Are You Ready to Sell Your Boca Raton, Florida Restaurant?

Following years of sweat equity, you have decided to sell your Boca Raton, Florida restaurant

Considering starting a different Boca Raton, Florida restaurant, moving, or even retiring. No matter the reason, selling a Boca Raton, Florida restaurant can be way more challenging than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You can either decide to hire a eatery broker to guide you in selling your Boca Raton, Florida restaurant or take on the task on your own. Whether considering selling your Boca Raton, Florida restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together the Necessary Paperwork

This is an important initial step to take when you begin the process of marketing your Boca Raton, Florida restaurant.

The required paperwork may vary from state to state--even in Florida, but below is a list of a few standard 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 documents
• Architectural drawings
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to help you in the sale of your Boca Raton, Florida restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to show all these documents to a prospective buyer right away. But, you should have them ready because you will eventually need them during the sales process.

Also, putting together these documents allows you to view your Boca Raton, Florida restaurant through the lens of a buyer. This gives you a clear picture of the Boca Raton, Florida restaurant you're selling. Furthermore, it allows you to identify if there are any concerns you will have to take care of.

#2 Get Your Financials in Order

Your financial documents are a crucial aspect of selling your Boca Raton, Florida restaurant. That’s why you should make it a priority to have your documents complete and well organized.

Offering your financial documents to potential buyers could aid clear any hesitations they may have concerning your Boca Raton, Florida restaurant.

The financial records may include:

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

In addition, make sure you have hard copies of all of the records. This may make it easier for you to transmit the documentation to prospective buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these items may create legal issues for you if a buyer later discovers these ommissions after sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Boca Raton, Florida restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Boca Raton, Florida restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this helps them estimate the true value of your Boca Raton, Florida restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to build your cash flow starting to sell your Boca Raton, Florida restaurant.

The estimated time it takes to sell a Boca Raton, Florida restaurant is 6 months. Within the six months, there are several things you can do to strengthen your profit and slash several costs, and therefore increase the worth of your Boca Raton, Florida restaurant.

Also, 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 may aid you in coming up with the probable value of your Boca Raton, Florida restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Boca Raton, Florida restaurant will go a long way in helping you bring potential buyers. Alternatively, if the general curb appeal of your Boca Raton, Florida restaurant does not appeal to buyers, they could pass over right off the bat.

To prevent this from happening, all things in and out of your Boca Raton, Florida restaurant must be cleaned and maintained. Manicured and a clean parking lot can help create appeal for potential buyers.

Clean windows, polished handles and a presentable floor are other easy things that could help create a great 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.

Faulty equipment also raises doubt about your financial status and output abilities. It can even lower the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning buying your Boca Raton, Florida restaurant.

#7 Search for Boca Raton Buyers

Searching for prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Boca Raton, Florida restaurant broker to help. The professional Boca Raton, Florida restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this project yourself, you will need to create proper advertising. You can show your Boca Raton, Florida restaurant on listing websites and tell family and friends about your intentions to sell your Boca Raton, Florida restaurant.

As you will probably come across competition when trying to sell your Boca Raton, Florida restaurant, you need your restaurant to stand out.

#8 Be Prepared

If you decide to sell your Boca Raton, Florida restaurant yourself, or through a Boca Raton, Florida restaurant broker, you should always be prepared. Be prepared to show your Boca Raton, Florida restaurant to prospective buyers at all times.

You will never know when a buyer could visit your Boca Raton, Florida restaurant. Some buyers may even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Boca Raton, Florida Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the contract. The documentation often start with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

This agreement includes details including the selling price of your Boca Raton, Florida restaurant, items and equipment and inventory value.

Choosing a Boca Raton, Florida Restaurant Broker

While trying to sell your Boca Raton, Florida restaurant on your own can be an exhilarating endeavor, it can also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business deal, you need some level of expertise in order to stand out against your competition while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Boca Raton, Florida restaurant broker is needed. A Boca Raton, Florida restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Boca Raton, Florida restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

With the help of a Boca Raton, Florida restaurant broker, you can focus your undivided attention on operating your Boca Raton, Florida restaurant and rest assured with the knowledge that a professional is in charge of selling your Boca Raton, Florida restaurant.

Contact a Boca Raton, Florida Restaurant Broker

Choosing to sell your Boca Raton, Florida restaurant through a Boca Raton, Florida restaurant broker has several advantages. First, however, you need to select the best Boca Raton, Florida restaurant broker to help you in selling your Boca Raton, Florida restaurant.

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

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