Right Time to Sell Your Commack, New York Restaurant?

After years of sweat equity, you have made the decision sell your Commack, New York restaurant

Contemplating starting a different Commack, New York restaurant, relocating, or maybe retiring. Regardless of the reason, selling your Commack, New York restaurant can be way more complicated than you might think. This is because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the time you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You may either think to hire a Commack, New York restaurant broker to guide you in selling your Commack, New York restaurant or do the task on your own. If you are considering selling your Commack, 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 any Important Paperwork

This is an important initial step to make when you start the process of selling your Commack, New York restaurant.

The required documents may vary from state to state--even in New York, but below is a list of some general documents you may be requierd to have prepared:

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

Corbett Restaurant Group has the experience to help you in the market for sale of your Commack, 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 prospective buyer first day. But, you may want to have them on hand because you will eventually require them during the sales process.

Also, putting together these documents allows you to see your Commack, New York restaurant through the lens of a buyer. This provides you a clear picture of the Commack, New York restaurant you are selling. In addition, it allows you to show whether there are any areas you'll have to address.

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your Commack, New York restaurant. This is the reason you should strive to have these documents accurate and organized.

Showing your financial records to potential buyers could assist to clear any doubt they might have regarding your Commack, 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, make sure you have hard copies of all of these records. This may make it easier for you to transmit the documentation to potential buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items can create legal issues for you if a buyer later on discovers these ommissions after sealing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Commack, New York restaurant, you need to review of your commercial lease. It could be devestating if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps them evaluate the true value of your Commack, New York restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow before trying to sell your Commack, New York restaurant.

The average time it takes to sell a Commack, New York restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and cut various costs, and thus strengthen the value of your Commack, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may aid you in deriving the probable worth of your Commack, New York restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Commack, New York restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Commack, New York restaurant does not appeal to buyers, they likely take a pass right off the bat.

To avoid this from happening, everything in and out of your Commack, New York restaurant must be cleaned and maintained. Landscaped and a clean parking area may help create curb appeal for potential buyers.

Clean windows, polished door handles and a neat floor are other small items that would help create a great initial impression.

Additionally, you should make sure all the equipment is in top condition. If your equipment is not working, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and production capabilities. It could even dampen the mood of your employees, which in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding purchasing your Commack, New York restaurant.

#7 Search for Commack Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional Commack, New York restaurant broker to help. A professional Commack, New York restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you make the decision to take on this project by yourself, you will need to carry out proper advertising. You can offer your Commack, New York restaurant on business websites and tell family and friends about your plans to market for sale your Commack, New York restaurant.

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

#8 Be Ready

If you decide to sell your Commack, New York restaurant yourself, or with a a Commack, New York restaurant broker, you need to always be ready. Be prepared to show your Commack, New York restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your Commack, New York restaurant. Some buyers might even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Commack, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the deal. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Commack, New York Restaurant Broker

Although attempting to sell your Commack, New York restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first time sellers.

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

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

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

Contact a Commack, New York Restaurant Broker

Deciding to sell your Commack, New York restaurant through a Commack, New York restaurant broker has several advantages. First, however, you need to select the best Commack, New York restaurant broker to help you in selling your Commack, New York restaurant.

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

Commack Zip Codes We Support: 11725, 11731, 11754, 11787, 11788