Right Time to Sell Your Bronx, New York Restaurant?

After years of labor, you have decided to sell your Bronx, New York restaurant

Contemplating opening a new eatery, relocating, or maybe retiring. No matter the reason, selling your Bronx, New York restaurant can be way more complicated than you might realize. This is because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you may have put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either decide to hire a Bronx, New York restaurant broker to help you in selling your Bronx, New York restaurant or take on the task yourself. If you are considering selling your Bronx, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together the Necessary Paperwork

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

The necessary paperwork may vary from state to state--even in New York, but the following is a list of some general documents you may need to have on you:

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

Corbett Restaurant Group has the experience to assist you in the market for sale of your Bronx, New York restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to reveal all these documents to a possible buyer first day. But, you may want to have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents lets you view your Bronx, New York restaurant through the lens of a buyer. This gives you a clear image of the Bronx, New York restaurant you are offering for sale. In addition, it helps you show whether there are any areas you'll have to address.

#2 Put Your Financial Documents in Order

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

Showing your financial documents to potential buyers may aid clear any hesitations they may have concerning your Bronx, New York restaurant.

The financial documents may include:

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

In addition, ensure you have hard copies of all of the documents. This may make it easier for you to transmit the information to potential buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these things may create legal problems for you if a buyer later discovers these liabilities after sealing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Bronx, New York restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Bronx, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an detailed analysis of your financial records, whether favorable or not, this helps them estimate the true value of your Bronx, 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 Bronx, New York restaurant.

The estimated time it takes to sell a Bronx, New York restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and cut various costs, and thus strengthen the worth of your Bronx, 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 estimate your assets.

This will help you in coming up with the probable value of your Bronx, New York restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Bronx, New York restaurant will go a great distance in helping you bring potential buyers. Conversely, if the overall curb appeal of your Bronx, New York restaurant does not appeal to buyers, they could take a pass immediately.

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

Clean windows, polished handles and a neat floor are other small items that can help create a unforgettable first impression.

Additionally, you should ensure that all the 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.

Faulty equipment may rouse doubt about your financial status and production capabilities. It could even dampen the mood of your employees, which in turn, 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 purchasing your Bronx, New York restaurant.

#7 Search for Bronx Buyers

Looking for prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Bronx, New York restaurant broker to help. The professional Bronx, New York restaurant broker will offer recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can show your Bronx, New York restaurant on listing websites and tell family and friends about your intentions to sell your Bronx, New York restaurant.

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

#8 Be Ready

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

You will never know when a buyer could walk into your Bronx, New York restaurant. Some buyers might even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Bronx, New York Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to finalize the deal. The paperwork will usually begin with the Asset Purchase Agreement.

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

This agreement includes details including the selling price of your Bronx, New York restaurant, assets and equipment and inventory value.

Choosing a Bronx, New York Restaurant Broker

While trying to sell your Bronx, New York restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

It's true, in order for you to get the most out of the business deal, you need a higher level of expertise in order to stand out against the competition while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Bronx, New York restaurant broker comes in. A Bronx, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Bronx, New York restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Bronx, New York Restaurant Broker

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

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

Bronx Zip Codes We Support: 10453, 10451, 10452, 10454, 10455, 10456, 10457, 10458, 10460