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

Following years of sweat equity, you have decided to sell your Elmont, New York restaurant

Contemplating opening a new eatery, relocating, or maybe retiring. No matter the reason, selling your Elmont, New York restaurant can be way more difficult than you might realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You can either decide to hire a Elmont, New York restaurant broker to assist you in selling your Elmont, New York restaurant or take on the task on your own. Whether considering selling your Elmont, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Necessary Documentation

This is a necessary first step to take when you commence the process of marketing your Elmont, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but the following is a list of a few generalized documents you may find helpful to have on you:

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

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You certainly do not want to show the majority of these documents to a prospective buyer right away. But, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents lets you view your Elmont, New York restaurant through the lens of a buyer. This provides you a clear image of the Elmont, New York restaurant you're offering for sale. In addition, it helps you show if there are any areas you will have to take care of.

#2 Get Your Financial Records in Order

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

Offering your financial documents to prospective buyers may assist to clear any hesitations they may have regarding your Elmont, New York restaurant.

These financial records could 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 transmit the records to potential buyers.

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

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Elmont, New York restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Elmont, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed evaluation of your financials, whether favorable or not, this helps with estimating the true value of your Elmont, New York restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to build up your cash flow planning to sell your Elmont, New York restaurant.

The average time it takes to sell a Elmont, New York restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and slash several costs, and thus increase the worth of your Elmont, 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 could assist you in estimating the overall value of your Elmont, New York restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Elmont, New York restaurant can go a long way in helping you bring potential buyers. Conversely, if the general aesthetic of your Elmont, New York restaurant does not look good to buyers, they could pass over immediately.

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

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

Furthermore, you should ensure all your equipment is in top 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.

Non-functional equipment can raise doubt about your financial capabilities and production abilities. It could even dampen the mood of your employees, which 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 Elmont, New York restaurant.

#7 Search for Elmont Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire an experienced Elmont, New York restaurant broker to help. A professional Elmont, New York restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can list your Elmont, New York restaurant on listing websites and let your family and friends know about your intentions to sell your Elmont, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Elmont, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the transaction. The documentation often start with the Asset Purchase Agreement.

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

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

Choosing a Elmont, New York Restaurant Broker

While attempting to sell your Elmont, New York restaurant on your own can be an exciting project, it can also be quite risky, especially for first-timers.

The fact remains, 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 the cometitors while trying to attract buyers.

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

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

Contact a Elmont, New York Restaurant Broker

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

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

Elmont Zip Codes We Support: 11001, 11003