Ready to Sell Your Westchester, Florida Restaurant?

After years of sweat equity, you have decided to sell your Westchester, Florida restaurant

Contemplating opening a different eatery, relocating, or maybe retiring. Regardless of the reason, selling a Westchester, Florida restaurant can be way more difficult than you might realize. This is because it takes careful preparation and a solid strategy to successfully exit with enough proceeds for all the sweat you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your Westchester, Florida restaurant or take on the task yourself. If you are considering selling your Westchester, Florida restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together the Business Paperwork

This is a necessary first step to make when you begin the process of marketing your Westchester, Florida restaurant.

The necessary documents may vary from state to state--even in Florida, but below is a list of a few general documents you may find helpful 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 Westchester, Florida restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to show the majority of these documents to a prospective buyer right away. But, you should have them ready because you will eventually require them during the sales process.

In addition, putting together these documents allows you to view your Westchester, Florida restaurant through the lens of a buyer. It provides you a clear image of the Westchester, Florida restaurant you're selling. Furthermore, it allows you to identify if there are any loopholes you'll need to address.

#2 Get Your Financials in Order

Your financial documents are a crucial aspect of selling your Westchester, Florida restaurant. That’s why you should strive to have these documents complete and well organized.

Offering your financial records to possible buyers could assist to clear any hesitations they might have regarding your Westchester, Florida restaurant.

The financial records can include:

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

In addition, ensure you have duplicate copies of all of the documents. This will make it easier for you to transmit the records to possible buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items could create legal problems for you if a buyer later on discovers these ommissions after completing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Westchester, Florida restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Westchester, Florida restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this will help them evaluate the value of your Westchester, Florida restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow starting to sell your Westchester, Florida restaurant.

The average time it takes to sell a Westchester, Florida restaurant is 6 months. Within those six months, there are many things you can do to increase your profit and cut various costs, and thus strengthen the worth of your Westchester, Florida restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This will aid you in coming up with the overall value of your Westchester, Florida restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Westchester, Florida restaurant can go a great distance in helping you bring potential buyers. Conversely, if the general curb appeal of your Westchester, Florida restaurant does not look good to buyers, they could pass over without consideration.

To prevent this from happening, all things in and out of your Westchester, Florida restaurant must be clean. Manicured and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are also easy things that would help create a great first impression.

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial situation and production capabilities. It may even dampen the excitment of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your Westchester, Florida restaurant.

#7 Search for Westchester Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Westchester, Florida restaurant broker to help. A professional Westchester, Florida restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task alone, you will need to carry out proper advertising. You can offer your Westchester, Florida restaurant on business websites and tell family and friends about your intentions to sell your Westchester, Florida restaurant.

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

#8 Be Prepared

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

You never know when a buyer could visit your Westchester, Florida restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Westchester, Florida Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the deal. The paperwork often begin with the Asset Purchase Agreement.

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

This agreement includes details such as the selling price of your Westchester, Florida restaurant, items and equipment and inventory value.

Choosing a Westchester, Florida Restaurant Broker

While trying to sell your Westchester, 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 achieve the most from of the business transaction, you need a higher level of experience to stand out against your competition while trying to find buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Westchester, Florida restaurant broker is recommended. A Westchester, Florida restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Westchester, Florida restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

With the assistance of a Westchester, Florida restaurant broker, you can focus your undivided attention on operating your Westchester, Florida restaurant and rest easy with the knowledge that a professional is in charge of selling your Westchester, Florida restaurant.

Contact a Westchester, Florida Restaurant Broker

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

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

Westchester Zip Codes We Support: 33144, 33155, 33165, 33174