Time to Sell Your Buffalo, New York Restaurant?

Following years of labor, you have decided to sell your Buffalo, New York restaurant

Considering starting a different Buffalo, New York restaurant, relocating, or maybe retiring. Regardless of the reason, selling a Buffalo, New York restaurant can be a lot more difficult than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

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

#1 Gather any Important Documentation

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

The necessary paperwork may vary from state to state--even in New York, but the following is a list of a few standard documents you may find helpful to have ready:

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

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

You probably do not want to show the majority of these documents to a potrntial buyer right away. But, you should have them ready because you will eventually need them during the sales process.

In addition, putting together these documents allows you to see your Buffalo, New York restaurant through the lens of a buyer. It gives you a clear picture of the Buffalo, New York restaurant you're offering for sale. Furthermore, it allows you to identify whether there are any areas you'll need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial part of selling your Buffalo, New York restaurant. That’s why you should make it a priority to have your documents accurate and organized.

Offering your financial documents to possible buyers may aid clear any doubt they may have concerning your Buffalo, New York restaurant.

These financial documents can include:

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

In addition, ensure you have soft copies of all of the records. This may make it easier for you to transmit the documentation to possible buyers.

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

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Buffalo, New York restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Buffalo, New York restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this will help them evaluate the true value of the Buffalo, New York restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Buffalo, New York restaurant.

The estimated time it may take to sell a Buffalo, New York restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and slash several costs, and therefore increase the worth of your Buffalo, 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 could help you in coming up with the overall value of your Buffalo, New York restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Buffalo, New York restaurant could go a great distance in helping you bring potential buyers. Conversely, if the general curb appeal of your Buffalo, New York restaurant does not look good to buyers, they likely pass over without consideration.

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

Clean windows, polished handles and a presentable floor are other easy items that could help create a great initial impression.

Furthermore, you should ensure all the equipment is in top condition. If your equipment is not functioning, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment can raise doubt about your financial situation and production capabilities. It may even lower the excitment 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 prospective buyers regarding purchasing your Buffalo, New York restaurant.

#7 look for Buffalo Buyers

Searching for 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 Buffalo, New York restaurant broker to help. A professional Buffalo, New York restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project by yourself, you will need to create appropriate advertising. You can offer your Buffalo, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Buffalo, New York restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Buffalo, New York restaurant yourself, or with a a Buffalo, New York restaurant broker, you should always be prepared. Be prepared to show your Buffalo, New York restaurant to prospective buyers at all times.

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

#9 Sell Your Buffalo, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the contract. The paperwork will usually begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Buffalo, New York Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need some level of experience in order to stand out against your competition while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Buffalo, New York restaurant broker is needed. A Buffalo, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Buffalo, New York restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Buffalo, New York Restaurant Broker

Deciding to sell your Buffalo, New York restaurant through a Buffalo, New York restaurant broker has multiple advantages. First, however, you need to select the best Buffalo, New York restaurant broker to assist you in selling your Buffalo, New York restaurant.

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

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