Decided to Sell Your Astoria, New York Restaurant?

Following years of hard work, you have made the decision sell your Astoria, New York restaurant

Considering opening a new Astoria, New York restaurant, moving, or even retiring. Regardless of the reason, selling a Astoria, New York restaurant can be way more difficult than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough profit for all the sweat you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to guide you in selling your Astoria, New York restaurant or do the task yourself. If you are considering selling your Astoria, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Business Documentation

This is an important initial step to take when you commence the process of offering your Astoria, New York restaurant.

The necessary documents may vary from state to state--even in New York, but the following is a list of a few standard documents you may be requierd to have prepared:

• Gather your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• Architectural plan
• Financial statements and other important financial documents

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

In addition, compiling these documents lets you see your Astoria, New York restaurant through the lens of a buyer. It gives you a clear picture of the Astoria, New York restaurant you're selling. In addition, it allows you to identify if there are any concerns you'll need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are an important part of selling your Astoria, New York restaurant. That’s the reason you should make an effort to have these documents accurate and well organized.

Offering your financial records to possible buyers may assist to clear any hesitations they might have regarding your Astoria, New York restaurant.

The financial records can include:

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

In addition, make sure you have duplicate copies of all of the documents. This may make it easier for you to transmit the information to possible buyers.

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

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Astoria, New York restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord regarding your plan to sell your Astoria, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this will help them estimate the true value of the Astoria, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to build your cash flow planning to sell your Astoria, New York restaurant.

The average time it may take to sell a Astoria, New York restaurant is six months. Within the six months, there are many things you can do to strengthen your profit and reduce several costs, and therefore increase the worth of your Astoria, New York restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will help you in deriving the probable value of your Astoria, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Astoria, New York restaurant could go a long way in helping you bring potential buyers. Conversely, if the overall look of your Astoria, New York restaurant does not appeal to buyers, they might pass over without consideration.

To avoid this from happening, all things in and out of your Astoria, New York restaurant must be clean. Landscaped and a clean parking lot can help create curb appeal for prospective buyers.

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

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

Non-functional equipment could raise doubt about your financial status and output capabilities. It may even dampen the mood of your employees, which in response, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Astoria Buyers

Looking for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Astoria, New York restaurant broker to help. A professional Astoria, New York restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can market your Astoria, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Astoria, New York restaurant.

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

#8 Be Ready

If you decide to sell your Astoria, New York restaurant yourself, or through a Astoria, New York restaurant broker, you need to always be prepared. Be ready to show your Astoria, New York restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your Astoria, New York restaurant. Some buyers may even come in as customers just to carry out some research before contacting you.

#9 Sell Your Astoria, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the deal. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Astoria, New York Restaurant Broker

While attempting to sell your Astoria, New York 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 some level of expertise to stand above and against the cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Astoria, New York restaurant broker is needed. A Astoria, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Astoria, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

With the assistance of a Astoria, New York restaurant broker, you can maintain your undivided attention on operating your Astoria, New York restaurant and rest assured with the knowledge that a professional is in charge of selling your Astoria, New York restaurant.

Contact a Astoria, New York Restaurant Broker

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

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

Astoria Zip Codes We Support: 11101, 11102, 11103, 11104, 11105, 11106