Right Time to Sell Your Jamaica, New York Restaurant?

Following years of sweat equity, you have decided to sell your Jamaica, New York restaurant

Considering opening a new Jamaica, New York restaurant, moving, or even retiring. No matter the reason, selling your Jamaica, New York restaurant can be a lot more challenging than you might think. This is because it takes careful preparation and a solid game plan to successfully exit with enough money for all the sweat you’ve put into it.

Important Steps to Take when Selling Your Restaurant

You may either decide to hire a Jamaica, New York restaurant broker to help you in selling your Jamaica, New York restaurant or do the task on your own. If you are considering selling your Jamaica, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Important Documentation

This is a necessary preparatory step to make when you begin the process of selling your Jamaica, New York restaurant.

The required documents 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 at hand:

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

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You probably do not want to reveal all these documents to a prospective buyer right away. However, you may want to have them ready because you will certainly require them during the sales process.

In addition, putting together these documents allows you to view your Jamaica, New York restaurant through the lens of a buyer. This gives you a clear image of the Jamaica, New York restaurant you're selling. Furthermore, it allows you to show whether there are any loopholes you'll have to take care of.

#2 Get Your Financials in Order

Your financial records are a crucial part of selling your Jamaica, New York restaurant. That’s why you should make an effort to make these documents complete and well organized.

Showing your financial documents to potential buyers may assist to clear any hesitations they may have concerning your Jamaica, New York restaurant.

These financial documents could include:

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

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

In addition, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these things can create legal problems for you if a buyer later discovers these ommissions post sealing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Jamaica, New York restaurant, you need to review of your commercial lease. It could be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord regarding your plan to sell your Jamaica, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to make sure that you augment sales and reduce expenses to build your cash flow starting to sell your Jamaica, New York restaurant.

The estimated time it takes to sell a Jamaica, New York restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and reduce several costs, and thus increase the value of your Jamaica, New York restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will aid you in deriving the probable worth of your Jamaica, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The first impression of your Jamaica, New York restaurant will go a great distance in helping you bring potential buyers. Conversely, if the overall appearance of your Jamaica, New York restaurant does not look good to buyers, they might pass over immediately.

To prevent this from happening, all things in and out of your Jamaica, New York restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are also small things that can help create a great first impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it may convey the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial capabilities and production abilities. It may even lower the excitment of your employees, and in response, negatively affect your output and effect your profit and loss statement.

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

#7 look for Jamaica Buyers

Marketing to potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may require that you hire a professional Jamaica, New York restaurant broker to help. The professional Jamaica, New York restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you make the decision to handle this project by yourself, you will need to carry out appropriate advertising. You can market your Jamaica, New York restaurant on business websites and let your family and friends know about your plans to market for sale your Jamaica, New York restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Jamaica, New York restaurant yourself, or with a a Jamaica, New York restaurant broker, you should always be ready. Be ready to show your Jamaica, New York restaurant to potential buyers at all times.

You will never know when a buyer will visit your Jamaica, New York restaurant. Some buyers might even come in as customers in order to perform some research before contacting you.

#9 Sell Your Jamaica, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the contract. The paperwork often start with the Asset Purchase Agreement.

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

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

Choosing a Jamaica, New York Restaurant Broker

Although trying to sell your Jamaica, New York restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first-timers.

The fact remains, in order for you to achieve the most out of the business deal, you need a higher level of experience in order to stand out against your competition while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Jamaica, New York restaurant broker comes in. A Jamaica, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Jamaica, New York restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Jamaica, New York Restaurant Broker

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

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

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