Preparing Your Restaurant For Sale

The following are suggestions on how to help facilitate the sale of your restaurant, bar and/or club:

1) Have a copy of your most current health inspection report and make sure that all of items that the health department asked to be corrected have been completed.

2) Remove all items from the restaurant that are not included as part of the sale i.e. any personal wall hangings, computers, artifacts, etc. If it is necessary to keep some of these items in place until after the close of escrow please make sure that your equipment & fixtures list to not include these items.

3) Bring the deferred maintenance up to date prior to putting the business on the market. When buyers see items that need fixing then they often wonder about the condition of things they can’t see.

4) Have the following items ready for a perspective buyer:

  • a) current premises lease & other leases the buyer will be assuming
  • b) 2 years most current tax returns
  • c) year-to-date income and expense statement and balance sheet
  • d) a list of the fixtures & equipment that are included in  the sale
  • e) copies of all current licenses – business, ABC, etc.

5) Make sure the facility is clean throughout. The cleanliness level of the facility has a major impact on the buyers initial impression which will carry over on his/her thinking in evaluating the entire facility.

 

Written by Steven Zimmerman - Restaurant Realty Company

Disclaimer: The information in our articles has been provided by Restaurant Realty Company in collaboration with Restaurants For Sale Online. Restaurant Realty Company and Restaurants For Sale Online assumes no responsibility for decisions made by buyers, sellers or other parties to any transaction. Information has been provided based on experience and research. The results of various articles and studies reflect such information. Restaurant Realty Company and Restaurants For Sale Online assumes no responsibility for pricing or recommendation of pricing to any of our users. If you are interested in buying a business, Restaurants For Sale Online, LLC recommends you do your own due diligence to verify the source of any information provided to you by a seller and/or intermediary. If you are interested in selling your business, Restaurants For Sale Online recommends you contact an intermediary that specializes in transactions similar to the respective business.

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