Q: How do I restore to factory specs

This is a frequent question, and frequently answered, Basically, there are two ways:

1. The fast one: create a new user account with admin privileges, log out and log into that new user; from there, delete all the other users, by choosing the 3rd option, i.e. to indeed delete everything inside their folders and their folders themselves. This does not in fact delete all the data, and some data remain recoverable. Recommended for those in a hurry without any confidential data.

2. The long one: you must erase-and-install by first erasing the disk. If confidential data are there, choose the long variant by zeroing all data. When done reinstall the system. This is a genuine new, virgin system.

Read your user manual.  The instructions can be found on how to accomplish this inside.  If you no longer have a hard copy, you can find it in electronic format here: http://support.apple.com/manuals/#macbook