Are You Ready to Sell Your Islip, New York Restaurant?

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

Considering opening a different eatery, relocating, or maybe retiring. Regardless of the reason, selling your Islip, New York restaurant can be a lot more challenging than you might realize. Thats because it takes careful preparation and a solid strategy to successfully get out with enough proceeds for all the time you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You may either decide to contract with a Islip, New York restaurant broker to guide you in selling your Islip, New York restaurant or do the task on your own. Whether considering selling your Islip, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together the Business Documentation

This is an important first step to make when you commence the process of offering your Islip, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of a few generalized documents you may need to have at hand:

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

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

It's probably smart not to reveal all these documents to a potrntial buyer right away. But, you may want to have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to view your Islip, New York restaurant through the lens of a buyer. This gives you a clear picture of the Islip, New York restaurant you are offering for sale. Furthermore, it allows you to identify if there are any loopholes you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Islip, New York restaurant. That’s why you should make an effort to make your documents complete and organized.

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

The financial records may include:

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

In addition, ensure you have duplicate copies of all of these documents. This may make it easier for you to transmit the information to potential buyers.

In addition, as a seller, you must disclose information such as debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these items could create legal issues for you if a buyer later on discovers these liabilities after closing the deal.

#3 Put Together the Information On Your Commercial Lease

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

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Islip, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of your Islip, New York restaurant.

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

The average time it may take to sell a Islip, New York restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and reduce several costs, and thus increase the value of your Islip, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This could assist you in coming up with the probable value of your Islip, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Islip, New York restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general appearance of your Islip, New York restaurant does not appeal to buyers, they could take a pass without a second look.

To prevent this from happening, all things in and out of your Islip, New York restaurant must be clean. Landscaped 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 small items that could help create a unforgettable initial impression.

Furthermore, you should ensure that all your equipment is in top condition. If your equipment is not working, it could convey the message that you are hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial capabilities and production abilities. It may even lower the morale of your staff, which in response, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding buying your Islip, New York restaurant.

#7 look for Islip Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Islip, New York restaurant broker to help. A professional Islip, New York restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this project yourself, you will need to create appropriate advertising. You can list your Islip, New York restaurant on listing websites and let your family and friends know about your intentions to sell your Islip, New York restaurant.

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

#8 Be Ready

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

You will never know when a buyer will visit your Islip, New York restaurant. Some buyers might even visit as customers in order to carry out some research before reaching out to you.

#9 Sell Your Islip, 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 paperwork to finalize the deal. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Islip, New York Restaurant Broker

While trying to sell your Islip, New York restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to get the most out of the business transaction, you need some level of experience to stand out against the cometitors while trying to find buyers.

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

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

Contact a Islip, New York Restaurant Broker

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

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

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