Right Time to Sell Your Coral Terrace, Florida Restaurant?

After years of hard work, you have decided to sell your Coral Terrace, Florida restaurant

Considering opening a new eatery, moving, or maybe slowing down. No matter the reason, selling a Coral Terrace, Florida restaurant can be way more complicated than you may think. Thats because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the time you’ve put into it.

Important Steps to Take in Selling Your Restaurant

You may either think to hire a eatery broker to help you in selling your Coral Terrace, Florida restaurant or do the task yourself. If you are considering selling your Coral Terrace, Florida restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather the Necessary Paperwork

This is an important initial step to take when you start the process of selling your Coral Terrace, Florida restaurant.

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

• A list of your assets
• Lease documentation
• 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 has the expertise to assist you in the sale of your Coral Terrace, Florida restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

In addition, putting together these documents allows you to see your Coral Terrace, Florida restaurant through the lens of a buyer. This gives you a clear picture of the Coral Terrace, Florida restaurant you are selling. Furthermore, it allows you to show whether there are any loopholes you'll need to take care of.

#2 Get Your Financials in Order

Your financial documents are a crucial part of selling your Coral Terrace, Florida restaurant. That’s the reason you should strive to make your documents complete and well organized.

Showing your financial documents to possible buyers could aid clear any doubt they might have regarding your Coral Terrace, 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 duplicate copies of all of these documents. This will make it easier for you to send the information to possible buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these things may create legal problems for you if a buyer later on discovers these liabilities after closing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Coral Terrace, Florida restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financials, whether favorable or not, this helps with estimating the true value of the Coral Terrace, Florida restaurant.

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

The estimated time it takes to sell a Coral Terrace, Florida restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and reduce various costs, and therefore strengthen the worth of your Coral Terrace, Florida restaurant.

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

This will aid you in coming up with the overall value of your Coral Terrace, Florida restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Coral Terrace, Florida restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general look of your Coral Terrace, Florida restaurant does not appeal to buyers, they could pass over without a second look.

To avoid this from happening, all things in and out of your Coral Terrace, Florida restaurant must be cleaned and maintained. Manicured and a clean parking area may help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are other easy items that can help create a great first impression.

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

Non-functional equipment also raises doubt about your financial capabilities and output capabilities. It may even lower the mood of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding buying your Coral Terrace, Florida restaurant.

#7 Search for Coral Terrace Buyers

Looking for potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire an experienced Coral Terrace, Florida restaurant broker to help. A professional Coral Terrace, Florida restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can market your Coral Terrace, Florida restaurant on listing websites and tell family and friends about your plans to market for sale your Coral Terrace, Florida restaurant.

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

#8 Be Ready

If you decide to sell your Coral Terrace, Florida restaurant yourself, or with a a Coral Terrace, Florida restaurant broker, you should always be ready. Be ready to show your Coral Terrace, Florida restaurant to prospective buyers at all times.

You will never know when a buyer will walk into your Coral Terrace, Florida restaurant. Some buyers may even come in as customers in order to perform some research before contacting you.

#9 Sell Your Coral Terrace, Florida Restaurant

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

You should have your attorney’s help in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Coral Terrace, Florida Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business transaction, you need some level of expertise in order to stand above and against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Coral Terrace, Florida restaurant broker is needed. A Coral Terrace, Florida restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Coral Terrace, Florida restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Coral Terrace, Florida Restaurant Broker

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

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

Coral Terrace Zip Codes We Support: 33144, 33155