Are You Ready to Sell Your Gainesville, Florida Restaurant?

Following years of hard work, you have made the decision sell your Gainesville, Florida restaurant

Considering opening a new Gainesville, Florida restaurant, moving, or even slowing down. No matter the reason, selling your Gainesville, Florida restaurant can be a lot more complicated than you may realize. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough profit for all the time you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You can either decide to hire a eatery broker to guide you in selling your Gainesville, Florida restaurant or take on the task on your own. If you are considering selling your Gainesville, 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 take when you commence the process of offering your Gainesville, Florida restaurant.

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

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

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

It's probably smart not to show all these documents to a potrntial buyer day one. However, you should have them on hand because you will certainly need them during the sales process.

Also, compiling these documents allows you to see your Gainesville, Florida restaurant through the lens of a buyer. It gives you a clear picture of the Gainesville, Florida restaurant you're offering for sale. In addition, it allows you to show whether there are any concerns you'll have to address.

#2 Put Your Financial Documents in Order

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

Showing your financial documents to possible buyers may aid clear any hesitations they may have concerning your Gainesville, Florida restaurant.

These 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 could make it easier for you to send the records to possible buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things could create legal issues for you if a buyer later discovers these ommissions after sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Gainesville, Florida restaurant, you need to review of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Gainesville, Florida restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed evaluation of your financials, whether favorable or not, this helps them estimate the value of your Gainesville, Florida restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow before trying to sell your Gainesville, Florida restaurant.

The estimated time it may take to sell a Gainesville, Florida restaurant is 6 months. Within the six months, there are several things you can do in order to strengthen your profit and cut several costs, and thus increase the value of your Gainesville, 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 value your assets.

This may help you in estimating the probable value of your Gainesville, Florida restaurant. If you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Gainesville, Florida restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Gainesville, Florida restaurant does not look good to buyers, they could take a pass without a second look.

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

Spot-free windows, polished door handles and a neat floor are also simple things that can help create a unforgettable initial impression.

Furthermore, you should ensure that all the equipment is in satisfactory condition. If your equipment is not working, it could convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial capabilities and output capabilities. It can even dampen the excitment of your employees, 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 prospective buyers regarding purchasing your Gainesville, Florida restaurant.

#7 look for Gainesville Buyers

Searching for potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Gainesville, Florida restaurant broker to help. A professional Gainesville, Florida restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this task yourself, you will need to carry out proper advertising. You can list your Gainesville, Florida restaurant on business websites and let your family and friends know about your plans to market for sale your Gainesville, Florida restaurant.

As you will probably run across competition when trying to sell your Gainesville, Florida restaurant, you need your restaurant to stand out.

#8 Be Prepared

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

You will never know when a buyer will walk into your Gainesville, Florida restaurant. Some buyers might even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Gainesville, 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 complete the contract. The documentation will usually start with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Gainesville, Florida Restaurant Broker

While trying to sell your Gainesville, Florida restaurant on your own can be an exhilarating endeavor, it can also be quite 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 attempting to attract buyers.

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

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

Contact a Gainesville, Florida Restaurant Broker

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

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

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