Decided to Sell Your Coral Gables, Florida Restaurant?

Following years of sweat equity, you have made the decision sell your Coral Gables, Florida restaurant

Contemplating starting a new Coral Gables, Florida restaurant, moving, or maybe retiring. Regardless of the reason, selling your Coral Gables, Florida restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either think to hire a Coral Gables, Florida restaurant broker to guide you in selling your Coral Gables, Florida restaurant or take on the task yourself. If you are considering selling your Coral Gables, Florida restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Important Documentation

This is an important preparatory step to make when you start the process of offering your Coral Gables, Florida restaurant.

The necessary 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 at hand:

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

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

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

Also, putting together these documents lets you view your Coral Gables, Florida restaurant through the lens of a buyer. This gives you a clear picture of the Coral Gables, Florida restaurant you're selling. Furthermore, it helps you identify if there are any concerns you will have to address.

#2 Get Your Financial Documents in Order

Your financial records are an important detail of selling your Coral Gables, Florida restaurant. This is the reason you should make an effort to have your documents complete and well organized.

Offering your financial documents to potential buyers may help clear any hesitations they may have regarding your Coral Gables, Florida restaurant.

The financial records can include:

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

Also, ensure you have soft copies of all of the records. This can make it easier for you to transmit the information to prospective buyers.

In addition, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things can create legal problems for you if a buyer later on discovers these ommissions post sealing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Coral Gables, Florida restaurant, you need to review of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth evaluation of your financials, whether favorable or not, this will help them estimate the value of your Coral Gables, Florida restaurant.

This will be in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow planning to sell your Coral Gables, Florida restaurant.

The estimated time it takes to sell a Coral Gables, Florida restaurant is six months. Within those six months, there are several things you can do in order to increase your profit and reduce various costs, and therefore strengthen the value of your Coral Gables, Florida restaurant.

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

This could aid you in coming up with the probable worth of your Coral Gables, Florida restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Coral Gables, Florida restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall curb appeal of your Coral Gables, Florida restaurant does not appeal to buyers, they might pass over immediately.

To prevent this from happening, all things in and out of your Coral Gables, Florida restaurant must be clean. Landscaping and a clean parking lot can help create curb appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are other simple things that would help create a great initial impression.

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

Faulty equipment may rouse doubt about your financial capabilities and production abilities. It can even dampen the excitment of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Coral Gables, Florida restaurant.

#7 Search for Coral Gables Buyers

Looking 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 Coral Gables, Florida restaurant broker to help. The professional Coral Gables, Florida restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you decide to take on this task yourself, you will need to create proper advertising. You can market your Coral Gables, Florida restaurant on business websites and let your family and friends know about your plans to market for sale your Coral Gables, Florida restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Coral Gables, Florida restaurant yourself, or with a a Coral Gables, Florida restaurant broker, you need to always be ready. Be ready to show your Coral Gables, Florida restaurant to potential buyers at all times.

You never know when a buyer could walk into your Coral Gables, Florida restaurant. Some buyers might even visit as customers just to carry out some research before contacting you.

#9 Sell Your Coral Gables, Florida Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the deal. The paperwork will usually begin with the Asset Purchase Agreement.

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

This agreement includes details such as the selling price of your Coral Gables, Florida restaurant, assets and equipment and inventory value.

Choosing a Coral Gables, Florida Restaurant Broker

While attempting to sell your Coral Gables, Florida restaurant on your own can be an exciting project, it could also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business deal, you need a higher level of expertise to stand out against the competition while trying to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Coral Gables, Florida restaurant broker is recommended. A Coral Gables, Florida restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Coral Gables, Florida restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Coral Gables, Florida Restaurant Broker

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

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

Coral Gables Zip Codes We Support: 33133, 33134, 33143, 33146, 33156, 33158