Right Time to Sell Your Bethlehem, New York Restaurant?

After years of labor, you have made the decision sell your Bethlehem, New York restaurant

Contemplating opening a new eatery, relocating, or even retiring. No matter the reason, selling your Bethlehem, New York restaurant can be way more challenging than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the labor you may have put into it.

Important Actions to Consider in Selling Your Restaurant

You may either think to hire a eatery broker to assist you in selling your Bethlehem, New York restaurant or take on the task on your own. Whether considering selling your Bethlehem, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Important Documentation

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

The required paperwork 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 ready:

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

Corbett Restaurant Group has the expertise to assist you in the sale of your Bethlehem, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You probably do not want to show all these documents to a possible buyer day one. However, you may want to have them on hand because you will certainly require them during the sales process.

In addition, compiling these documents lets you view your Bethlehem, New York restaurant through the lens of a buyer. It gives you a clear image of the Bethlehem, New York restaurant you are selling. Furthermore, it allows you to show whether there are any loopholes you'll have to address.

#2 Put Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Bethlehem, New York restaurant. That’s why you should make it a priority to make your documents complete and well organized.

Offering your financial records to possible buyers could help clear any hesitations they may have regarding your Bethlehem, New York restaurant.

Your financial documents could include:

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

Also, ensure you have duplicate copies of all of the documents. This will make it easier for you to transmit the documentation to potential buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure 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 Organize the Details of Your Commercial Lease

While preparing to sell your Bethlehem, New York restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the true value of the Bethlehem, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build your cash flow planning to sell your Bethlehem, New York restaurant.

The average time it takes to sell a Bethlehem, New York restaurant is six months. Within those six months, there are several things you can do in order to strengthen your profit and cut various costs, and thus strengthen the value of your Bethlehem, New York restaurant.

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

This may help you in coming up with the overall worth of your Bethlehem, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Bethlehem, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the overall curb appeal of your Bethlehem, New York restaurant does not appeal to buyers, they might take a pass immediately.

To avoid this from happening, everything in and out of your Bethlehem, New York restaurant must be clean. Landscaped and a clean parking area may help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are other small items that could help create a memorable first impression.

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

Faulty equipment could raise doubt about your financial capabilities and production abilities. It can even lower the excitment of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding purchasing your Bethlehem, New York restaurant.

#7 look for Bethlehem Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire a professional Bethlehem, New York restaurant broker to help. The professional Bethlehem, New York restaurant broker will have recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this project alone, you will need to create proper advertising. You can list your Bethlehem, New York restaurant on business websites and tell family and friends about your plans to sell your Bethlehem, New York restaurant.

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

#8 Be Prepared

Whether you decide to sell your Bethlehem, New York restaurant yourself, or with a a Bethlehem, New York restaurant broker, you need to always be ready. Be ready to show your Bethlehem, New York restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your Bethlehem, New York restaurant. Some buyers may even visit as customers in order to perform some research before contacting you.

#9 Sell Your Bethlehem, 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 documentation to complete the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Bethlehem, New York Restaurant Broker

While trying to sell your Bethlehem, New York restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most from of the business deal, you need some level of experience to stand above and against your cometitors while trying to find buyers.

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

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

Contact a Bethlehem, New York Restaurant Broker

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

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

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