Time to Sell Your Greenburgh, New York Restaurant?

Following years of sweat equity, you have made the decision sell your Greenburgh, New York restaurant

Considering starting a new Greenburgh, New York restaurant, moving, or maybe retiring. No matter the reason, selling a Greenburgh, New York restaurant can be way more complicated than you might think. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the labor you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You may either decide to contract with a eatery broker to assist you in selling your Greenburgh, New York restaurant or take on the task on your own. If you are considering selling your Greenburgh, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Important Paperwork

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

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

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

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

You certainly do not want to reveal the majority of these documents to a potrntial buyer first day. However, you may want to have them on hand because you will eventually require them during the sales process.

Also, compiling these documents lets you view your Greenburgh, New York restaurant through the lens of a buyer. This gives you a clear image of the Greenburgh, New York restaurant you're selling. Furthermore, it helps you identify if there are any areas you'll have to take care of.

#2 Get Your Financial Records in Order

Your financial records are a crucial detail of selling your Greenburgh, New York restaurant. This is why you should make an effort to have your documents complete and well organized.

Offering your financial records to potential buyers could help clear any doubt they may have concerning your Greenburgh, New York restaurant.

Your financial documents 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 the records. This can make it easier for you to transmit the documentation to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these things may create legal problems for you if a buyer later discovers these ommissions post sealing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Greenburgh, New York restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Greenburgh, New York restaurant and to potentially extend your lease.

#4 Appraise 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 the Greenburgh, New York restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow planning to sell your Greenburgh, New York restaurant.

The average time it takes to sell a Greenburgh, New York restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and cut several costs, and thus strengthen the value of your Greenburgh, New York restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may assist you in coming up with the probable value of your Greenburgh, New York restaurant. When you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Better

The appearance of your Greenburgh, New York restaurant will go a long way in helping you attract potential buyers. Alternatively, if the general look of your Greenburgh, New York restaurant does not appeal to buyers, they might take a pass right off the bat.

To avoid this from happening, everything in and out of your Greenburgh, New York restaurant must be cleaned and maintained. Landscaped and a clean parking area may help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are other easy items that could help create a great initial impression.

Additionally, you should make sure all the equipment is in top condition. If your equipment is not functioning, it might convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial situation and output abilities. It can even lower the mood 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 prospective buyers regarding purchasing your Greenburgh, New York restaurant.

#7 look for Greenburgh Buyers

Searching for potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire an experienced Greenburgh, New York restaurant broker to help. A professional Greenburgh, New York restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this project yourself, you will need to carry out appropriate advertising. You can market your Greenburgh, New York restaurant on business websites and let your family and friends know about your plans to sell your Greenburgh, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Greenburgh, New York Restaurant

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

You may need your attorney’s assistance in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Greenburgh, New York Restaurant Broker

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

The fact remains, if you're looking 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 find buyers.

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

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

Contact a Greenburgh, New York Restaurant Broker

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

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

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