Ready to Sell Your Glenville, New York Restaurant?

After years of sweat equity, you have made the decision sell your Glenville, New York restaurant

Contemplating starting a new Glenville, New York restaurant, moving, or even slowing down. No matter the reason, selling your Glenville, New York restaurant can be way more complicated than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough money for all the time you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either think to hire a Glenville, New York restaurant broker to assist you in selling your Glenville, New York restaurant or take on the task yourself. Whether considering selling your Glenville, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Put Together any Important Paperwork

This is a necessary preparatory step to take when you begin the process of marketing your Glenville, 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 generalized documents you may be requierd to have on you:

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

Corbett Restaurant Group comes with expertise to help you in the market for sale of your Glenville, New York restaurant. Call today for a no strings attached business review at (888) 266-5182.

You probably do not want to show all these documents to a potrntial buyer right away. However, you may want to have them ready because you will eventually need them during the sales process.

In addition, compiling these documents allows you to view your Glenville, New York restaurant through the lens of a buyer. This provides you a clear picture of the Glenville, New York restaurant you're selling. In addition, it allows you to identify whether there are any loopholes you'll need to address.

#2 Get Your Financial Records in Order

Your financial documents are an important part of selling your Glenville, New York restaurant. That’s why you should make it a priority to have these documents complete and well organized.

Offering your financial records to potential buyers may assist to clear any doubt they may have regarding your Glenville, New York restaurant.

The financial records could include:

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

Also, ensure you have duplicate copies of all of these documents. This could make it easier for you to send the information to prospective buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these items can create legal issues for you if a buyer later on discovers these ommissions after closing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Glenville, New York restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to talk to your landlord concerning your plan to sell your Glenville, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow planning to sell your Glenville, New York restaurant.

The average time it takes to sell a Glenville, New York restaurant is 6 months. Within the six months, there are several things you can do in order to strengthen your profit and slash various costs, and therefore strengthen the worth of your Glenville, New York restaurant.

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

This will aid you in deriving the probable value of your Glenville, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Glenville, New York restaurant can go a great distance in helping you attract potential buyers. Conversely, if the general appearance of your Glenville, New York restaurant does not appeal to buyers, they likely pass over without a second look.

To avoid this from happening, everything in and out of your Glenville, New York restaurant must be clean. Landscaping and a clean parking lot may help create appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are also easy items that can help create a great first impression.

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

Non-functional equipment can raise doubt about your financial situation and output capabilities. It may even lower the morale of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Glenville Buyers

Marketing to potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Glenville, New York restaurant broker to help. A professional Glenville, New York restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this project alone, you will need to carry out proper advertising. You can offer your Glenville, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Glenville, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Glenville, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the deal. The paperwork will usually begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Glenville, New York Restaurant Broker

Although attempting to sell your Glenville, 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 get the most from of the business deal, you need a higher level of experience to stand above and against the competition while trying to attract buyers.

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

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

Contact a Glenville, New York Restaurant Broker

Deciding to sell your Glenville, New York restaurant through a Glenville, New York restaurant broker has many advantages. First, however, you need to select the best Glenville, New York restaurant broker to help you in selling your Glenville, New York restaurant.

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

Glenville Zip Codes We Support: 12008, 12010, 12019, 12027, 12302