Time to Sell Your West Palm Beach, Florida Restaurant?

After years of hard work, you have made the decision sell your West Palm Beach, Florida restaurant

Considering starting a new West Palm Beach, Florida restaurant, moving, or maybe slowing down. No matter the reason, selling your West Palm Beach, Florida restaurant can be way more challenging than you may think. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the sweat you’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

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

#1 Put Together any Important Paperwork

This is an important initial step to take when you start the process of marketing your West Palm Beach, Florida restaurant.

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

• Gather your assets
• Lease documentation
• 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 help you in the market for sale of your West Palm Beach, Florida restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to show the majority of these documents to a prospective buyer day one. But, you may want to have them on hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you view your West Palm Beach, Florida restaurant through the lens of a buyer. This provides you a clear image of the West Palm Beach, Florida restaurant you're offering for sale. In addition, it helps you identify whether there are any loopholes you will need to address.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial detail of selling your West Palm Beach, Florida restaurant. That’s why you should make it a priority to have these documents complete and well organized.

Offering your financial records to possible buyers could aid clear any doubt they might have regarding your West Palm Beach, Florida restaurant.

The financial documents could include:

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

Also, ensure you have soft copies of all of these documents. This will make it easier for you to transmit the information to prospective buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these items could create legal issues for you if a buyer later discovers these liabilities post signing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your West Palm Beach, Florida restaurant, you need to understand 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 talk to your landlord regarding your plan to sell your West Palm Beach, Florida restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financial records, whether favorable or not, this helps them estimate the true value of your West Palm Beach, Florida restaurant.

This will be in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow before trying to sell your West Palm Beach, Florida restaurant.

The average time it may take to sell a West Palm Beach, Florida restaurant is six months. Within the six months, there are many things you can do to increase your profit and cut several costs, and thus increase the value of your West Palm Beach, Florida restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will help you in deriving the overall value of your West Palm Beach, Florida restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your West Palm Beach, Florida restaurant can go a long way in helping you bring potential buyers. Alternatively, if the general curb appeal of your West Palm Beach, Florida restaurant does not appeal to buyers, they might pass over without consideration.

To prevent this from happening, everything in and out of your West Palm Beach, Florida restaurant must be cleaned and maintained. Landscaped and a clean parking lot may help create curb appeal for potential buyers.

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

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

Non-functional equipment also raises doubt about your financial status and production capabilities. It can even lower the excitment of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your West Palm Beach, Florida restaurant.

#7 Search for West Palm Beach Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced West Palm Beach, Florida restaurant broker to help. A professional West Palm Beach, Florida restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this task alone, you will need to carry out proper advertising. You can show your West Palm Beach, Florida restaurant on business websites and let your family and friends know about your intentions to market for sale your West Palm Beach, Florida restaurant.

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

#8 Be Ready

Whether you decide to sell your West Palm Beach, Florida restaurant yourself, or through a West Palm Beach, Florida restaurant broker, you need to always be prepared. Be prepared to show your West Palm Beach, Florida restaurant to potential buyers at all times.

You'll never know when a buyer will visit your West Palm Beach, Florida restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your West Palm Beach, Florida Restaurant

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

You should have your attorney’s expertise in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the transaction.

This document includes details such as the selling price of your West Palm Beach, Florida restaurant, items and equipment as well as inventory value.

Choosing a West Palm Beach, Florida Restaurant Broker

While attempting to sell your West Palm Beach, Florida restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of experience to stand out against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced West Palm Beach, Florida restaurant broker comes in. A West Palm Beach, Florida restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your West Palm Beach, Florida restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a West Palm Beach, Florida Restaurant Broker

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

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

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