Ready to Sell Your Cortlandt, New York Restaurant?

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

Considering opening a different eatery, relocating, or even slowing down. No matter the reason, selling a Cortlandt, New York restaurant can be way more complicated than you may think. This is because it takes careful preparation and a solid strategy to successfully get out with enough money for all the time you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either make the decision to hire a Cortlandt, New York restaurant broker to guide you in selling your Cortlandt, New York restaurant or take on the task on your own. Whether considering selling your Cortlandt, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather all Business Documentation

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

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

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

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

Also, putting together these documents lets you see your Cortlandt, New York restaurant through the lens of a buyer. This provides you a clear image of the Cortlandt, New York restaurant you are selling. Furthermore, it allows you to show whether there are any loopholes you will need to address.

#2 Put Your Financial Documents in Order

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

Showing your financial documents to potential buyers could help clear any hesitations they may have concerning your Cortlandt, New York restaurant.

Your financial documents 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 these records. This can make it easier for you to transmit the records to potential buyers.

Likewise, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things can create legal issues for you if a buyer later discovers these liabilities post signing the deal.

#3 Gather the Information On Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow planning to sell your Cortlandt, New York restaurant.

The estimated time it takes to sell a Cortlandt, New York restaurant is 6 months. Within the six months, there is a lot you can do in order to increase your profit and cut various costs, and therefore increase the value of your Cortlandt, 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 help you in coming up with the probable value of your Cortlandt, New York restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Cortlandt, New York restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Cortlandt, New York restaurant does not appeal to buyers, they might take a pass without a second look.

To prevent this from happening, all things in and out of your Cortlandt, New York restaurant must be cleaned and maintained. Landscaping and a clean parking area can help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are also small things that could help create a memorable initial impression.

Additionally, you should make sure that all the equipment is in top condition. If your equipment is not functioning, it can send the message that you're hurried to pass a bad deal to the buyer.

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

You should appear credible in order to build the confidence of prospective buyers concerning buying your Cortlandt, New York restaurant.

#7 look for Cortlandt Buyers

Searching for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Cortlandt, New York restaurant broker to help. The professional Cortlandt, New York restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can list your Cortlandt, New York restaurant on business websites and tell family and friends about your intentions to market for sale your Cortlandt, New York restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could walk into your Cortlandt, New York restaurant. Some buyers might even come in as customers in order to perform some research before reaching out to you.

#9 Sell Your Cortlandt, New York Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the contract. The paperwork will usually start with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Involving 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 Cortlandt, New York restaurant, items and equipment as well as inventory value.

Choosing a Cortlandt, New York Restaurant Broker

While attempting to sell your Cortlandt, New York restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business deal, you need a higher level of experience in order to stand above and against your cometitors while attempting to attract buyers.

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

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

Contact a Cortlandt, New York Restaurant Broker

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

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

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