Time to Sell Your Westmont, California Restaurant?

Following years of labor, you have made the decision sell your Westmont, California restaurant

Considering starting a different eatery, relocating, or even retiring. Regardless of the reason, selling your Westmont, California restaurant can be way more difficult than you might realize. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the labor you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either make the decision to hire a Westmont, California restaurant broker to assist you in selling your Westmont, California restaurant or take on the task on your own. Whether considering selling your Westmont, California restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Important Paperwork

This is a necessary initial step to take when you begin the process of offering your Westmont, California restaurant.

The required documents may vary from state to state--even in California, but the following is a list of some standard documents you may be requierd to have at hand:

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

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You certainly do not want to reveal the majority of these documents to a potrntial buyer right away. However, you should have them at hand because you will eventually need them during the sales process.

Also, putting together these documents lets you view your Westmont, California restaurant through the lens of a buyer. It provides you a clear image of the Westmont, California restaurant you are offering for sale. In addition, it allows you to identify if there are any concerns you'll have to address.

#2 Put Your Financial Records in Order

Your financial records are an important detail of selling your Westmont, California restaurant. This is why you should strive to have these documents complete and organized.

Offering your financial records to prospective buyers may aid clear any doubt they might have regarding your Westmont, California restaurant.

Your financial records could include:

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

Also, ensure you have hard copies of all of these records. This could make it easier for you to send the documentation to possible buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these items can create legal problems for you if a buyer later on discovers these ommissions after completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Westmont, California restaurant, you need to review of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your Westmont, California restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

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

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

The estimated time it takes to sell a Westmont, California restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and slash several costs, and therefore strengthen the value of your Westmont, California restaurant.

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

This may assist you in estimating the probable value of your Westmont, California restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Westmont, California restaurant can go a long way in helping you bring potential buyers. Alternatively, if the general appearance of your Westmont, California restaurant does not look good to buyers, they could pass over immediately.

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

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

Additionally, you should ensure all the equipment is in top condition. If your equipment is not functioning, it can 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 output capabilities. It may even dampen the excitment of your staff, which in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Westmont Buyers

Marketing to potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire an experienced Westmont, California restaurant broker to help. A professional Westmont, California restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to handle this project yourself, you will need to carry out proper advertising. You can market your Westmont, California restaurant on listing websites and tell family and friends about your intentions to sell your Westmont, California restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could visit your Westmont, California restaurant. Some buyers may even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Westmont, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the deal. The paperwork often begin with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Westmont, California Restaurant Broker

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

It's true, if you're looking to get the most from of the business deal, you need a higher level of expertise in order to stand above and against your competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Westmont, California restaurant broker is recommended. A Westmont, California restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Westmont, California restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Westmont, California Restaurant Broker

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

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

Westmont Zip Codes We Support: 90044, 90047