Are You Ready to Sell Your Clearwater, Florida Restaurant?

Following years of hard work, you have made the decision sell your Clearwater, Florida restaurant

Considering opening a new eatery, relocating, or even retiring. Regardless of the reason, selling a Clearwater, Florida restaurant can be a lot more difficult than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the sweat you may have put into it.

Important Actions to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to assist you in selling your Clearwater, Florida restaurant or take on the task yourself. Whether considering selling your Clearwater, Florida restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Business Paperwork

This is an important first step to make when you commence the process of selling your Clearwater, Florida restaurant.

The necessary paperwork may vary from state to state--even in Florida, but below is a list of some general documents you may be requierd to have on you:

• A list of 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

Corbett Restaurant Group comes with experience to help you in the market for sale of your Clearwater, Florida restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a possible buyer day one. However, you may want to have them on hand because you will certainly need them during the sales process.

In addition, compiling these documents allows you to view your Clearwater, Florida restaurant through the lens of a buyer. This gives you a clear picture of the Clearwater, Florida restaurant you're selling. In addition, it helps you show if there are any loopholes you'll have to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are an important detail of selling your Clearwater, Florida restaurant. That’s why you should strive to have these documents accurate and organized.

Offering your financial records to potential buyers may aid clear any doubt they may have concerning your Clearwater, Florida restaurant.

Your financial records 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 these records. This may make it easier for you to send the documentation to prospective buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things can create legal issues for you if a buyer later on discovers these liabilities post completing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Clearwater, Florida restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Clearwater, Florida restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the true value of the Clearwater, Florida restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow planning to sell your Clearwater, Florida restaurant.

The estimated time it may take to sell a Clearwater, Florida restaurant is six months. Within those six months, there is a lot you can do in order to increase your profit and slash several costs, and thus strengthen the value of your Clearwater, Florida restaurant.

In addition, 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 will aid you in deriving the overall worth of your Clearwater, Florida restaurant. When you understand the overall value this could help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Clearwater, Florida restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general aesthetic of your Clearwater, Florida restaurant does not appeal to buyers, they might pass over without consideration.

To prevent this from happening, everything in and out of your Clearwater, Florida restaurant must be clean. Manicured and a clean parking area can help create appeal for potential buyers.

Clean windows, polished door handles and a clean floor are also easy items that can help create a memorable first impression.

Additionally, you should ensure all your equipment is in top condition. If your equipment is not working, it can send the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial situation and production capabilities. It could even dampen the mood of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your Clearwater, Florida restaurant.

#7 look for Clearwater Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Clearwater, Florida restaurant broker to help. A professional Clearwater, Florida restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to take on this project alone, you will need to create appropriate advertising. You can market your Clearwater, Florida restaurant on listing websites and let your family and friends know about your intentions to sell your Clearwater, Florida restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Clearwater, Florida restaurant yourself, or through a Clearwater, Florida restaurant broker, you need to always be prepared. Be prepared to show your Clearwater, Florida restaurant to prospective buyers at all times.

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

#9 Sell Your Clearwater, Florida Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the deal. The documentation will likely begin with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Clearwater, Florida Restaurant Broker

While trying to sell your Clearwater, Florida restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

It's true, in order for you to achieve the most from of the business transaction, you need a higher level of experience in order to stand above and against your cometitors while trying to find buyers.

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

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

Contact a Clearwater, Florida Restaurant Broker

Deciding to sell your Clearwater, Florida restaurant through a Clearwater, Florida restaurant broker has several advantages. First, however, you need to select the best Clearwater, Florida restaurant broker to assist you in selling your Clearwater, Florida restaurant.

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

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