Time to Sell Your Huntington, New York Restaurant?

Following years of sweat equity, you have made the decision sell your Huntington, New York restaurant

Contemplating opening a different eatery, relocating, or maybe slowing down. No matter the reason, selling your Huntington, New York restaurant can be way more challenging than you may think. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the time you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You can either make the decision to contract with a Huntington, New York restaurant broker to help you in selling your Huntington, New York restaurant or do the task yourself. Whether considering selling your Huntington, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather any Important Paperwork

This is a necessary initial step to take when you start the process of marketing your Huntington, New York restaurant.

The necessary documents may vary from state to state--even in New York, but below is a list of a few general documents you may be requierd to have prepared:

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

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

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

In addition, putting together these documents allows you to see your Huntington, New York restaurant through the lens of a buyer. It gives you a clear picture of the Huntington, New York restaurant you are selling. Furthermore, it allows you to identify if there are any loopholes you will have to address.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your Huntington, New York restaurant. That’s why you should make an effort to have these documents complete and well organized.

Offering your financial documents to prospective buyers could assist to clear any doubt they may have regarding your Huntington, 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, ensure you have soft copies of all of the documents. This could make it easier for you to send the information to prospective buyers.

Likewise, as a seller, you have to 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 liabilities post completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Huntington, New York restaurant, you need to review of your commercial lease. It could be devestating if, after securing 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 Huntington, New York restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the value of the Huntington, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build up your cash flow planning to sell your Huntington, New York restaurant.

The average time it may take to sell a Huntington, New York restaurant is six months. Within those six months, there are several things you can do to strengthen your profit and slash several costs, and thus increase the value of your Huntington, New York restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This may aid you in deriving the overall worth of your Huntington, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Increase Curb Appeal

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

To avoid this from happening, everything in and out of your Huntington, New York restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished handles and a neat floor are other simple things that can help create a great initial impression.

Furthermore, you should make sure that all your 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 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 concerning purchasing your Huntington, New York restaurant.

#7 look for Huntington Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Huntington, New York restaurant broker to help. A professional Huntington, New York restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this project alone, you will need to create appropriate advertising. You can list your Huntington, New York restaurant on listing websites and tell family and friends about your plans to sell your Huntington, New York restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will visit your Huntington, New York restaurant. Some buyers may even come in as customers just to carry out some research before contacting you.

#9 Sell Your Huntington, New York Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the deal. The paperwork will usually start with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Huntington, New York Restaurant Broker

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

The fact remains, if you're looking to get the most out of the business transaction, you need a higher level of experience in order to stand out against the competition while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Huntington, New York restaurant broker is needed. A Huntington, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Huntington, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

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

Contact a Huntington, New York Restaurant Broker

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

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

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