Right Time to Sell Your Greece, New York Restaurant?

After years of labor, you have decided to sell your Greece, New York restaurant

Contemplating opening a different eatery, moving, or maybe retiring. No matter the reason, selling a Greece, New York restaurant can be a lot more complicated than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the labor you may have put into it.

Necessary Actions to Consider when Selling Your Restaurant

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

#1 Put Together all Necessary Documentation

This is a necessary first step to make when you commence the process of selling your Greece, New York restaurant.

The required documents may vary from state to state--even in New York, but below is a list of a few general documents you may need to have at hand:

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

Corbett Restaurant Group has the experience to assist you in the sale of your Greece, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to show the majority of 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 Greece, New York restaurant through the lens of a buyer. It gives you a clear image of the Greece, New York restaurant you're selling. In addition, it allows you to identify if there are any loopholes you will need to address.

#2 Put Your Financials in Order

Your financial records are an important aspect of selling your Greece, New York restaurant. This is the reason you should make it a priority to have these documents complete and organized.

Offering your financial documents to prospective buyers could help clear any hesitations they might have concerning your Greece, New York restaurant.

Your financial records could include:

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

Also, ensure you have hard copies of all of the documents. This could make it easier for you to send the documentation to potential buyers.

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

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Greece, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents 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 Greece, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps them estimate the value of your Greece, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build your cash flow planning to sell your Greece, New York restaurant.

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

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

This could help you in deriving the probable worth of your Greece, New York restaurant. If you understand the overall value this could help you settle on a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Greece, New York restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the general aesthetic of your Greece, New York restaurant does not appeal to buyers, they might pass over immediately.

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

Clean windows, polished door handles and a neat floor are also easy things that could 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 can send the message that you are in a hurry to pass a bad deal to the buyer.

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

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

#7 look for Greece Buyers

Searching for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire an experienced Greece, New York restaurant broker to help. A professional Greece, New York restaurant broker will offer recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to create appropriate advertising. You can market your Greece, New York restaurant on business websites and let your family and friends know about your intentions to sell your Greece, New York restaurant.

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

#8 Be Prepared

If you decide to sell your Greece, New York restaurant yourself, or through a Greece, New York restaurant broker, you need to always be prepared. Be ready to show your Greece, New York restaurant to prospective buyers at all times.

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

#9 Sell Your Greece, New York Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to finalize the contract. The documentation often start with the Asset Purchase Agreement.

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

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

Choosing a Greece, New York Restaurant Broker

While attempting to sell your Greece, New York restaurant on your own can be an exhilarating project, it could also be very risky, especially for first time sellers.

The fact remains, in order for you to get the most from of the business transaction, you need some level of expertise in order to stand above and against your cometitors while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Greece, New York restaurant broker is recommended. A Greece, New York restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Greece, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Greece, New York Restaurant Broker

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

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

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