Right Time to Sell Your Bay Shore, New York Restaurant?

Following years of sweat equity, you have made the decision sell your Bay Shore, New York restaurant

Considering opening a different eatery, moving, or even slowing down. Regardless of the reason, selling a Bay Shore, New York restaurant can be a lot more difficult than you might think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You can either make the decision to hire a eatery broker to help you in selling your Bay Shore, New York restaurant or do the task yourself. Whether considering selling your Bay Shore, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Important Documentation

This is a necessary initial step to take when you start the process of offering your Bay Shore, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of a few standard documents you may need to have at hand:

• A list of your assets
• Lease document
• 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 comes with expertise to assist you in the market for sale of your Bay Shore, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to reveal all these documents to a potrntial buyer right away. But, you may want to have them at hand because you will eventually require them during the sales process.

Also, compiling these documents allows you to view your Bay Shore, New York restaurant through the lens of a buyer. This gives you a clear picture of the Bay Shore, New York restaurant you're offering for sale. Furthermore, it allows you to identify if there are any areas you will need to address.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your Bay Shore, New York restaurant. This is why you should make it a priority to have your documents complete and well organized.

Showing your financial documents to possible buyers may help clear any doubt they might have regarding your Bay Shore, New York restaurant.

These financial documents may 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 documentation to potential buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things may create legal issues for you if a buyer later on discovers these liabilities after signing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Bay Shore, New York restaurant, you need to review of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Bay Shore, New York restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed analysis of your financial records, whether favorable or not, this helps them evaluate the true value of the Bay Shore, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow before trying to sell your Bay Shore, New York restaurant.

The estimated time it may take to sell a Bay Shore, New York restaurant is 6 months. Within those six months, there are many things you can do in order to strengthen your profit and slash various costs, and thus strengthen the value of your Bay Shore, New York restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may aid you in coming up with the overall worth of your Bay Shore, New York restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Bay Shore, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the overall look of your Bay Shore, New York restaurant does not appeal to buyers, they could pass over right off the bat.

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

Clean windows, polished door handles and a clean floor are also small things that would help create a great first impression.

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

Non-functional equipment may rouse doubt about your financial situation and output capabilities. It can even lower the morale of your staff, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers concerning buying your Bay Shore, New York restaurant.

#7 Search for Bay Shore Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Bay Shore, New York restaurant broker to help. A professional Bay Shore, New York restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task alone, you will need to carry out proper advertising. You can market your Bay Shore, New York restaurant on business websites and let your family and friends know about your intentions to market for sale your Bay Shore, New York restaurant.

As you will likely run across competition when trying to sell your Bay Shore, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Bay Shore, New York restaurant yourself, or with a a Bay Shore, New York restaurant broker, you should always be ready. Be prepared to show your Bay Shore, New York restaurant to potential buyers at all times.

You will never know when a buyer will walk into your Bay Shore, New York restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Bay Shore, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the transaction. The documentation will usually start with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Bay Shore, New York Restaurant Broker

While attempting to sell your Bay Shore, New York restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first-timers.

It's true, in order for you to achieve the most out of the business transaction, you need a higher level of experience in order to stand above and against the competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Bay Shore, New York restaurant broker is needed. A Bay Shore, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Bay Shore, New York restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Bay Shore, New York Restaurant Broker

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

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

Bay Shore Zip Codes We Support: 11706