Ready to Sell Your Irondequoit, New York Restaurant?

Following years of labor, you have decided to sell your Irondequoit, New York restaurant

Considering opening a new Irondequoit, New York restaurant, relocating, or even slowing down. No matter the reason, selling a Irondequoit, New York restaurant can be a lot more challenging than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the time you’ve put into it.

Important Steps to Take when Selling Your Restaurant

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

#1 Gather the Important Documentation

This is an important first step to take when you begin the process of offering your Irondequoit, New York restaurant.

The required paperwork may vary from state to state--even in New York, but the following is a list of a few 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 records
• Architectural plans
• Financial statements and other important financial documents

Corbett Restaurant Group has the expertise to help you in the sale of your Irondequoit, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to show all these documents to a prospective buyer right away. However, you should have them at hand because you will eventually need them during the sales process.

In addition, compiling these documents lets you see your Irondequoit, New York restaurant through the lens of a buyer. This gives you a clear image of the Irondequoit, New York restaurant you're offering for sale. Furthermore, it allows you to show if there are any concerns you'll need to take care of.

#2 Get Your Financial Documents in Order

Your financial records are a crucial part of selling your Irondequoit, New York restaurant. This is the reason you should make it a priority to make your documents complete and well organized.

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

The financial records can include:

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

In addition, ensure you have hard copies of all of the records. This may make it easier for you to send the documentation to possible buyers.

Likewise, as a seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions post completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Irondequoit, New York restaurant, you must find out the terms of your commercial lease. It could be devestating 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 regarding your plan to sell your Irondequoit, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps with estimating the true value of your Irondequoit, 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 up your cash flow planning to sell your Irondequoit, New York restaurant.

The estimated time it may take to sell a Irondequoit, New York restaurant is 6 months. Within the six months, there are several things you can do in order to increase your profit and cut several costs, and thus strengthen the value of your Irondequoit, 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 overall value of your Irondequoit, New York restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Irondequoit, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the general look of your Irondequoit, New York restaurant does not look good to buyers, they might take a pass without consideration.

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

Clean windows, polished door handles and a clean floor are other easy items that can help create a memorable initial impression.

Furthermore, you should make sure all your equipment is in top condition. If your equipment is not functioning, it can convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and output abilities. It may even dampen the morale of your staff, which 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 Irondequoit, New York restaurant.

#7 look for Irondequoit Buyers

Searching for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Irondequoit, New York restaurant broker to help. The professional Irondequoit, New York restaurant broker will offer recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to take on this project alone, you will need to create appropriate advertising. You can offer your Irondequoit, New York restaurant on business websites and let your family and friends know about your plans to sell your Irondequoit, New York restaurant.

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

#8 Be Prepared

Whether you decide to sell your Irondequoit, New York restaurant yourself, or through a Irondequoit, New York restaurant broker, you need to always be ready. Be ready to show your Irondequoit, New York restaurant to prospective buyers at all times.

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

#9 Sell Your Irondequoit, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary documentation to complete the contract. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Irondequoit, New York Restaurant Broker

While trying to sell your Irondequoit, New York restaurant on your own can be an exciting project, 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 deal, you need a higher level of expertise to stand out against your competition while attempting to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Irondequoit, New York restaurant broker is needed. A Irondequoit, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Irondequoit, 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 Irondequoit, New York restaurant broker, you can maintain your undivided attention on operating your Irondequoit, New York restaurant and rest easy with the knowledge that a professional is in charge of selling your Irondequoit, New York restaurant.

Contact a Irondequoit, New York Restaurant Broker

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

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

Irondequoit Zip Codes We Support: 14609, 14617, 14621, 14622