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

Following years of hard work, you have made the decision sell your Kingston, New York restaurant

Considering opening a new eatery, relocating, or maybe retiring. Regardless of the reason, selling a Kingston, New York restaurant can be way more complicated than you may think. Thats because it takes careful preparation and a solid game plan to successfully get out with enough money for all the sweat you may have put into it.

Important Steps to Consider in Selling Your Restaurant

You may either make the decision to hire a eatery broker to guide you in selling your Kingston, New York restaurant or take on the task yourself. If you are considering selling your Kingston, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Business Documentation

This is a necessary initial step to make when you commence the process of offering your Kingston, New York restaurant.

The necessary documents may vary from state to state--even in New York, but the following is a list of a few standard documents you may find helpful to have at hand:

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

Corbett Restaurant Group comes with experience to help you in the market for sale of your Kingston, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

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

In addition, compiling these documents lets you view your Kingston, New York restaurant through the lens of a buyer. This gives you a clear picture of the Kingston, New York restaurant you are offering for sale. In addition, it allows you to identify whether there are any concerns you'll need to take care of.

#2 Get Your Financials in Order

Your financial documents are an important detail of selling your Kingston, New York restaurant. This is why you should strive to have your documents complete and organized.

Showing your financial documents to prospective buyers could aid clear any hesitations they might have concerning your Kingston, 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 duplicate copies of all of these records. This will make it easier for you to send the records to possible buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these items may create legal issues for you if a buyer later on discovers these liabilities after sealing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Kingston, New York restaurant, you need to review of your commercial lease. It would be disappointing if, after attracting 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 Kingston, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed analysis of your financials, whether favorable or not, this helps them evaluate the true value of the Kingston, New York restaurant.

This will be 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 Kingston, New York restaurant.

The estimated time it may take to sell a Kingston, New York restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and slash several costs, and therefore strengthen the worth of your Kingston, New York restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This may assist you in estimating the overall value of your Kingston, New York restaurant. If you understand the overall value this may help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Kingston, New York restaurant can go a long way in helping you attract potential buyers. Alternatively, if the general curb appeal of your Kingston, New York restaurant does not appeal to buyers, they could take a pass immediately.

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

Clean windows, polished handles and a presentable floor are other simple things that would help create a unforgettable initial impression.

Additionally, you should ensure that all the equipment is in top condition. If your equipment is not working properly, it could send the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial capabilities and production abilities. It may even lower the mood of your employees, which 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 Kingston, New York restaurant.

#7 look for Kingston Buyers

Searching for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Kingston, New York restaurant broker to help. The professional Kingston, New York restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to take on this project by yourself, you will need to carry out proper advertising. You can offer your Kingston, New York restaurant on listing websites and tell family and friends about your intentions to sell your Kingston, New York restaurant.

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

#8 Be Prepared

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

You never know when a buyer could visit your Kingston, New York restaurant. Some buyers may even come in as customers just to perform some research before contacting you.

#9 Sell Your Kingston, New York Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the contract. The documentation will usually start with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Kingston, New York Restaurant Broker

Although attempting to sell your Kingston, New York restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business deal, you need a higher level of experience in order to stand above and against your cometitors while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Kingston, New York restaurant broker is needed. A Kingston, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Kingston, New York restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Kingston, New York Restaurant Broker

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

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

Kingston Zip Codes We Support: 12401, 12402