Right Time to Sell Your Guilderland, New York Restaurant?

Following years of hard work, you have made the decision sell your Guilderland, New York restaurant

Contemplating starting a different eatery, relocating, or maybe retiring. Regardless of the reason, selling a Guilderland, New York restaurant can be way more difficult than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the sweat you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You can either make the decision to contract with a eatery broker to help you in selling your Guilderland, New York restaurant or take on the task on your own. Whether considering selling your Guilderland, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Business Documentation

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

The necessary paperwork may vary from state to state--even in New York, but below is a list of some general documents you may be requierd to have on you:

• Gather 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

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It's probably best not to reveal the majority of these documents to a prospective buyer right away. However, you should have them ready because you will eventually need them during the sales process.

In addition, compiling these documents allows you to see your Guilderland, New York restaurant through the lens of a buyer. It provides you a clear image of the Guilderland, New York restaurant you are offering for sale. In addition, it helps you identify if there are any areas you will need to address.

#2 Get Your Financial Records in Order

Your financial documents are an important detail of selling your Guilderland, New York restaurant. This is the reason you should make it a priority to have your documents accurate and organized.

Offering your financial documents to possible buyers could aid clear any doubt they might have regarding your Guilderland, New York restaurant.

The financial documents may include:

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

In addition, ensure you have hard copies of all of these records. This will make it easier for you to transmit the information to potential buyers.

In addition, as a seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these things can create legal problems for you if a buyer later discovers these ommissions after closing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Guilderland, New York restaurant, you need to understand of your commercial lease. It could be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the true value of the Guilderland, New York restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow starting to sell your Guilderland, New York restaurant.

The average time it takes to sell a Guilderland, New York restaurant is 6 months. Within those six months, there are several things you can do in order to strengthen your profit and slash various costs, and therefore increase the worth of your Guilderland, 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 could assist you in estimating the probable value of your Guilderland, New York restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Guilderland, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general look of your Guilderland, New York restaurant does not look good to buyers, they might pass over right off the bat.

To avoid this from happening, all things in and out of your Guilderland, New York restaurant must be clean. Manicured and a clean parking area can help create appeal for potential buyers.

Spot-free windows, polished door handles and a neat floor are also simple items that could help create a memorable initial impression.

Furthermore, you should make sure all your equipment is in top condition. If your equipment is not working properly, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial status and production abilities. It can even lower the mood of your employees, which in response, 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 purchasing your Guilderland, New York restaurant.

#7 Search for Guilderland 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 Guilderland, New York restaurant broker to help. The professional Guilderland, New York restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this task alone, you will need to create proper advertising. You can market your Guilderland, New York restaurant on business websites and tell family and friends about your plans to market for sale your Guilderland, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Guilderland, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Guilderland, New York Restaurant Broker

Although trying to sell your Guilderland, New York restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to get the most from of the business deal, you need a higher level of experience in order to stand above and against the competition while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Guilderland, New York restaurant broker comes in. A Guilderland, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Guilderland, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

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

Contact a Guilderland, New York Restaurant Broker

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

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

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