Time to Sell Your Glen Cove, New York Restaurant?

After years of sweat equity, you have decided to sell your Glen Cove, New York restaurant

Contemplating starting a new eatery, relocating, or even slowing down. Regardless of the reason, selling a Glen Cove, New York restaurant can be a lot more challenging than you may think. This is because it takes careful preparation and a solid game plan to successfully get out with enough money for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either make the decision to contract with a Glen Cove, New York restaurant broker to guide you in selling your Glen Cove, New York restaurant or take on the task yourself. Whether considering selling your Glen Cove, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather all Business Documentation

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

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

• 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 experience to help you in the sale of your Glen Cove, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

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

In addition, compiling these documents lets you view your Glen Cove, New York restaurant through the lens of a buyer. This gives you a clear picture of the Glen Cove, New York restaurant you're selling. In addition, it allows you to identify if there are any loopholes you will have to take care of.

#2 Get Your Financial Documents in Order

Your financial records are an important aspect of selling your Glen Cove, New York restaurant. This is why you should make an effort to make these documents complete and well organized.

Showing your financial documents to potential buyers could aid clear any hesitations they may have concerning your Glen Cove, 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 duplicate copies of all of these documents. This may make it easier for you to send the documentation to potential buyers.

Also, as a seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later on discovers these ommissions after completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Glen Cove, New York restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Glen Cove, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the value of your Glen Cove, New York restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build your cash flow before trying to sell your Glen Cove, New York restaurant.

The estimated time it may take to sell a Glen Cove, New York restaurant is 6 months. Within the six months, there are many things you can do to strengthen your profit and cut several costs, and therefore strengthen the worth of your Glen Cove, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will assist you in coming up with the probable worth of your Glen Cove, New York restaurant. When you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Glen Cove, New York restaurant can go a great distance in helping you bring potential buyers. Conversely, if the overall look of your Glen Cove, New York restaurant does not appeal to buyers, they could pass over right off the bat.

To prevent this from happening, all things in and out of your Glen Cove, New York restaurant must be clean. Landscaped and a clean parking area could help create appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are also simple things that would help create a great first impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working properly, it may send the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial situation and output abilities. It may even lower the mood of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding buying your Glen Cove, New York restaurant.

#7 look for Glen Cove Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Glen Cove, New York restaurant broker to help. A professional Glen Cove, New York restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to handle this project by yourself, you will need to carry out appropriate advertising. You can offer your Glen Cove, New York restaurant on business websites and tell family and friends about your plans to sell your Glen Cove, New York restaurant.

As you will likely come across competition when trying to sell your Glen Cove, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

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

You'll never know when a buyer will walk into your Glen Cove, New York restaurant. Some buyers may even visit as customers in order to carry out some research before reaching out to you.

#9 Sell Your Glen Cove, 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 documentation to complete the transaction. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Glen Cove, New York Restaurant Broker

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

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

Experience is also vital during negotiations with potential buyers. This is when an experienced Glen Cove, New York restaurant broker is recommended. A Glen Cove, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Glen Cove, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Glen Cove, New York Restaurant Broker

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

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

Glen Cove Zip Codes We Support: 11542, 11560