Right Time to Sell Your Temecula, California Restaurant?

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

Considering opening a different eatery, relocating, or maybe retiring. No matter the reason, selling a Temecula, California restaurant can be way more difficult than you may think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the labor you may have put into it.

Important Steps to Take in Selling Your Restaurant

You can either make the decision to hire a eatery broker to assist you in selling your Temecula, California restaurant or take on the task on your own. Whether considering selling your Temecula, California restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather all Business Paperwork

This is a necessary initial step to take when you start the process of marketing your Temecula, California restaurant.

The required paperwork may vary from state to state--even in California, but below is a list of a few general documents you may need to have at hand:

• Gather your assets
• Lease documentation
• 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 experience to help you in the market for sale of your Temecula, California restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, putting together these documents allows you to view your Temecula, California restaurant through the lens of a buyer. This gives you a clear image of the Temecula, California restaurant you are offering for sale. Furthermore, it allows you to show if there are any loopholes you'll need to address.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your Temecula, California restaurant. This is why you should make an effort to have these documents accurate and well organized.

Showing your financial records to possible buyers may aid clear any doubt they might have concerning your Temecula, California restaurant.

These financial documents could include:

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

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

In addition, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later on discovers these ommissions post signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Temecula, California restaurant, you need to understand 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 is advisable to talk to your landlord concerning your plan to sell your Temecula, California restaurant and to possibly 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 helps with estimating the true value of your Temecula, 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 starting to sell your Temecula, California restaurant.

The average time it takes to sell a Temecula, California restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and reduce various costs, and therefore strengthen the worth of your Temecula, California restaurant.

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

This may aid you in estimating the overall value of your Temecula, California restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Temecula, California restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the general appearance of your Temecula, California restaurant does not look good to buyers, they might pass over without consideration.

To avoid this from happening, everything in and out of your Temecula, California restaurant must be cleaned and maintained. Landscaping and a clean parking lot may help create appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are other small items that could help create a great initial impression.

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

Non-functional equipment also raises doubt about your financial situation and output capabilities. It can even lower the mood of your staff, and 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 regarding purchasing your Temecula, California restaurant.

#7 Search for Temecula Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced Temecula, California restaurant broker to help. The professional Temecula, California restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this project by yourself, you will need to create proper advertising. You can market your Temecula, California restaurant on listing websites and let your family and friends know about your intentions to sell your Temecula, California restaurant.

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

#8 Be Prepared

Whether you decide to sell your Temecula, California restaurant yourself, or with a a Temecula, California restaurant broker, you need to always be ready. Be prepared to show your Temecula, California restaurant to prospective buyers at all times.

You'll never know when a buyer could visit your Temecula, California restaurant. Some buyers may even visit as customers in order to perform some research before contacting you.

#9 Sell Your Temecula, California Restaurant

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

You should have your attorney’s expertise in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Temecula, California restaurant, assets and equipment and inventory value.

Choosing a Temecula, California Restaurant Broker

While attempting to sell your Temecula, California restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

It's true, if you're looking to achieve the most out of the business transaction, you need some level of expertise in order to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Temecula, California Restaurant Broker

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

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

Temecula Zip Codes We Support: 92028, 92563, 92589, 92590, 92591, 92592, 92593, 92596