Are You Ready to Sell Your Carmel, New York Restaurant?

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

Contemplating starting a new eatery, moving, or maybe retiring. No matter the reason, selling your Carmel, New York restaurant can be way more complicated than you might realize. This is because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the time you’ve put into it.

Important Steps to Take when Selling Your Restaurant

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

#1 Put Together all Important Paperwork

This is an important preparatory step to take when you start the process of marketing your Carmel, New York restaurant.

The required paperwork may vary from state to state--even in New York, but the following is a list of some standard documents you may be requierd to have ready:

• 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 comes with experience to help you in the market for sale of your Carmel, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You probably do not want to reveal all these documents to a possible buyer right away. However, you may want to have them on hand because you will eventually need them during the sales process.

In addition, compiling these documents allows you to see your Carmel, New York restaurant through the lens of a buyer. This gives you a clear image of the Carmel, New York restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you will need to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial aspect of selling your Carmel, New York restaurant. This is the reason you should strive to make your documents complete and organized.

Showing your financial records to prospective buyers could aid clear any hesitations they may have concerning your Carmel, New York restaurant.

Your financial records can include:

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

Also, ensure you have hard copies of all of the documents. This will make it easier for you to send the documentation to potential buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things can create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Carmel, New York restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the true value of the Carmel, New York restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to build your cash flow planning to sell your Carmel, New York restaurant.

The average time it may take to sell a Carmel, New York restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and reduce various costs, and therefore strengthen the value of your Carmel, New York restaurant.

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

This will aid you in estimating the probable value of your Carmel, New York restaurant. If you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Carmel, New York restaurant could go a long way in helping you attract potential buyers. Conversely, if the general curb appeal of your Carmel, New York restaurant does not appeal to buyers, they likely take a pass immediately.

To prevent this from happening, everything in and out of your Carmel, New York restaurant must be cleaned and maintained. Manicured and a clean parking lot may help create curb appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are also easy items that could help create a memorable initial impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it could convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial situation and production capabilities. It may even lower the morale of your employees, 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 potential buyers concerning buying your Carmel, New York restaurant.

#7 look for Carmel Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Carmel, New York restaurant broker to help. The professional Carmel, New York restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this project by yourself, you will need to carry out appropriate advertising. You can list your Carmel, New York restaurant on business websites and let your family and friends know about your intentions to sell your Carmel, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Carmel, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The documentation will likely start with the Asset Purchase Agreement.

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

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

Choosing a Carmel, New York Restaurant Broker

Although trying to sell your Carmel, New York restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

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

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Carmel, New York restaurant broker is recommended. A Carmel, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Carmel, New York restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Carmel, New York Restaurant Broker

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

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

Carmel Zip Codes We Support: 10512, 10541, 10542