Right Time to Sell Your Jackson Heights, New York Restaurant?

After years of sweat equity, you have decided to sell your Jackson Heights, New York restaurant

Considering opening a new Jackson Heights, New York restaurant, moving, or maybe retiring. Regardless of the reason, selling a Jackson Heights, New York restaurant can be a lot more complicated than you might realize. This is because it takes careful preparation and a solid game plan to successfully get out with enough money for all the time you’ve put into it.

Important Steps to Take in Selling Your Restaurant

You may either decide to contract with a Jackson Heights, New York restaurant broker to help you in selling your Jackson Heights, New York restaurant or do the task on your own. If you are considering selling your Jackson Heights, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather all Important Paperwork

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

The required documents may vary from state to state--even in New York, but below is a list of a few generalized documents you may find helpful to have on you:

• A list of 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 comes with experience to assist you in the market for sale of your Jackson Heights, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to reveal the majority of these documents to a possible buyer day one. But, you should have them on hand because you will certainly need them during the sales process.

Also, compiling these documents lets you view your Jackson Heights, New York restaurant through the lens of a buyer. This gives you a clear picture of the Jackson Heights, New York restaurant you're offering for sale. Furthermore, it helps you show whether there are any concerns you will need to take care of.

#2 Get Your Financials in Order

Your financial documents are a crucial aspect of selling your Jackson Heights, New York restaurant. That’s why you should make it a priority to make these documents accurate and organized.

Offering your financial records to potential buyers could assist to clear any hesitations they might have concerning your Jackson Heights, New York restaurant.

The financial documents may 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 records. This could make it easier for you to send the information to prospective buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these things can create legal issues for you if a buyer later discovers these ommissions post sealing the deal.

#3 Put Together the Details of Your Commercial Lease

In the process of preparing to sell your Jackson Heights, New York restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the value of your Jackson Heights, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow planning to sell your Jackson Heights, New York restaurant.

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

In addition, with regards 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 deriving the probable value of your Jackson Heights, New York restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Jackson Heights, New York restaurant will go a long way in helping you attract potential buyers. Alternatively, if the general appearance of your Jackson Heights, New York restaurant does not appeal to buyers, they might take a pass immediately.

To prevent this from happening, everything in and out of your Jackson Heights, New York restaurant must be clean. Landscaped and a clean parking area may help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a presentable floor are also small things that could help create a unforgettable initial impression.

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

Faulty equipment may rouse doubt about your financial status and production capabilities. It can even dampen the mood of your staff, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning purchasing your Jackson Heights, New York restaurant.

#7 Search for Jackson Heights Buyers

Marketing to prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Jackson Heights, New York restaurant broker to help. A professional Jackson Heights, New York restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this task yourself, you will need to create proper advertising. You can list your Jackson Heights, New York restaurant on listing websites and tell family and friends about your intentions to market for sale your Jackson Heights, New York restaurant.

As you will likely run across competition when trying to sell your Jackson Heights, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

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

You'll never know when a buyer could walk into your Jackson Heights, New York restaurant. Some buyers might even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Jackson Heights, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the transaction. The paperwork will likely start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Jackson Heights, New York Restaurant Broker

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

The fact remains, if you're looking to get the most out of the business deal, you need some level of expertise to stand above and against the cometitors while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Jackson Heights, New York restaurant broker comes in. A Jackson Heights, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Jackson Heights, New York restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Jackson Heights, New York Restaurant Broker

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

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

Jackson Heights Zip Codes We Support: 11372