Decided to Sell Your Hicksville, New York Restaurant?

After years of sweat equity, you have made the decision sell your Hicksville, New York restaurant

Contemplating starting a new Hicksville, New York restaurant, moving, or even retiring. Regardless of the reason, selling your Hicksville, New York restaurant can be a lot more difficult than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully exit with enough profit for all the time you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either decide to contract with a Hicksville, New York restaurant broker to help you in selling your Hicksville, New York restaurant or take on the task yourself. If you are considering selling your Hicksville, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Important Paperwork

This is an important preparatory step to take when you commence the process of marketing your Hicksville, New York restaurant.

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

• Gather your assets
• Lease document
• 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 has the expertise to assist you in the market for sale of your Hicksville, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

Also, compiling these documents lets you see your Hicksville, New York restaurant through the lens of a buyer. This gives you a clear picture of the Hicksville, New York restaurant you're selling. Furthermore, it allows you to identify if there are any loopholes you'll need to address.

#2 Get Your Financial Records in Order

Your financial records are a crucial aspect of selling your Hicksville, New York restaurant. That’s the reason you should strive to make your documents accurate and organized.

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

Your financial records can include:

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

In addition, ensure you have soft copies of all of these records. This could make it easier for you to send the information to prospective buyers.

Also, as the seller, you must disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things may create legal problems for you if a buyer later discovers these liabilities after completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Hicksville, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Hicksville, New York restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this will help them estimate the value of the Hicksville, New York restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow before trying to sell your Hicksville, New York restaurant.

The average time it may take to sell a Hicksville, New York restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and cut various costs, and thus increase the value of your Hicksville, 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 value your assets.

This will assist you in estimating the probable value of your Hicksville, New York restaurant. If you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Hicksville, New York restaurant will go a long way in helping you bring potential buyers. Alternatively, if the general aesthetic of your Hicksville, New York restaurant does not look good to buyers, they likely take a pass without consideration.

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

Clean windows, polished handles and a presentable floor are also small items that would help create a memorable initial impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it could convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial situation and output capabilities. It can even dampen the excitment of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 Search for Hicksville Buyers

Marketing to potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Hicksville, New York restaurant broker to help. A professional Hicksville, New York restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this project yourself, you will need to create proper advertising. You can show your Hicksville, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Hicksville, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Hicksville, New York Restaurant

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

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

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

Choosing a Hicksville, New York Restaurant Broker

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

It's true, in order for you to get the most from of the business deal, you need some level of experience in order to stand above and against the cometitors while trying to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Hicksville, New York restaurant broker is needed. A Hicksville, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Hicksville, New York restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Hicksville, New York Restaurant Broker

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

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

Hicksville Zip Codes We Support: 11590, 11791, 11801, 11802, 11815, 11819, 11854, 11855