Time to Sell Your East Setauket, New York Restaurant?

After years of labor, you have made the decision sell your East Setauket, New York restaurant

Contemplating starting a different eatery, relocating, or maybe retiring. Regardless of the reason, selling a East Setauket, New York restaurant can be a lot more challenging than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the labor you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your East Setauket, New York restaurant or take on the task yourself. If you are considering selling your East Setauket, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Business Paperwork

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

The required documents may vary from state to state--even in New York, but the following is a list of a few generalized documents you may be requierd to have prepared:

• A list of your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• Architectural drawings
• 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 potrntial buyer first day. But, you may want to have them ready because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your East Setauket, New York restaurant through the lens of a buyer. It gives you a clear picture of the East Setauket, New York restaurant you are selling. In addition, it helps you identify whether there are any areas you will have to take care of.

#2 Put Your Financials in Order

Your financial documents are an important part of selling your East Setauket, New York restaurant. That’s why you should strive to have these documents complete and well organized.

Showing your financial documents to prospective buyers may assist to clear any doubt they might have regarding your East Setauket, New York restaurant.

These financial documents can 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 documents. This can make it easier for you to send the documentation to prospective buyers.

Likewise, as the seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later on discovers these liabilities post sealing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your East Setauket, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your East Setauket, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this helps them estimate the true value of the East Setauket, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow before trying to sell your East Setauket, New York restaurant.

The average time it may take to sell a East Setauket, New York restaurant is 6 months. Within those six months, there are several things you can do to increase your profit and cut various costs, and therefore strengthen the worth of your East Setauket, New York restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may aid you in coming up with the probable worth of your East Setauket, New York restaurant. When you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your East Setauket, New York restaurant will go a long way in helping you bring potential buyers. Conversely, if the general appearance of your East Setauket, New York restaurant does not appeal to buyers, they likely take a pass without a second look.

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

Clean windows, polished door handles and a presentable floor are also simple things that would help create a great initial impression.

Additionally, you should ensure that all your equipment is in satisfactory condition. If your equipment is not functioning, it may send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial status and production capabilities. It could even dampen the excitment of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning purchasing your East Setauket, New York restaurant.

#7 Search for East Setauket Buyers

Searching for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced East Setauket, New York restaurant broker to help. A professional East Setauket, New York restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this task by yourself, you will need to carry out appropriate advertising. You can show your East Setauket, New York restaurant on listing websites and let your family and friends know about your plans to sell your East Setauket, New York restaurant.

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

#8 Be Prepared

If you decide to sell your East Setauket, New York restaurant yourself, or through a East Setauket, New York restaurant broker, you need to always be prepared. Be prepared to show your East Setauket, New York restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your East Setauket, New York restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your East Setauket, 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 paperwork to finalize the contract. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a East Setauket, New York Restaurant Broker

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

It's true, if you're looking to get the most from of the business transaction, you need a higher level of expertise to stand out against the cometitors while trying to find buyers.

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

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

Contact a East Setauket, New York Restaurant Broker

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

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

East Setauket Zip Codes We Support: 11733