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

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

Contemplating starting a different eatery, moving, or even retiring. No matter the reason, selling your Corona, New York restaurant can be way more complicated than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough proceeds for all the labor you’ve put into it.

Important Steps to Take in Selling Your Restaurant

You may either think to hire a eatery broker to guide you in selling your Corona, New York restaurant or do the task on your own. If you are considering selling your Corona, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together the Important Documentation

This is a necessary preparatory step to make when you start the process of selling your Corona, New York restaurant.

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

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

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It's probably smart not to show all these documents to a possible buyer first day. However, you may want to have them at hand because you will eventually need them during the sales process.

In addition, compiling these documents lets you see your Corona, New York restaurant through the lens of a buyer. It provides you a clear image of the Corona, New York restaurant you are selling. In addition, it helps you show whether there are any areas you'll have to take care of.

#2 Get Your Financial Documents in Order

Your financial records are a crucial aspect of selling your Corona, New York restaurant. That’s the reason you should make an effort to make your documents accurate and organized.

Offering your financial documents to potential buyers could aid clear any hesitations they might have regarding your Corona, New York restaurant.

These financial documents may include:

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

Also, make sure you have hard copies of all of these records. This can make it easier for you to send the records to prospective buyers.

Likewise, as the seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these items can create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Gather the Information On Your Commercial Lease

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

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the value of the Corona, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow starting to sell your Corona, New York restaurant.

The average time it may take to sell a Corona, New York restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and slash various costs, and therefore increase the value of your Corona, New York restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could aid you in deriving the probable worth of your Corona, New York restaurant. When you understand the overall value this could help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Corona, New York restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall aesthetic of your Corona, New York restaurant does not look good to buyers, they might pass over immediately.

To prevent this from happening, all things in and out of your Corona, New York restaurant must be clean. Manicured and a clean parking lot can help create curb appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also small things that could help create a memorable first impression.

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

Faulty equipment also raises doubt about your financial situation and output capabilities. It may even dampen the excitment of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding buying your Corona, New York restaurant.

#7 Search for Corona Buyers

Searching for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Corona, New York restaurant broker to help. A professional Corona, New York restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this task yourself, you will need to create proper advertising. You can show your Corona, New York restaurant on listing websites and tell family and friends about your plans to market for sale your Corona, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Corona, 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 transaction. The documentation will usually start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Corona, New York Restaurant Broker

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

It's true, in order for you to get the most from of the business deal, you need some level of expertise in order to stand out against the competition while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Corona, New York restaurant broker is recommended. A Corona, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Corona, New York restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Corona, New York Restaurant Broker

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

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

Corona Zip Codes We Support: 11368