Ready to Sell Your West Melbourne, Florida Restaurant?

After years of labor, you have decided to sell your West Melbourne, Florida restaurant

Considering opening a new eatery, moving, or maybe slowing down. No matter the reason, selling a West Melbourne, Florida restaurant can be a lot more challenging than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the labor you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to help you in selling your West Melbourne, Florida restaurant or do the task yourself. Whether considering selling your West Melbourne, Florida restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather all Business Paperwork

This is a necessary initial step to make when you commence the process of marketing your West Melbourne, Florida restaurant.

The necessary paperwork may vary from state to state--even in Florida, but below is a list of a few generalized documents you may find helpful to have ready:

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

Corbett Restaurant Group has the expertise to assist you in the sale of your West Melbourne, Florida restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to show all these documents to a possible buyer day one. However, you may want to have them on hand because you will certainly require them during the sales process.

Also, compiling these documents allows you to view your West Melbourne, Florida restaurant through the lens of a buyer. This gives you a clear picture of the West Melbourne, Florida restaurant you are selling. Furthermore, it helps you show if there are any concerns you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your West Melbourne, Florida restaurant. This is the reason you should strive to have these documents complete and organized.

Offering your financial records to potential buyers may assist to clear any doubt they may have concerning your West Melbourne, Florida restaurant.

Your financial records can 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 records. This will make it easier for you to send the records to possible buyers.

In addition, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions post sealing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your West Melbourne, Florida restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your West Melbourne, Florida restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this will help them estimate the value of your West Melbourne, Florida restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow starting to sell your West Melbourne, Florida restaurant.

The estimated time it takes to sell a West Melbourne, Florida restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and cut various costs, and therefore increase the value of your West Melbourne, Florida restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could aid you in estimating the overall value of your West Melbourne, Florida restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your West Melbourne, Florida restaurant could go a long way in helping you bring potential buyers. Conversely, if the general appearance of your West Melbourne, Florida restaurant does not appeal to buyers, they could take a pass immediately.

To prevent this from happening, everything in and out of your West Melbourne, Florida restaurant must be clean. Landscaping and a clean parking lot could help create appeal for potential buyers.

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

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

Faulty equipment can raise doubt about your financial capabilities and production abilities. It may even lower the mood of your employees, and in response, 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 purchasing your West Melbourne, Florida restaurant.

#7 Search for West Melbourne Buyers

Marketing to prospective buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire a professional West Melbourne, Florida restaurant broker to help. The professional West Melbourne, Florida restaurant broker will offer recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this project by yourself, you will need to create proper advertising. You can market your West Melbourne, Florida restaurant on business websites and let your family and friends know about your intentions to sell your West Melbourne, Florida restaurant.

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

#8 Be Prepared

If you decide to sell your West Melbourne, Florida restaurant yourself, or with a a West Melbourne, Florida restaurant broker, you need to always be prepared. Be ready to show your West Melbourne, Florida restaurant to prospective buyers at all times.

You never know when a buyer could visit your West Melbourne, Florida restaurant. Some buyers might even come in as customers just to perform some research before reaching out to you.

#9 Sell Your West Melbourne, Florida Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

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

This document includes details including the selling price of your West Melbourne, Florida restaurant, assets and equipment as well as inventory value.

Choosing a West Melbourne, Florida Restaurant Broker

Although attempting to sell your West Melbourne, Florida restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first-timers.

The fact remains, in order for you to get the most out of the business transaction, you need a higher level of expertise in order to stand out against the cometitors while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced West Melbourne, Florida restaurant broker is recommended. A West Melbourne, Florida restaurant broker has the resources, experience and strategy required to easily take on the task of selling your West Melbourne, Florida restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a West Melbourne, Florida Restaurant Broker

Choosing to sell your West Melbourne, Florida restaurant through a West Melbourne, Florida restaurant broker has many advantages. First, however, you need to select the best West Melbourne, Florida restaurant broker to assist you in selling your West Melbourne, Florida restaurant.

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

West Melbourne Zip Codes We Support: 32901, 32904, 32934