Right Time to Sell Your Brooklyn, New York Restaurant?

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

Considering starting a new eatery, relocating, or even retiring. Regardless of the reason, selling your Brooklyn, New York restaurant can be a lot more complicated than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough profit for all the sweat you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

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

#1 Put Together all Business Paperwork

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

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

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

Corbett Restaurant Group has the expertise to assist you in the market for sale of your Brooklyn, 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 ready because you will eventually require them during the sales process.

Also, compiling these documents allows you to view your Brooklyn, New York restaurant through the lens of a buyer. It gives you a clear picture of the Brooklyn, New York restaurant you are offering for sale. In addition, it allows you to identify if there are any concerns you'll need to take care of.

#2 Get Your Financial Records in Order

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

Offering your financial documents to possible buyers could help clear any hesitations they may have concerning your Brooklyn, 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, ensure you have duplicate copies of all of these documents. This could make it easier for you to transmit the information to prospective buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these things can create legal issues for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Brooklyn, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the value of your Brooklyn, New York restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow planning to sell your Brooklyn, New York restaurant.

The estimated time it takes to sell a Brooklyn, New York restaurant is 6 months. Within the six months, there is a lot you can do to increase your profit and cut various costs, and thus strengthen the value of your Brooklyn, New York restaurant.

In addition, 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 could help you in coming up with the probable value of your Brooklyn, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Brooklyn, New York restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall look of your Brooklyn, New York restaurant does not appeal to buyers, they likely take a pass without consideration.

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

Clean windows, polished handles and a clean floor are other simple things that can help create a unforgettable initial impression.

Additionally, you should ensure that all the equipment is in top condition. If your equipment is not working properly, it might 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 abilities. It could even dampen the excitment 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 prospective buyers concerning buying your Brooklyn, New York restaurant.

#7 look for Brooklyn Buyers

Marketing to potential buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Brooklyn, New York restaurant broker to help. The professional Brooklyn, New York restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this task yourself, you will need to create proper advertising. You can offer your Brooklyn, New York restaurant on listing websites and let your family and friends know about your plans to sell your Brooklyn, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Brooklyn, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the transaction. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

This document includes details including the selling price of your Brooklyn, New York restaurant, items and equipment and inventory value.

Choosing a Brooklyn, New York Restaurant Broker

Although attempting to sell your Brooklyn, New York restaurant on your own can be an exciting project, it can also be very risky, especially for first-timers.

It's true, in order for you to achieve the most from of the business transaction, you need a higher level of experience to stand above and against the cometitors while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Brooklyn, New York restaurant broker comes in. A Brooklyn, New York restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Brooklyn, New York restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Brooklyn, New York Restaurant Broker

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

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

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