Decided to Sell Your Freeport, New York Restaurant?

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

Considering starting a different eatery, relocating, or even slowing down. No matter the reason, selling your Freeport, New York restaurant can be a lot more difficult than you might realize. Thats because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the labor you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

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

#1 Gather any Important Paperwork

This is an important first step to make when you start the process of marketing your Freeport, New York restaurant.

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

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

Corbett Restaurant Group comes with experience to help you in the sale of your Freeport, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

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

In addition, putting together these documents lets you see your Freeport, New York restaurant through the lens of a buyer. This provides you a clear image of the Freeport, New York restaurant you're selling. In addition, it helps you show if there are any areas you will have to address.

#2 Get Your Financial Records in Order

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

Showing your financial records to prospective buyers could aid clear any doubt they may have regarding your Freeport, New York restaurant.

Your financial records may include:

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

In addition, ensure you have soft copies of all of these documents. This will make it easier for you to send the records to prospective buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these things could create legal issues for you if a buyer later discovers these liabilities after completing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Freeport, New York restaurant, you must find out the terms of your commercial lease. It could be devestating if, after securing a buyer, your lease hinders you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors may request an detailed analysis of your financials, whether favorable or not, this will help them estimate the true value of your Freeport, New York restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Freeport, New York restaurant.

The estimated time it may take to sell a Freeport, New York restaurant is six months. Within those six months, there are several things you can do in order to strengthen your profit and slash several costs, and therefore strengthen the worth of your Freeport, New York restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could aid you in deriving the probable worth of your Freeport, New York restaurant. When you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Freeport, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall look of your Freeport, New York restaurant does not appeal to buyers, they could pass over without consideration.

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

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

Furthermore, you should make sure all the equipment is in satisfactory condition. If your equipment is not working, it could send the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial status and output abilities. It can even lower the mood of your employees, 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 potential buyers regarding purchasing your Freeport, New York restaurant.

#7 look for Freeport Buyers

Marketing to potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Freeport, New York restaurant broker to help. The professional Freeport, New York restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this project alone, you will need to create proper advertising. You can show your Freeport, New York restaurant on listing websites and let your family and friends know about your plans to market for sale your Freeport, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Freeport, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to finalize the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Freeport, New York Restaurant Broker

Although attempting to sell your Freeport, New York restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first time sellers.

The fact remains, if you're looking 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 attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Freeport, New York restaurant broker comes in. A Freeport, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of marketing for sale your Freeport, 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 Freeport, New York restaurant broker, you can maintain your undivided attention on operating your Freeport, New York restaurant and rest easy with the knowledge that a professional is in charge of selling your Freeport, New York restaurant.

Contact a Freeport, New York Restaurant Broker

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

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

Freeport Zip Codes We Support: 11510, 11520, 11575