Time to Sell Your Holbrook, New York Restaurant?

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

Contemplating opening a new eatery, moving, or even slowing down. No matter the reason, selling a Holbrook, New York restaurant can be a lot more difficult than you may realize. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the sweat you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You may either think to contract with a Holbrook, New York restaurant broker to help you in selling your Holbrook, New York restaurant or do the task on your own. If you are considering selling your Holbrook, 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 Business Documentation

This is a necessary initial step to take when you begin the process of offering your Holbrook, New York restaurant.

The necessary documents may vary from state to state--even in New York, but below is a list of a few standard 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 drawings
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to assist you in the market for sale of your Holbrook, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a possible buyer right away. But, you should have them at hand because you will certainly need them during the sales process.

Also, putting together these documents allows you to view your Holbrook, New York restaurant through the lens of a buyer. This provides you a clear image of the Holbrook, New York restaurant you're offering for sale. Furthermore, it helps you show whether there are any concerns you will need to address.

#2 Put Your Financials in Order

Your financial records are an important aspect of selling your Holbrook, New York restaurant. This is why you should make an effort to make these documents accurate and organized.

Offering your financial documents to possible buyers may assist to clear any doubt they might have concerning your Holbrook, New York restaurant.

The financial documents can include:

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

Also, make sure you have hard copies of all of these documents. This may make it easier for you to transmit the documentation to possible buyers.

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

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Holbrook, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

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

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow before trying to sell your Holbrook, New York restaurant.

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

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This may help you in coming up with the probable worth of your Holbrook, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Holbrook, New York restaurant could go a long way in helping you bring potential buyers. Alternatively, if the general look of your Holbrook, New York restaurant does not look good to buyers, they might pass over immediately.

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

Spot-free windows, polished door handles and a neat floor are other easy items that would help create a memorable first impression.

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

Non-functional equipment can raise doubt about your financial situation and production capabilities. It can even lower the excitment of your staff, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your Holbrook, New York restaurant.

#7 Search for Holbrook Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Holbrook, New York restaurant broker to help. The professional Holbrook, New York restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task alone, you will need to create proper advertising. You can market your Holbrook, New York restaurant on listing websites and let your family and friends know about your plans to market for sale your Holbrook, New York restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer could visit your Holbrook, New York restaurant. Some buyers might even visit as customers just to carry out some research before contacting you.

#9 Sell Your Holbrook, New York Restaurant

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

You should have your attorney’s help in creating this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every detail of the deal.

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

Choosing a Holbrook, New York Restaurant Broker

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

It's true, in order for you to achieve the most from of the business deal, you need some level of experience to stand out against your competition while attempting to attract buyers.

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

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

Contact a Holbrook, New York Restaurant Broker

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

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

Holbrook Zip Codes We Support: 11741, 11779