Right Time to Sell Your Grand Island, New York Restaurant?

Following years of labor, you have decided to sell your Grand Island, New York restaurant

Contemplating starting a different eatery, relocating, or maybe slowing down. Regardless of the reason, selling your Grand Island, New York restaurant can be a lot more difficult than you may realize. This is because it takes careful preparation and a solid game plan to successfully exit with enough money for all the labor you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either decide to hire a eatery broker to help you in selling your Grand Island, New York restaurant or do the task yourself. If you are considering selling your Grand Island, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together the Necessary Paperwork

This is an important preparatory step to take when you commence the process of marketing your Grand Island, New York restaurant.

The required paperwork may vary from state to state--even in New York, but below 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 drawings
• Financial statements and other important financial documents

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

You certainly do not want to show all these documents to a possible buyer right away. However, you should have them at hand because you will eventually require them during the sales process.

Also, compiling these documents lets you see your Grand Island, New York restaurant through the lens of a buyer. This provides you a clear picture of the Grand Island, New York restaurant you're offering for sale. Furthermore, it allows you to identify if there are any loopholes you will need to take care of.

#2 Put Your Financial Records in Order

Your financial records are a crucial aspect of selling your Grand Island, New York restaurant. That’s the reason you should make it a priority to have your documents accurate and organized.

Offering your financial documents to potential buyers could help clear any doubt they might have regarding your Grand Island, New York restaurant.

These financial documents could include:

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

Also, ensure you have soft copies of all of the records. This can make it easier for you to transmit the documentation to possible buyers.

Likewise, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items could create legal problems for you if a buyer later on discovers these ommissions post signing the deal.

#3 Put Together the Details of Your Commercial Lease

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

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this will help them estimate the value of your Grand Island, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow before trying to sell your Grand Island, New York restaurant.

The estimated time it takes to sell a Grand Island, New York restaurant is six months. Within the six months, there are several things you can do in order to increase your profit and cut various costs, and therefore increase the value of your Grand Island, New York restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This may assist you in coming up with the probable value of your Grand Island, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Grand Island, New York restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the general look of your Grand Island, New York restaurant does not look good to buyers, they could pass over right off the bat.

To prevent this from happening, everything in and out of your Grand Island, New York restaurant must be clean. Landscaped and a clean parking area can help create curb appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are also small items that would help create a memorable first impression.

Furthermore, you should make sure that all the equipment is in satisfactory condition. If your equipment is not working properly, it can convey the message that you are hurried to pass a bad deal to the buyer.

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

You should look credible in order to build the confidence of prospective buyers concerning buying your Grand Island, New York restaurant.

#7 Search for Grand Island Buyers

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

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

#8 Be Prepared

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

You never know when a buyer could visit your Grand Island, New York restaurant. Some buyers might even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Grand Island, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the transaction. The documentation often begin with the Asset Purchase Agreement.

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

This document includes details such as the selling price of your Grand Island, New York restaurant, items and equipment as well as inventory value.

Choosing a Grand Island, New York Restaurant Broker

While attempting to sell your Grand Island, New York restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first-timers.

It's true, in order for you to achieve the most out of the business transaction, you need some level of expertise to stand above and against the cometitors while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Grand Island, New York restaurant broker is needed. A Grand Island, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Grand Island, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Grand Island, New York Restaurant Broker

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

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

Grand Island Zip Codes We Support: 14072