Time to Sell Your Howard Beach, New York Restaurant?

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

Considering starting a different eatery, relocating, or even retiring. Regardless of the reason, selling your Howard Beach, New York restaurant can be way more challenging than you may think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the sweat you’ve put into it.

Important Steps to Take in Selling Your Restaurant

You may either think to hire a eatery broker to guide you in selling your Howard Beach, New York restaurant or do the task yourself. If you are considering selling your Howard Beach, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Put Together any Important Documentation

This is a necessary preparatory step to take when you start the process of offering your Howard Beach, 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 Howard Beach, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to show the majority of these documents to a potrntial buyer right away. But, you may want to have them ready because you will certainly require them during the sales process.

Also, putting together these documents lets you see your Howard Beach, New York restaurant through the lens of a buyer. This provides you a clear picture of the Howard Beach, New York restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any loopholes you'll need to take care of.

#2 Get Your Financials in Order

Your financial documents are a crucial aspect of selling your Howard Beach, New York restaurant. This is why you should make it a priority to make your documents accurate and organized.

Showing your financial documents to possible buyers may aid clear any hesitations they might have concerning your Howard Beach, New York restaurant.

These financial records can include:

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

In addition, make sure you have soft copies of all of the documents. This can make it easier for you to send the documentation to prospective buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things could create legal problems for you if a buyer later discovers these liabilities post sealing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Howard Beach, New York restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the true value of your Howard Beach, New York restaurant.

It is therefore in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow planning to sell your Howard Beach, New York restaurant.

The estimated time it may take to sell a Howard Beach, New York restaurant is six months. Within those six months, there are many things you can do to increase your profit and cut various costs, and therefore strengthen the value of your Howard Beach, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will aid you in estimating the probable value of your Howard Beach, New York restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Howard Beach, New York restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the overall appearance of your Howard Beach, 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 Howard Beach, New York restaurant must be cleaned and maintained. Landscaped and a clean parking lot may help create curb appeal for potential buyers.

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

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

Non-functional equipment may rouse doubt about your financial status and output capabilities. It could even lower the morale of your staff, and in response, 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 Howard Beach, New York restaurant.

#7 Search for Howard Beach Buyers

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

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

#8 Be Ready

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

You never know when a buyer will walk into your Howard Beach, New York restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Howard Beach, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the deal. The documentation will likely start with the Asset Purchase Agreement.

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

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

Choosing a Howard Beach, New York Restaurant Broker

While attempting to sell your Howard Beach, New York restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first-timers.

The fact remains, 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 competition while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Howard Beach, New York restaurant broker is needed. A Howard Beach, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Howard Beach, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

With the help of a Howard Beach, New York restaurant broker, you can maintain your undivided attention on operating your Howard Beach, New York restaurant and rest assured knowing that a professional is in charge of selling your Howard Beach, New York restaurant.

Contact a Howard Beach, New York Restaurant Broker

Choosing to sell your Howard Beach, New York restaurant through a Howard Beach, New York restaurant broker has multiple advantages. First, however, you need to select the best Howard Beach, New York restaurant broker to help you in selling your Howard Beach, New York restaurant.

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

Howard Beach Zip Codes We Support: 11414