Are You Ready to Sell Your Coral Springs, Florida Restaurant?

Following years of sweat equity, you have decided to sell your Coral Springs, Florida restaurant

Contemplating starting a new eatery, moving, or maybe retiring. Regardless of the reason, selling your Coral Springs, Florida restaurant can be a lot more challenging than you might realize. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the time you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You may either make the decision to hire a Coral Springs, Florida restaurant broker to assist you in selling your Coral Springs, Florida restaurant or take on the task yourself. Whether considering selling your Coral Springs, Florida restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather any Business Paperwork

This is a necessary first step to make when you commence the process of offering your Coral Springs, Florida restaurant.

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

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

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

You probably do not want to reveal all these documents to a prospective buyer first day. However, you should have them ready because you will certainly need them during the sales process.

Also, putting together these documents lets you view your Coral Springs, Florida restaurant through the lens of a buyer. This provides you a clear image of the Coral Springs, Florida restaurant you're selling. In addition, it allows you to show whether there are any concerns you'll need to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial detail of selling your Coral Springs, Florida restaurant. That’s why you should strive to have these documents accurate and organized.

Showing your financial documents to potential buyers could aid clear any hesitations they might have concerning your Coral Springs, Florida restaurant.

Your financial documents can include:

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

Also, ensure you have hard copies of all of the records. This could make it easier for you to send the documentation to possible buyers.

Also, as a seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these liabilities after completing the deal.

#3 Organize the Details of Your Commercial Lease

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

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

#4 Have Your Restauarant Appraised

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

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

The average time it takes to sell a Coral Springs, Florida restaurant is six months. Within those six months, there is a lot you can do to strengthen your profit and cut several costs, and thus increase the worth of your Coral Springs, 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 value your assets.

This could help you in coming up with the overall worth of your Coral Springs, Florida restaurant. When you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Coral Springs, Florida restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Coral Springs, Florida restaurant does not appeal to buyers, they could pass over without a second look.

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

Spot-free windows, polished handles and a neat floor are also easy items that could help create a great initial impression.

Additionally, you should make sure that all the equipment is in top condition. If your equipment is not functioning, it might send the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial capabilities and production capabilities. It may even dampen the mood of your employees, which in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning purchasing your Coral Springs, Florida restaurant.

#7 look for Coral Springs Buyers

Marketing to prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Coral Springs, Florida restaurant broker to help. A professional Coral Springs, Florida restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this task yourself, you will need to create proper advertising. You can list your Coral Springs, Florida restaurant on listing websites and tell family and friends about your intentions to sell your Coral Springs, Florida restaurant.

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

#8 Be Prepared

Whether you decide to sell your Coral Springs, Florida restaurant yourself, or through a Coral Springs, Florida restaurant broker, you should always be ready. Be prepared to show your Coral Springs, Florida restaurant to prospective buyers at all times.

You'll never know when a buyer could visit your Coral Springs, 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 Coral Springs, Florida Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the contract. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Coral Springs, Florida Restaurant Broker

While trying to sell your Coral Springs, 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 from of the business deal, you need some level of expertise to stand above and against your competition while attempting to find buyers.

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

With the help of a Coral Springs, Florida restaurant broker, you can maintain your undivided attention on operating your Coral Springs, Florida restaurant and rest easy with the knowledge that a professional is in charge of selling your Coral Springs, Florida restaurant.

Contact a Coral Springs, Florida Restaurant Broker

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

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

Coral Springs Zip Codes We Support: 33065, 33067, 33071, 33076