Ready to Sell Your Binghamton, New York Restaurant?

Following years of labor, you have made the decision sell your Binghamton, New York restaurant

Considering opening a new Binghamton, New York restaurant, moving, or even slowing down. No matter the reason, selling a Binghamton, New York restaurant can be a lot more difficult than you may think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the time you may have put into it.

Important Steps to Consider when Selling Your Restaurant

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

#1 Put Together any Business Paperwork

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

The required paperwork may vary from state to state--even in New York, but below is a list of some generalized documents you may be requierd to have on you:

• A list of 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 comes with expertise to assist you in the market for sale of your Binghamton, New York restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

In addition, compiling these documents allows you to see your Binghamton, New York restaurant through the lens of a buyer. It gives you a clear picture of the Binghamton, New York restaurant you are offering for sale. In addition, it allows you to identify whether there are any areas you will have to take care of.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your Binghamton, New York restaurant. That’s the reason you should strive to have your documents accurate and well organized.

Showing your financial records to possible buyers may aid clear any doubt they may have regarding your Binghamton, New York restaurant.

The financial records can include:

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

Also, ensure you have soft copies of all of these records. This will make it easier for you to transmit the records to possible buyers.

Also, as a seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these things can create legal issues for you if a buyer later discovers these liabilities after sealing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Binghamton, New York restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your Binghamton, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the value of the Binghamton, 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 planning to sell your Binghamton, New York restaurant.

The average time it takes to sell a Binghamton, New York restaurant is 6 months. Within those six months, there are several things you can do to increase your profit and reduce several costs, and thus increase the worth of your Binghamton, New York restaurant.

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

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

#5 Increase Curb Appeal

The appearance of your Binghamton, New York restaurant could go a long way in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Binghamton, New York restaurant does not appeal to buyers, they likely pass over without consideration.

To prevent this from happening, all things in and out of your Binghamton, New York restaurant must be cleaned and maintained. Landscaping and a clean parking area may help create appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are other simple things that could help create a memorable first impression.

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

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

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

#7 look for Binghamton Buyers

Searching for potential buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Binghamton, New York restaurant broker to help. The professional Binghamton, New York restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this task yourself, you will need to carry out appropriate advertising. You can list your Binghamton, New York restaurant on listing websites and tell family and friends about your plans to market for sale your Binghamton, New York restaurant.

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

#8 Be Prepared

If you decide to sell your Binghamton, New York restaurant yourself, or through a Binghamton, New York restaurant broker, you should always be prepared. Be prepared to show your Binghamton, New York restaurant to potential buyers at all times.

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

#9 Sell Your Binghamton, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the deal. The documentation will usually start with the Asset Purchase Agreement.

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

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

Choosing a Binghamton, New York Restaurant Broker

While attempting to sell your Binghamton, New York restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business deal, you need a higher level of experience to stand out against the cometitors while attempting to find buyers.

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

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

Contact a Binghamton, New York Restaurant Broker

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

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

Binghamton Zip Codes We Support: 13901, 13902, 13903, 13904, 13905