Decided to Sell Your East Lake, Florida Restaurant?

After years of sweat equity, you have made the decision sell your East Lake, Florida restaurant

Contemplating opening a new East Lake, Florida restaurant, moving, or maybe slowing down. Regardless of the reason, selling a East Lake, Florida restaurant can be a lot more difficult than you might realize. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the sweat you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You can either decide to hire a eatery broker to assist you in selling your East Lake, Florida restaurant or take on the task on your own. Whether considering selling your East Lake, Florida restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Necessary Documentation

This is an important preparatory step to take when you commence the process of selling your East Lake, Florida restaurant.

The necessary paperwork may vary from state to state--even in Florida, but the following is a list of some generalized documents you may be requierd to have at hand:

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your East Lake, Florida restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal the majority of these documents to a possible buyer right away. However, you should have them on hand because you will certainly need them during the sales process.

Also, putting together these documents lets you view your East Lake, Florida restaurant through the lens of a buyer. It provides you a clear picture of the East Lake, Florida restaurant you are offering for sale. In addition, it allows you to show whether there are any concerns you'll need to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial aspect of selling your East Lake, Florida restaurant. This is why you should strive to make these documents accurate and organized.

Offering your financial records to possible buyers may aid clear any hesitations they might have regarding your East Lake, Florida restaurant.

The financial records may include:

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

Also, make sure you have duplicate copies of all of the records. This will make it easier for you to transmit the documentation to prospective buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later discovers these liabilities post closing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your East Lake, Florida restaurant, you need to understand of your commercial lease. It could be disappointing 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 East Lake, Florida restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the true value of your East Lake, Florida restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow before trying to sell your East Lake, Florida restaurant.

The average time it may take to sell a East Lake, Florida restaurant is 6 months. Within those six months, there are several things you can do to increase your profit and slash various costs, and therefore increase the value of your East Lake, Florida restaurant.

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

This could assist you in deriving the overall value of your East Lake, Florida restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your East Lake, Florida restaurant will go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your East Lake, Florida restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, all things in and out of your East Lake, Florida restaurant must be clean. Manicured and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished door handles and a clean floor are other small items that could help create a memorable first impression.

Furthermore, you should make sure all your equipment is in top condition. If your equipment is not working properly, it could convey the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial capabilities and production capabilities. It could even lower the mood of your staff, which in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding purchasing your East Lake, Florida restaurant.

#7 Search for East Lake Buyers

Marketing to prospective buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional East Lake, Florida restaurant broker to help. The professional East Lake, Florida restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this project yourself, you will need to create appropriate advertising. You can list your East Lake, Florida restaurant on business websites and let your family and friends know about your plans to market for sale your East Lake, Florida restaurant.

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

#8 Be Ready

Regardless if you decide to sell your East Lake, Florida restaurant yourself, or with a a East Lake, Florida restaurant broker, you should always be ready. Be prepared to show your East Lake, Florida restaurant to potential buyers at all times.

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

#9 Sell Your East Lake, Florida Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the deal. The documentation will usually start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a East Lake, Florida Restaurant Broker

While trying to sell your East Lake, Florida restaurant on your own can be an exciting endeavor, 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 some level of expertise in order to stand above and against your competition while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced East Lake, Florida restaurant broker comes in. A East Lake, Florida restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your East Lake, Florida restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a East Lake, Florida Restaurant Broker

Deciding to sell your East Lake, Florida restaurant through a East Lake, Florida restaurant broker has multiple advantages. First, however, you need to select the best East Lake, Florida restaurant broker to help you in selling your East Lake, Florida restaurant.

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

East Lake Zip Codes We Support: 34677, 34684, 34685, 34688, 34689