Are You Ready to Sell Your Coconut Grove, Florida Restaurant?

After years of sweat equity, you have made the decision sell your Coconut Grove, Florida restaurant

Contemplating opening a different Coconut Grove, Florida restaurant, relocating, or even retiring. No matter the reason, selling your Coconut Grove, Florida restaurant can be way more difficult than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the sweat you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either think to hire a Coconut Grove, Florida restaurant broker to assist you in selling your Coconut Grove, Florida restaurant or take on the task yourself. Whether considering selling your Coconut Grove, Florida restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Gather the Important Documentation

This is an important preparatory step to make when you begin the process of offering your Coconut Grove, Florida restaurant.

The required paperwork may vary from state to state--even in Florida, but the following is a list of a few standard documents you may be requierd to have prepared:

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

Corbett Restaurant Group has the expertise to help you in the sale of your Coconut Grove, Florida restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to show all these documents to a potrntial buyer day one. But, you may want to have them on hand because you will certainly require them during the sales process.

In addition, putting together these documents allows you to view your Coconut Grove, Florida restaurant through the lens of a buyer. It provides you a clear picture of the Coconut Grove, Florida restaurant you are selling. Furthermore, it allows you to identify if there are any loopholes you will need to address.

#2 Put Your Financials in Order

Your financial records are a crucial detail of selling your Coconut Grove, Florida restaurant. That’s the reason you should strive to make your documents accurate and well organized.

Showing your financial records to possible buyers could help clear any hesitations they might have concerning your Coconut Grove, Florida restaurant.

The financial documents may include:

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

Also, ensure you have duplicate copies of all of these documents. This can make it easier for you to transmit the information to possible buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later discovers these liabilities post sealing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Coconut Grove, Florida restaurant, you need to review of your commercial lease. It could be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Coconut Grove, Florida restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed evaluation of your financial records, whether favorable or not, this will help them estimate the value of your Coconut Grove, Florida restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Coconut Grove, Florida restaurant.

The estimated time it may take to sell a Coconut Grove, Florida restaurant is six months. Within the six months, there is a lot you can do to increase your profit and cut various costs, and thus increase the value of your Coconut Grove, Florida restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will help you in estimating the overall worth of your Coconut Grove, Florida restaurant. When you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Coconut Grove, Florida restaurant can go a great distance in helping you attract potential buyers. Conversely, if the general aesthetic of your Coconut Grove, Florida restaurant does not appeal to buyers, they might pass over immediately.

To avoid this from happening, everything in and out of your Coconut Grove, Florida restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for prospective buyers.

Clean windows, polished handles and a neat floor are also simple items that would help create a unforgettable initial impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it could convey the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and production capabilities. It can even lower the morale of your employees, 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 prospective buyers concerning buying your Coconut Grove, Florida restaurant.

#7 look for Coconut Grove Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Coconut Grove, Florida restaurant broker to help. The professional Coconut Grove, Florida restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to create proper advertising. You can offer your Coconut Grove, Florida restaurant on listing websites and let your family and friends know about your intentions to market for sale your Coconut Grove, Florida restaurant.

As you will likely run across competition when trying to sell your Coconut Grove, Florida restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Coconut Grove, Florida restaurant yourself, or with a a Coconut Grove, Florida restaurant broker, you should always be prepared. Be prepared to show your Coconut Grove, Florida restaurant to prospective buyers at all times.

You'll never know when a buyer could walk into your Coconut Grove, Florida restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Coconut Grove, 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 finalize the transaction. The paperwork will likely begin with the Asset Purchase Agreement.

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

This agreement includes details such as the selling price of your Coconut Grove, Florida restaurant, items and equipment and inventory value.

Choosing a Coconut Grove, Florida Restaurant Broker

Although attempting to sell your Coconut Grove, Florida restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business deal, you need some level of experience in order to stand above and against your competition while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Coconut Grove, Florida restaurant broker comes in. A Coconut Grove, Florida restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Coconut Grove, Florida restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

With the help of a Coconut Grove, Florida restaurant broker, you can maintain your undivided attention on operating your Coconut Grove, Florida restaurant and rest easy knowing that a professional is in charge of selling your Coconut Grove, Florida restaurant.

Contact a Coconut Grove, Florida Restaurant Broker

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

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

Coconut Grove Zip Codes We Support: 33133, 33134, 33146