Are You Ready to Sell Your Whittier, California Restaurant?

Following years of hard work, you have decided to sell your Whittier, California restaurant

Contemplating opening a new Whittier, California restaurant, moving, or maybe retiring. No matter the reason, selling your Whittier, California restaurant can be way more challenging than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough profit for all the time you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

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

#1 Put Together the Important Documentation

This is a necessary first step to make when you start the process of selling your Whittier, California restaurant.

The necessary paperwork may vary from state to state--even in California, but the following is a list of some generalized documents you may need to have ready:

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your Whittier, California restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to show the majority of these documents to a potrntial buyer right away. However, you should have them ready because you will certainly require them during the sales process.

Also, compiling these documents allows you to view your Whittier, California restaurant through the lens of a buyer. It provides you a clear image of the Whittier, California restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you'll have to address.

#2 Put Your Financials in Order

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

Showing your financial records to potential buyers could assist to clear any doubt they might have concerning your Whittier, California restaurant.

The financial records could include:

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

Also, make sure you have soft copies of all of these documents. This can make it easier for you to send the records to prospective buyers.

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

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Whittier, California restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease ends up preventing you from closing the deal.

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

#4 Have Your Restauarant Appraised

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

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

The average time it takes to sell a Whittier, California restaurant is six months. Within those six months, there are several things you can do to strengthen your profit and reduce several costs, and therefore increase the value of your Whittier, California restaurant.

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

This could assist you in deriving the overall worth of your Whittier, California restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Whittier, California restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the general appearance of your Whittier, California restaurant does not look good to buyers, they could pass over right off the bat.

To avoid this from happening, all things in and out of your Whittier, California restaurant must be cleaned and maintained. Manicured and a clean parking area can help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are also simple things that could help create a unforgettable initial impression.

Furthermore, you should ensure that all the equipment is in top condition. If your equipment is not functioning, it can convey 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 abilities. It could even lower the excitment of your employees, which in response, 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 purchasing your Whittier, California restaurant.

#7 look for Whittier Buyers

Searching for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Whittier, California restaurant broker to help. The professional Whittier, California restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this task alone, you will need to carry out proper advertising. You can market your Whittier, California restaurant on business websites and let your family and friends know about your intentions to sell your Whittier, California restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Whittier, California Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the contract. The paperwork will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Whittier, California Restaurant Broker

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

It's true, in order for you to achieve the most out of the business transaction, you need a higher level of experience to stand out against your competition while attempting to attract buyers.

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

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

Contact a Whittier, California Restaurant Broker

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

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

Whittier Zip Codes We Support: 90601, 90602, 90603, 90604, 90605, 90606, 90607, 90608, 90609, 90612, 91733, 91745