Decided to Sell Your Westchase, Florida Restaurant?

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

Contemplating opening a different Westchase, Florida restaurant, moving, or even slowing down. Regardless of the reason, selling your Westchase, 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 money for all the labor you may have put into it.

Important Steps to Take when Selling Your Restaurant

You can either make the decision to hire a eatery broker to guide you in selling your Westchase, Florida restaurant or take on the task yourself. Whether considering selling your Westchase, Florida restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Necessary Documentation

This is a necessary first step to make when you start the process of selling your Westchase, Florida restaurant.

The required documents may vary from state to state--even in Florida, but below is a list of a few general 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 records
• Architectural drawings
• Financial statements and other important financial documents

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

You probably do not want to reveal all these documents to a prospective buyer day one. However, you may want to have them on hand because you will eventually require them during the sales process.

Also, compiling these documents allows you to see your Westchase, Florida restaurant through the lens of a buyer. This gives you a clear image of the Westchase, Florida restaurant you are selling. In addition, it allows you to show whether there are any loopholes you'll have to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Westchase, Florida restaurant. This is the reason you should make it a priority to have your documents complete and well organized.

Showing your financial records to prospective buyers could assist to clear any hesitations they might have regarding your Westchase, Florida restaurant.

The financial records may include:

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

In addition, ensure you have soft copies of all of these records. This may make it easier for you to transmit the information to possible buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these things may create legal issues for you if a buyer later on discovers these ommissions post sealing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Westchase, Florida restaurant, you must find out the terms of your commercial lease. It could be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the value of the Westchase, Florida restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow starting to sell your Westchase, Florida restaurant.

The estimated time it may take to sell a Westchase, Florida restaurant is six months. Within the six months, there is a lot you can do in order to strengthen your profit and cut several costs, and thus increase the value of your Westchase, 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 may assist you in estimating the probable worth of your Westchase, 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 Westchase, Florida restaurant can go a long way in helping you attract potential buyers. Alternatively, if the general look of your Westchase, Florida restaurant does not appeal to buyers, they could pass over right off the bat.

To avoid this from happening, all things in and out of your Westchase, Florida restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are also simple things that can help create a memorable first impression.

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

Faulty equipment could raise doubt about your financial status and output capabilities. It can even dampen the morale 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 buying your Westchase, Florida restaurant.

#7 Search for Westchase Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Westchase, Florida restaurant broker to help. The professional Westchase, Florida restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this project alone, you will need to create proper advertising. You can show your Westchase, Florida restaurant on business websites and let your family and friends know about your plans to sell your Westchase, Florida restaurant.

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

#8 Be Prepared

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

You will never know when a buyer will walk into your Westchase, Florida restaurant. Some buyers may even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Westchase, Florida Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the transaction. The documentation will likely begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Westchase, Florida Restaurant Broker

While trying to sell your Westchase, Florida restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

It's true, if you're looking to get the most out of the business transaction, you need a higher level of expertise to stand out against your cometitors while trying to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Westchase, Florida restaurant broker is needed. A Westchase, Florida restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Westchase, Florida restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Westchase, Florida Restaurant Broker

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

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

Westchase Zip Codes We Support: 33626