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

Following years of labor, you have made the decision sell your Elmira, New York restaurant

Considering starting a different eatery, relocating, or maybe retiring. No matter the reason, selling a Elmira, New York restaurant can be way more challenging than you might think. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the sweat you’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

You may either make the decision to contract with a Elmira, New York restaurant broker to guide you in selling your Elmira, New York restaurant or do the task yourself. Whether considering selling your Elmira, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Gather any Important Paperwork

This is a necessary first step to make when you begin the process of marketing your Elmira, New York restaurant.

The necessary paperwork 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 ready:

• Gather your assets
• Lease documentation
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• 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 Elmira, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to show all these documents to a potrntial buyer first day. However, you should have them at hand because you will certainly require them during the sales process.

Also, putting together these documents lets you see your Elmira, New York restaurant through the lens of a buyer. This provides you a clear image of the Elmira, New York restaurant you're offering for sale. Furthermore, it helps you show whether there are any areas you will need to take care of.

#2 Put Your Financials in Order

Your financial records are a crucial detail of selling your Elmira, New York restaurant. That’s why you should strive to make your documents accurate and organized.

Showing your financial records to potential buyers may assist to clear any hesitations they might have concerning your Elmira, New York restaurant.

These financial documents may include:

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

In addition, make sure you have duplicate copies of all of these documents. This may make it easier for you to send the information to prospective buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things can create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Elmira, New York restaurant, you must find out the terms of your commercial lease. It would 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 Elmira, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you increase sales and reduce expenses to build your cash flow planning to sell your Elmira, New York restaurant.

The average time it takes to sell a Elmira, New York restaurant is six months. Within the six months, there is a lot you can do in order to increase your profit and slash several costs, and thus strengthen the worth of your Elmira, New York restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will assist you in estimating the overall value of your Elmira, New York restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Elmira, New York restaurant will go a great distance in helping you bring potential buyers. Alternatively, if the overall look of your Elmira, New York restaurant does not appeal to buyers, they likely take a pass without consideration.

To prevent this from happening, everything in and out of your Elmira, New York restaurant must be clean. Landscaped and a clean parking lot could help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are other easy items that would help create a memorable initial impression.

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

Faulty equipment may rouse doubt about your financial situation and output capabilities. It may even dampen the mood of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Elmira Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced Elmira, New York restaurant broker to help. A professional Elmira, New York restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task yourself, you will need to carry out proper advertising. You can market your Elmira, New York restaurant on business websites and tell family and friends about your intentions to market for sale your Elmira, New York restaurant.

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

#8 Be Prepared

Whether you decide to sell your Elmira, New York restaurant yourself, or through a Elmira, New York restaurant broker, you need to always be ready. Be ready to show your Elmira, New York restaurant to potential buyers at all times.

You will never know when a buyer could visit your Elmira, New York restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Elmira, 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 complete the deal. The documentation will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Elmira, New York Restaurant Broker

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

It's true, if you're looking to achieve the most out of the business transaction, you need a higher level of expertise in order to stand above and against your competition while attempting to find buyers.

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

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

Contact a Elmira, New York Restaurant Broker

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

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

Elmira Zip Codes We Support: 14901, 14902, 14903, 14904, 14905, 14925