in Selling Your Restaurant

You may either think to hire a eatery broker to assist you in selling your South Whittier, California restaurant or do the task yourself. If you are considering selling your South Whittier, California restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Business Documentation

This is a necessary first step to take when you begin the process of marketing your South Whittier, California restaurant.

The required documents may vary from state to state--even in California, but below is a list of some general documents you may be requierd 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 plans
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to help you in the market for sale of your South Whittier, California restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably smart not to show all these documents to a prospective buyer day one. However, you should have them ready because you will certainly need them during the sales process.

Also, putting together these documents allows you to view your South Whittier, California restaurant through the lens of a buyer. This provides you a clear image of the South Whittier, California restaurant you're selling. In addition, it allows you to identify whether there are any loopholes you will need to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are an important aspect of selling your South Whittier, California restaurant. This is the reason you should strive to have these documents complete and well organized.

Offering your financial documents to possible buyers may help clear any hesitations they may have concerning your South Whittier, 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 duplicate copies of all of the records. This may make it easier for you to send the information to potential buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later discovers these ommissions post completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your South Whittier, California restaurant, you need to understand of your commercial lease. It could be devestating if, after securing 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 South Whittier, California restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow before trying to sell your South Whittier, California restaurant.

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

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

This may assist you in coming up with the probable value of your South Whittier, California restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your South Whittier, California restaurant will go a great distance in helping you attract potential buyers. Conversely, if the overall look of your South Whittier, California restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, all things in and out of your South Whittier, California restaurant must be cleaned and maintained. Landscaping and a clean parking lot could help create appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are also small things that would help create a unforgettable first impression.

Additionally, you should ensure all your equipment is in satisfactory 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 also raises doubt about your financial capabilities and output capabilities. It can even dampen the excitment of your staff, which in turn, 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 buying your South Whittier, California restaurant.

#7 Search for South Whittier Buyers

Searching for prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire an experienced South Whittier, California restaurant broker to help. The professional South Whittier, California restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can offer your South Whittier, California restaurant on listing websites and tell family and friends about your plans to sell your South Whittier, California restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will visit your South Whittier, California restaurant. Some buyers might even come in as customers just to perform some research before contacting you.

#9 Sell Your South Whittier, California Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

This agreement includes details including the selling price of your South Whittier, California restaurant, items and equipment as well as inventory value.

Choosing a South Whittier, California Restaurant Broker

Although attempting to sell your South Whittier, California restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

The fact remains, in order for you to get the most out of the business transaction, you need a higher level of expertise in order to stand above and against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced South Whittier, California restaurant broker is recommended. A South Whittier, California restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your South Whittier, California restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

With the help of a South Whittier, California restaurant broker, you can focus your undivided attention on operating your South Whittier, California restaurant and rest assured knowing that a professional is in charge of selling your South Whittier, California restaurant.

Contact a South Whittier, California Restaurant Broker

Choosing to sell your South Whittier, California restaurant through a South Whittier, California restaurant broker has several advantages. First, however, you need to select the best South Whittier, California restaurant broker to assist you in selling your South Whittier, California restaurant.

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

South Whittier Zip Codes We Support: 90604, 90605