Right Time to Sell Your Harrison, New York Restaurant?

After years of labor, you have made the decision sell your Harrison, New York restaurant

Considering starting a different Harrison, New York restaurant, moving, or even retiring. Regardless of the reason, selling your Harrison, New York restaurant can be way more challenging than you may think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the labor you may have put into it.

Important Actions to Take when Selling Your Restaurant

You may either think to contract with a eatery broker to guide you in selling your Harrison, New York restaurant or take on the task on your own. Whether considering selling your Harrison, 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 any Important Documentation

This is an important initial step to take when you start the process of selling your Harrison, New York restaurant.

The required documents may vary from state to state--even in New York, but the following is a list of some general documents you may find helpful to have at hand:

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

Corbett Restaurant Group comes with expertise to assist you in the sale of your Harrison, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You probably do not want to show the majority of these documents to a possible buyer first day. But, you may want to have them ready because you will eventually require them during the sales process.

In addition, compiling these documents allows you to see your Harrison, New York restaurant through the lens of a buyer. This gives you a clear image of the Harrison, New York restaurant you're offering for sale. Furthermore, it helps you identify whether there are any loopholes you will need to address.

#2 Put Your Financial Records in Order

Your financial records are an important part of selling your Harrison, New York restaurant. This is why you should strive to make these documents complete and well organized.

Offering your financial documents to potential buyers may aid clear any doubt they might have concerning your Harrison, New York restaurant.

These financial documents could 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 documents. This may make it easier for you to send the documentation to potential buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, prospective 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 Harrison, New York restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this will help them evaluate the value of your Harrison, New York restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Harrison, New York restaurant.

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

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

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

#5 Make Your Restaurant Look Awesome

The first impression of your Harrison, New York restaurant will go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Harrison, New York restaurant does not appeal to buyers, they could take a pass without a second look.

To prevent this from happening, everything in and out of your Harrison, New York restaurant must be clean. Manicured and a clean parking lot may help create curb appeal for potential buyers.

Clean windows, polished door handles and a presentable floor are other easy items that can help create a great first impression.

Furthermore, you should ensure all your equipment is in satisfactory 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 could raise doubt about your financial situation and output abilities. It could even dampen the mood 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 regarding purchasing your Harrison, New York restaurant.

#7 Search for Harrison Buyers

Looking for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Harrison, New York restaurant broker to help. A professional Harrison, New York restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task alone, you will need to carry out appropriate advertising. You can show your Harrison, New York restaurant on business websites and tell family and friends about your plans to market for sale your Harrison, New York restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will walk into your Harrison, New York restaurant. Some buyers might even come in as customers just to perform some research before contacting you.

#9 Sell Your Harrison, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes 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 helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Harrison, New York Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business transaction, you need a higher level of expertise in order to stand above and against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Harrison, New York restaurant broker is needed. A Harrison, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Harrison, New York restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Harrison, New York Restaurant Broker

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

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

Harrison Zip Codes We Support: 10528, 10577, 10580, 10604