Are You Ready to Sell Your East Chester, New York Restaurant?

Following years of hard work, you have decided to sell your East Chester, New York restaurant

Considering opening a new eatery, moving, or maybe retiring. No matter the reason, selling your East Chester, New York restaurant can be a lot more complicated than you may think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the time you may have put into it.

Necessary Steps to Take in Selling Your Restaurant

You can either think to hire a East Chester, New York restaurant broker to help you in selling your East Chester, New York restaurant or do the task on your own. Whether considering selling your East Chester, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Necessary Paperwork

This is an important preparatory step to take when you commence the process of selling your East Chester, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of a few general documents you may need to have on you:

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

Corbett Restaurant Group comes with experience to assist you in the market for sale of your East Chester, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to reveal all these documents to a potrntial buyer day one. But, you should have them ready because you will certainly need them during the sales process.

Also, putting together these documents lets you see your East Chester, New York restaurant through the lens of a buyer. It provides you a clear image of the East Chester, New York restaurant you are offering for sale. In addition, it allows you to identify whether there are any areas you'll need to address.

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your East Chester, New York restaurant. That’s the reason you should strive to make these documents accurate and well organized.

Offering your financial documents to potential buyers could assist to clear any hesitations they may have regarding your East Chester, New York restaurant.

The financial documents could include:

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

Also, ensure you have soft copies of all of these documents. This may make it easier for you to send the documentation to prospective buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later discovers these ommissions after closing the deal.

#3 Gather the Details of Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth analysis of your financial records, whether favorable or not, this helps them estimate the value of your East Chester, 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 planning to sell your East Chester, New York restaurant.

The average time it may take to sell a East Chester, New York restaurant is six months. Within the six months, there is a lot you can do to strengthen your profit and cut several costs, and thus strengthen the worth of your East Chester, 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 estimate your assets.

This will help you in estimating the probable value of your East Chester, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your East Chester, New York restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your East Chester, New York restaurant does not appeal to buyers, they might pass over right off the bat.

To avoid this from happening, everything in and out of your East Chester, New York restaurant must be clean. Landscaping and a clean parking lot may help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a neat floor are other simple items that can help create a memorable initial impression.

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

Non-functional equipment can raise doubt about your financial status and production abilities. It may even lower the excitment of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 Search for East Chester Buyers

Searching for prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced East Chester, New York restaurant broker to help. The professional East Chester, New York restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can offer your East Chester, New York restaurant on business websites and let your family and friends know about your plans to market for sale your East Chester, New York restaurant.

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

#8 Be Prepared

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

You never know when a buyer could walk into your East Chester, New York restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your East Chester, New York Restaurant

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

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

This agreement includes details such as the selling price of your East Chester, New York restaurant, items and equipment and inventory value.

Choosing a East Chester, New York Restaurant Broker

While trying to sell your East Chester, New York restaurant on your own can be an exhilarating project, it could also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business transaction, you need a higher level of experience in order to stand out against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced East Chester, New York restaurant broker is needed. A East Chester, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your East Chester, New York restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a East Chester, New York Restaurant Broker

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

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

East Chester Zip Codes We Support: 10583, 10707, 10708, 10709