Decided to Sell Your Albany, New York Restaurant?

Following years of hard work, you have decided to sell your Albany, New York restaurant

Considering starting a different Albany, New York restaurant, relocating, or even retiring. No matter the reason, selling a Albany, New York restaurant can be a lot more challenging than you might realize. This is because it takes careful preparation and a solid strategy to successfully exit with enough money for all the labor you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either decide to contract with a eatery broker to guide you in selling your Albany, New York restaurant or do the task on your own. If you are considering selling your Albany, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Important Documentation

This is an important initial step to make when you start the process of marketing your Albany, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, 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 documents
• Architectural plans
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Albany, New York 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 possible buyer day one. But, you may want to have them ready because you will certainly require them during the sales process.

Also, putting together these documents allows you to see your Albany, New York restaurant through the lens of a buyer. This gives you a clear picture of the Albany, New York restaurant you are offering for sale. In addition, it helps you show whether there are any concerns you'll need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Albany, New York restaurant. This is why you should strive to make your documents complete and organized.

Showing your financial documents to possible buyers may aid clear any hesitations they might have concerning your Albany, New York restaurant.

The financial records could include:

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

Also, make sure you have soft copies of all of the records. This may make it easier for you to send the information to prospective buyers.

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

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Albany, New York restaurant, you need to understand 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 could be advisable to have a discussion with your landlord regarding your plan to sell your Albany, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the true value of the Albany, New York restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to build your cash flow starting to sell your Albany, New York restaurant.

The estimated time it takes to sell a Albany, New York restaurant is six months. Within those six months, there are many things you can do to increase your profit and reduce various costs, and therefore strengthen the worth of your Albany, New York restaurant.

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

This will assist you in deriving the overall value of your Albany, New York restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Albany, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general appearance of your Albany, New York restaurant does not look good to buyers, they might pass over without a second look.

To avoid this from happening, all things in and out of your Albany, New York restaurant must be clean. Manicured and a clean parking area could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a clean floor are other simple things that can help create a great initial impression.

Additionally, you should make sure all your 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 also raises doubt about your financial status and production capabilities. It can even dampen the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning buying your Albany, New York restaurant.

#7 look for Albany Buyers

Looking for 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 Albany, New York restaurant broker to help. The professional Albany, New York restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can show your Albany, New York restaurant on business websites and tell family and friends about your intentions to sell your Albany, New York restaurant.

As you will probably run across competition when trying to sell your Albany, New York restaurant, you need your restaurant to stand out.

#8 Be Ready

Regardless if you decide to sell your Albany, New York restaurant yourself, or with a a Albany, New York restaurant broker, you should always be ready. Be prepared to show your Albany, New York restaurant to prospective buyers at all times.

You will never know when a buyer will visit your Albany, New York restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your Albany, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the transaction. The documentation will likely start with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

This agreement includes details such as the selling price of your Albany, New York restaurant, assets and equipment as well as inventory value.

Choosing a Albany, New York Restaurant Broker

Although attempting to sell your Albany, New York restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first-timers.

The fact remains, in order for you to achieve the most from of the business deal, you need some level of experience in order to stand out against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Albany, New York restaurant broker is recommended. A Albany, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Albany, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

With the assistance of a Albany, New York restaurant broker, you can focus your undivided attention on operating your Albany, New York restaurant and rest assured knowing that a professional is in charge of selling your Albany, New York restaurant.

Contact a Albany, New York Restaurant Broker

Choosing to sell your Albany, New York restaurant through a Albany, New York restaurant broker has many advantages. First, however, you need to select the best Albany, New York restaurant broker to help you in selling your Albany, New York restaurant.

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

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