Ready to Sell Your Ithaca, New York Restaurant?

After years of sweat equity, you have made the decision sell your Ithaca, New York restaurant

Contemplating starting a different eatery, moving, or even retiring. Regardless of the reason, selling your Ithaca, New York restaurant can be a lot more difficult than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the labor you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

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

#1 Gather the Business Documentation

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

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

• Gather your assets
• Lease documentation
• 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 experience to help you in the market for sale of your Ithaca, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

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

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

#2 Put Your Financial Documents in Order

Your financial records are a crucial part of selling your Ithaca, New York restaurant. This is the reason you should strive to have these documents accurate and organized.

Showing your financial documents to possible buyers could help clear any doubt they may have concerning your Ithaca, New York restaurant.

The financial documents could 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 records to possible buyers.

In addition, as a seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things can create legal issues for you if a buyer later on discovers these ommissions after completing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Ithaca, New York restaurant, you need to review of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps them evaluate the value of the Ithaca, New York restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow starting to sell your Ithaca, New York restaurant.

The estimated time it takes to sell a Ithaca, 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 various costs, and thus increase the worth of your Ithaca, New York restaurant.

In addition, 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 may help you in deriving the overall value of your Ithaca, New York restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Ithaca, New York restaurant can go a long way in helping you bring potential buyers. Conversely, if the overall look of your Ithaca, New York restaurant does not appeal to buyers, they could pass over right off the bat.

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

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

Additionally, you should make sure all your equipment is in satisfactory condition. If your equipment is not working, it can convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial status and production abilities. It may even dampen the mood of your employees, which in turn, 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 Ithaca, New York restaurant.

#7 Search for Ithaca Buyers

Searching for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Ithaca, New York restaurant broker to help. The professional Ithaca, New York restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to handle this task alone, you will need to carry out proper advertising. You can show your Ithaca, New York restaurant on listing websites and let your family and friends know about your plans to sell your Ithaca, New York restaurant.

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

#8 Be Prepared

If you decide to sell your Ithaca, New York restaurant yourself, or through a Ithaca, New York restaurant broker, you should always be prepared. Be prepared to show your Ithaca, New York restaurant to potential buyers at all times.

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

#9 Sell Your Ithaca, 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 often begin with the Asset Purchase Agreement.

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

This document includes details including the selling price of your Ithaca, New York restaurant, assets and equipment and inventory value.

Choosing a Ithaca, New York Restaurant Broker

While attempting to sell your Ithaca, New York restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most from of the business transaction, you need some level of experience in order to stand above and against the cometitors while trying to find buyers.

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

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

Contact a Ithaca, New York Restaurant Broker

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

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

Ithaca Zip Codes We Support: 14850, 14851, 14852, 14853