Time to Sell Your Hyde Park, New York Restaurant?

Following years of hard work, you have decided to sell your Hyde Park, New York restaurant

Considering starting a new Hyde Park, New York restaurant, moving, or maybe retiring. No matter the reason, selling a Hyde Park, New York restaurant can be a lot more challenging than you might realize. This is because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the time you may have put into it.

Important Steps to Take when Selling Your Restaurant

You may either think to contract with a Hyde Park, New York restaurant broker to assist you in selling your Hyde Park, New York restaurant or take on the task on your own. Whether considering selling your Hyde Park, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather any Business Documentation

This is a necessary first step to make when you commence the process of offering your Hyde Park, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but the following is a list of some generalized documents you may be requierd to have prepared:

• A list of your assets
• Lease document
• 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 experience to help you in the market for sale of your Hyde Park, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You probably do not want to reveal all these documents to a potrntial buyer right away. But, you may want to have them at hand because you will eventually require them during the sales process.

In addition, compiling these documents lets you see your Hyde Park, New York restaurant through the lens of a buyer. This gives you a clear picture of the Hyde Park, New York restaurant you are selling. Furthermore, it helps you identify whether there are any areas you will need to take care of.

#2 Put Your Financial Records in Order

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

Showing your financial documents to potential buyers may aid clear any doubt they might have regarding your Hyde Park, New York restaurant.

These financial documents 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 records. This will make it easier for you to transmit the records to prospective buyers.

Likewise, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these items may create legal problems for you if a buyer later discovers these liabilities after signing the deal.

#3 Gather the Details of Your Commercial Lease

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

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Hyde Park, New York restaurant and to possibly 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 true value of the Hyde Park, New York restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow starting to sell your Hyde Park, New York restaurant.

The estimated time it may take to sell a Hyde Park, New York restaurant is 6 months. Within the six months, there are many things you can do to increase your profit and slash several costs, and thus increase the worth of your Hyde Park, 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 estimate your assets.

This could assist you in estimating the overall value of your Hyde Park, New York restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Hyde Park, New York restaurant could go a great distance in helping you bring potential buyers. Conversely, if the overall look of your Hyde Park, New York restaurant does not appeal to buyers, they likely take a pass immediately.

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

Clean windows, polished door handles and a clean floor are also simple things that can help create a great first impression.

Additionally, you should make sure all your equipment is in top condition. If your equipment is not working properly, it can 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 production abilities. It can even dampen the morale of your employees, which 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 regarding buying your Hyde Park, New York restaurant.

#7 Search for Hyde Park Buyers

Marketing to potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may require that you hire an experienced Hyde Park, New York restaurant broker to help. The professional Hyde Park, 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 task by yourself, you will need to carry out appropriate advertising. You can offer your Hyde Park, New York restaurant on business websites and tell family and friends about your plans to market for sale your Hyde Park, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Hyde Park, New York Restaurant

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

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

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

Choosing a Hyde Park, New York Restaurant Broker

Although trying to sell your Hyde Park, New York restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first-timers.

It's true, in order for you to get the most out of the business transaction, you need some level of experience to stand above and against the competition while trying to attract buyers.

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

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

Contact a Hyde Park, New York Restaurant Broker

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

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

Hyde Park Zip Codes We Support: 12538, 12572, 12580, 12601