Are You Ready to Sell Your Garden City, New York Restaurant?

Following years of hard work, you have decided to sell your Garden City, New York restaurant

Contemplating opening a different Garden City, New York restaurant, moving, or maybe slowing down. No matter the reason, selling a Garden City, New York restaurant can be way more complicated than you might realize. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough proceeds for all the sweat you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either decide to contract with a eatery broker to guide you in selling your Garden City, New York restaurant or take on the task yourself. If you are considering selling your Garden City, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together any Business Paperwork

This is an important preparatory step to take when you begin the process of offering your Garden City, New York restaurant.

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

• Gather your assets
• Lease document
• 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 expertise to assist you in the market for sale of your Garden City, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to reveal all these documents to a prospective buyer day one. However, you should have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your Garden City, New York restaurant through the lens of a buyer. This provides you a clear picture of the Garden City, New York restaurant you are selling. In addition, it helps you identify whether there are any loopholes you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial part of selling your Garden City, New York restaurant. That’s why you should make an effort to make your documents complete and well organized.

Showing your financial documents to prospective buyers could help clear any doubt they may have concerning your Garden City, 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, ensure you have soft copies of all of these documents. This will make it easier for you to transmit the information to possible buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these items may create legal problems for you if a buyer later discovers these liabilities post sealing the deal.

#3 Organize the Details of Your Commercial Lease

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

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Garden City, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth evaluation of your financials, whether favorable or not, this will help them evaluate the value of the Garden City, 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 Garden City, New York restaurant.

The estimated time it takes to sell a Garden City, New York restaurant is six months. Within the six months, there is a lot you can do in order to strengthen your profit and slash various costs, and therefore increase the worth of your Garden City, New York restaurant.

In addition, when it comes 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 estimating the overall value of your Garden City, New York restaurant. When you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Garden City, New York restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the general look of your Garden City, New York restaurant does not appeal to buyers, they might pass over without consideration.

To avoid this from happening, all things in and out of your Garden City, New York restaurant must be clean. Manicured and a clean parking lot may help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are also easy items that could help create a unforgettable first impression.

Additionally, you should ensure that all your equipment is in satisfactory 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 could raise doubt about your financial capabilities and production capabilities. It may even lower the morale of your employees, 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 buying your Garden City, New York restaurant.

#7 look for Garden City Buyers

Searching for prospective buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional Garden City, New York restaurant broker to help. The professional Garden City, New York restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this project alone, you will need to carry out proper advertising. You can offer your Garden City, New York restaurant on listing websites and let your family and friends know about your plans to market for sale your Garden City, New York restaurant.

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

#8 Be Ready

Whether you decide to sell your Garden City, New York restaurant yourself, or with a a Garden City, New York restaurant broker, you should always be prepared. Be prepared to show your Garden City, New York restaurant to potential buyers at all times.

You never know when a buyer could walk into your Garden City, New York restaurant. Some buyers may even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Garden City, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the deal. The documentation will likely begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Involving 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 Garden City, New York restaurant, assets and equipment as well as inventory value.

Choosing a Garden City, New York Restaurant Broker

While attempting to sell your Garden City, New York restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business transaction, you need some level of experience to stand above and against the competition while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Garden City, New York restaurant broker is needed. A Garden City, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Garden City, New York restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Garden City, New York Restaurant Broker

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

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

Garden City Zip Codes We Support: 11501, 11530, 11531, 11535, 11552, 11599