Ready to Sell Your Fort Lauderdale, Florida Restaurant?

After years of sweat equity, you have made the decision sell your Fort Lauderdale, Florida restaurant

Considering starting a new eatery, moving, or maybe slowing down. No matter the reason, selling a Fort Lauderdale, Florida restaurant can be a lot more difficult 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 may have put into it.

Important Actions to Take in Selling Your Restaurant

You may either make the decision to contract with a Fort Lauderdale, Florida restaurant broker to assist you in selling your Fort Lauderdale, Florida restaurant or take on the task on your own. Whether considering selling your Fort Lauderdale, Florida restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather the Necessary Paperwork

This is a necessary preparatory step to take when you commence the process of marketing your Fort Lauderdale, Florida restaurant.

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

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

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

You certainly do not want to show the majority of these documents to a potrntial buyer day one. However, you may want to have them at hand because you will eventually require them during the sales process.

In addition, compiling these documents allows you to view your Fort Lauderdale, Florida restaurant through the lens of a buyer. It gives you a clear image of the Fort Lauderdale, Florida restaurant you're offering for sale. Furthermore, it helps you identify if there are any areas you will have to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial part of selling your Fort Lauderdale, Florida restaurant. That’s why you should make an effort to have these documents complete and well organized.

Offering your financial documents to possible buyers may assist to clear any hesitations they might have concerning your Fort Lauderdale, Florida restaurant.

These financial records could include:

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

In addition, make sure you have soft copies of all of the documents. This could make it easier for you to send the documentation to prospective buyers.

Also, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later on discovers these liabilities post signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Fort Lauderdale, Florida restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your Fort Lauderdale, Florida restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth evaluation of your financials, whether favorable or not, this helps them evaluate the true value of the Fort Lauderdale, Florida restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to build your cash flow before trying to sell your Fort Lauderdale, Florida restaurant.

The average time it may take to sell a Fort Lauderdale, Florida restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and reduce several costs, and therefore increase the value of your Fort Lauderdale, Florida restaurant.

In addition, 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 will assist you in coming up with the probable value of your Fort Lauderdale, Florida restaurant. If you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Fort Lauderdale, Florida restaurant can go a great distance in helping you bring potential buyers. Conversely, if the general look of your Fort Lauderdale, Florida restaurant does not look good to buyers, they might pass over right off the bat.

To avoid this from happening, everything in and out of your Fort Lauderdale, Florida restaurant must be clean. Manicured and a clean parking lot can help create appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are other easy things that would help create a memorable first impression.

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

Faulty equipment could raise doubt about your financial capabilities and production abilities. It can even lower the mood of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding purchasing your Fort Lauderdale, Florida restaurant.

#7 Search for Fort Lauderdale Buyers

Searching 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 Fort Lauderdale, Florida restaurant broker to help. A professional Fort Lauderdale, Florida restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to handle this project alone, you will need to carry out appropriate advertising. You can show your Fort Lauderdale, Florida restaurant on business websites and tell family and friends about your intentions to market for sale your Fort Lauderdale, Florida restaurant.

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

#8 Be Ready

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

You never know when a buyer will visit your Fort Lauderdale, Florida restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Fort Lauderdale, Florida Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the deal. The paperwork often start with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the transaction.

This document includes details including the selling price of your Fort Lauderdale, Florida restaurant, items and equipment and inventory value.

Choosing a Fort Lauderdale, Florida Restaurant Broker

Although trying to sell your Fort Lauderdale, Florida restaurant on your own can be an exhilarating project, it can also be very risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business transaction, you need a higher level of experience in order to stand above and against your cometitors while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Fort Lauderdale, Florida restaurant broker comes in. A Fort Lauderdale, Florida restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Fort Lauderdale, Florida restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Fort Lauderdale, Florida Restaurant Broker

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

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

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