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

After years of labor, you have made the decision sell your Kensington, New York restaurant

Considering starting a new eatery, moving, or even slowing down. Regardless of the reason, selling your Kensington, New York restaurant can be a lot more challenging than you might think. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

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

#1 Put Together any Important Paperwork

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

The required paperwork may vary from state to state--even in New York, but below is a list of some 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 drawings
• Financial statements and other important financial documents

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It's probably best not to reveal all these documents to a prospective buyer day one. But, you should have them on hand because you will eventually require them during the sales process.

In addition, compiling these documents allows you to see your Kensington, New York restaurant through the lens of a buyer. It gives you a clear picture of the Kensington, New York restaurant you are selling. In addition, it allows you to show if there are any concerns you will need to take care of.

#2 Get Your Financial Records in Order

Your financial records are a crucial aspect of selling your Kensington, New York restaurant. That’s why you should make it a priority to have these documents complete and well organized.

Offering your financial records to potential buyers could assist to clear any doubt they may have concerning your Kensington, 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, make sure you have hard copies of all of the documents. This may make it easier for you to transmit the records to potential buyers.

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

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Kensington, New York restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting 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 Kensington, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you increase sales and reduce expenses to build your cash flow planning to sell your Kensington, New York restaurant.

The average time it takes to sell a Kensington, New York restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and cut various costs, and therefore increase the worth of your Kensington, New York restaurant.

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

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

#5 Make Your Restaurant Attractive

The first impression of your Kensington, New York restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your Kensington, New York restaurant does not look good to buyers, they might pass over without consideration.

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

Clean windows, polished handles and a clean floor are also easy items that could help create a memorable first impression.

Furthermore, you should make sure all your equipment is in top condition. If your equipment is not functioning, it can convey the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment could raise doubt about your financial status and output capabilities. It may even lower the morale of your staff, which in response, 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 Kensington, New York restaurant.

#7 look for Kensington Buyers

Searching for potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Kensington, New York restaurant broker to help. A professional Kensington, New York restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you make the decision to take on this task alone, you will need to create proper advertising. You can show your Kensington, New York restaurant on business websites and tell family and friends about your plans to sell your Kensington, New York restaurant.

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

#8 Be Ready

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

You will never know when a buyer could walk into your Kensington, New York restaurant. Some buyers may even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Kensington, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the deal. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

This agreement includes details such as the selling price of your Kensington, New York restaurant, assets and equipment and inventory value.

Choosing a Kensington, New York Restaurant Broker

While attempting to sell your Kensington, New York restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

The fact remains, if you're looking to achieve the most out of the business deal, you need some level of experience in order to stand out against your competition while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is where an experienced Kensington, New York restaurant broker is recommended. A Kensington, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Kensington, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Kensington, New York Restaurant Broker

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

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

Kensington Zip Codes We Support: 11021