Right Time to Sell Your Jamestown, New York Restaurant?

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

Considering opening a new eatery, relocating, or maybe slowing down. No matter the reason, selling a Jamestown, New York restaurant can be way more challenging than you might think. This is because it takes thoughtful preparation and a solid strategy 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 make the decision to hire a Jamestown, New York restaurant broker to guide you in selling your Jamestown, New York restaurant or take on the task on your own. If you are considering selling your Jamestown, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together any Important Paperwork

This is an important initial step to make when you start the process of offering your Jamestown, New York restaurant.

The required paperwork may vary from state to state--even in New York, but below is a list of some standard documents you may need to have prepared:

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

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

It's probably best not to reveal all these documents to a potrntial buyer day one. But, you may want to have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents lets you see your Jamestown, New York restaurant through the lens of a buyer. It gives you a clear picture of the Jamestown, New York restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any loopholes you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial records are an important part of selling your Jamestown, New York restaurant. That’s why you should make it a priority to make your documents accurate and well organized.

Offering your financial records to potential buyers could aid clear any hesitations they might have regarding your Jamestown, New York restaurant.

Your 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 can make it easier for you to send the documentation to possible buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these ommissions after closing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Jamestown, New York restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth evaluation of your financials, whether favorable or not, this will help them evaluate the value of the Jamestown, New York restaurant.

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

The average time it takes to sell a Jamestown, New York restaurant is 6 months. Within those six months, there are several things you can do in order to increase your profit and slash various costs, and therefore increase the worth of your Jamestown, 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 estimate your assets.

This will help you in deriving the overall value of your Jamestown, New York restaurant. If you understand the overall value this may help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Jamestown, New York restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general curb appeal of your Jamestown, New York restaurant does not look good to buyers, they might pass over immediately.

To avoid this from happening, everything in and out of your Jamestown, New York restaurant must be clean. Landscaped and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished door handles and a presentable floor are also easy items that could help create a great initial impression.

Additionally, you should ensure all your equipment is in satisfactory condition. If your equipment is not functioning, it could convey the message that you are in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial capabilities and output capabilities. It may even dampen the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 Search for Jamestown Buyers

Looking for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire a professional Jamestown, New York restaurant broker to help. The professional Jamestown, New York restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this task by yourself, you will need to carry out proper advertising. You can offer your Jamestown, New York restaurant on listing websites and tell family and friends about your plans to sell your Jamestown, New York restaurant.

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

#8 Be Ready

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

You will never know when a buyer will walk into your Jamestown, New York restaurant. Some buyers might even visit as customers just to perform some research before contacting you.

#9 Sell Your Jamestown, New York Restaurant

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

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

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

Choosing a Jamestown, New York Restaurant Broker

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

The fact remains, in order for you to get the most out of the business deal, you need a higher level of expertise to stand above and against the competition while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Jamestown, New York restaurant broker comes in. A Jamestown, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Jamestown, New York restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Jamestown, New York Restaurant Broker

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

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

Jamestown Zip Codes We Support: 14701, 14702