Right Time to Sell Your Cambria Heights, New York Restaurant?

After years of hard work, you have made the decision sell your Cambria Heights, New York restaurant

Contemplating starting a different eatery, moving, or even retiring. Regardless of the reason, selling a Cambria Heights, New York restaurant can be way more complicated than you might realize. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the time you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to assist you in selling your Cambria Heights, New York restaurant or do the task on your own. Whether considering selling your Cambria Heights, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together the Necessary Paperwork

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

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

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

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

You certainly do not want to reveal the majority of these documents to a prospective buyer first day. However, you may want to have them ready because you will certainly need them during the sales process.

Also, putting together these documents allows you to see your Cambria Heights, New York restaurant through the lens of a buyer. This provides you a clear image of the Cambria Heights, New York restaurant you're offering for sale. In addition, it helps you show whether there are any areas you will have to take care of.

#2 Get Your Financial Records in Order

Your financial documents are a crucial part of selling your Cambria Heights, New York restaurant. This is why you should make it a priority to make your documents complete and organized.

Offering your financial documents to prospective buyers could help clear any hesitations they might have concerning your Cambria Heights, New York restaurant.

The financial records could include:

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

In addition, make sure you have hard copies of all of the documents. This could make it easier for you to send the information to potential buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these things could create legal problems for you if a buyer later discovers these ommissions after sealing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Cambria Heights, New York restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an detailed evaluation of your financials, whether favorable or not, this helps them evaluate the value of your Cambria Heights, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow before trying to sell your Cambria Heights, New York restaurant.

The average time it takes to sell a Cambria Heights, New York restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and reduce various costs, and thus strengthen the worth of your Cambria Heights, New York restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may assist you in coming up with the probable value of your Cambria Heights, New York restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Cambria Heights, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the overall look of your Cambria Heights, New York restaurant does not appeal to buyers, they likely pass over immediately.

To avoid this from happening, all things in and out of your Cambria Heights, New York restaurant must be clean. Landscaped and a clean parking area could help create appeal for potential buyers.

Clean windows, polished door handles and a clean floor are other small things that could help create a memorable initial impression.

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

Non-functional equipment can raise doubt about your financial capabilities and production capabilities. It can even dampen the mood of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for Cambria Heights Buyers

Searching for prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Cambria Heights, New York restaurant broker to help. A professional Cambria Heights, New York restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this project by yourself, you will need to create proper advertising. You can offer your Cambria Heights, New York restaurant on business websites and let your family and friends know about your plans to market for sale your Cambria Heights, New York restaurant.

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

#8 Be Ready

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

You never know when a buyer could visit your Cambria Heights, 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 Cambria Heights, 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 paperwork to finalize the contract. The paperwork often start with the Asset Purchase Agreement.

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

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

Choosing a Cambria Heights, New York Restaurant Broker

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

It's true, if you're looking to get the most out of the business transaction, you need some level of expertise to stand out against your competition while attempting to attract buyers.

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

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

Contact a Cambria Heights, New York Restaurant Broker

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

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

Cambria Heights Zip Codes We Support: 11411