Right Time to Sell Your Hempstead, New York Restaurant?

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

Considering opening a different eatery, relocating, or even retiring. Regardless of the reason, selling your Hempstead, New York restaurant can be a lot more difficult than you might realize. Thats because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the labor you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to help you in selling your Hempstead, New York restaurant or do the task yourself. Whether considering selling your Hempstead, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather the Important Documentation

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

The required paperwork 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 ready:

• 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

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

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

Also, compiling these documents lets you view your Hempstead, New York restaurant through the lens of a buyer. This provides you a clear image of the Hempstead, New York restaurant you are offering for sale. Furthermore, it helps you identify whether there are any concerns you will need to address.

#2 Get Your Financial Documents in Order

Your financial records are an important detail of selling your Hempstead, New York restaurant. That’s the reason you should make it a priority to make these documents complete and well organized.

Showing your financial records to possible buyers may help clear any doubt they might have concerning your Hempstead, New York restaurant.

The financial records could include:

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

Also, make sure you have duplicate copies of all of these documents. This could make it easier for you to send the records to prospective buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later on discovers these ommissions post completing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Hempstead, New York restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Hempstead, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors may request an in-depth analysis of your financials, whether favorable or not, this helps them evaluate the value of the Hempstead, New York restaurant.

This will be in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow planning to sell your Hempstead, New York restaurant.

The average time it takes to sell a Hempstead, New York restaurant is 6 months. Within the six months, there are several things you can do in order to increase your profit and reduce several costs, and therefore increase the value of your Hempstead, 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 will help you in coming up with the probable value of your Hempstead, New York restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Hempstead, New York restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the overall appearance of your Hempstead, New York restaurant does not appeal to buyers, they likely pass over immediately.

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

Clean windows, polished handles and a presentable floor are other simple items that would help create a great initial impression.

Furthermore, you should ensure that all the equipment is in satisfactory condition. If your equipment is not functioning, 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 capabilities and production abilities. It can even dampen the mood of your staff, 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 buying your Hempstead, New York restaurant.

#7 Search for Hempstead Buyers

Searching for potential buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Hempstead, New York restaurant broker to help. The professional Hempstead, New York restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this project alone, you will need to carry out proper advertising. You can show your Hempstead, New York restaurant on listing websites and tell family and friends about your intentions to sell your Hempstead, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Hempstead, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the transaction. The paperwork will usually begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Hempstead, New York Restaurant Broker

While trying to sell your Hempstead, New York restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business deal, you need a higher level of experience in order to stand above and against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Hempstead, New York restaurant broker is recommended. A Hempstead, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Hempstead, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Hempstead, New York Restaurant Broker

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

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

Hempstead Zip Codes We Support: 11549, 11550, 11551