Right Time to Sell Your Lake Ronkonkoma, New York Restaurant?

Following years of labor, you have decided to sell your Lake Ronkonkoma, New York restaurant

Considering opening a new eatery, moving, or maybe slowing down. Regardless of the reason, selling your Lake Ronkonkoma, New York restaurant can be a lot more complicated than you might realize. Thats because it takes careful preparation and a solid strategy to successfully exit with enough proceeds for all the time you’ve put into it.

Important Actions to Consider when Selling Your Restaurant

You can either make the decision to hire a Lake Ronkonkoma, New York restaurant broker to guide you in selling your Lake Ronkonkoma, New York restaurant or do the task yourself. If you are considering selling your Lake Ronkonkoma, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather any Important Paperwork

This is an important preparatory step to take when you start the process of marketing your Lake Ronkonkoma, New York restaurant.

The necessary documents may vary from state to state--even in New York, but the following is a list of some general documents you may find helpful to have ready:

• A list of 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

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

You probably do not want to reveal the majority of these documents to a prospective buyer day one. But, you should have them on hand because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Lake Ronkonkoma, New York restaurant through the lens of a buyer. This gives you a clear image of the Lake Ronkonkoma, New York restaurant you're offering for sale. Furthermore, it allows you to show whether there are any loopholes you'll have to take care of.

#2 Put Your Financials in Order

Your financial records are an important part of selling your Lake Ronkonkoma, New York restaurant. That’s the reason you should make an effort to have these documents complete and well organized.

Showing your financial documents to potential buyers may help clear any doubt they might have regarding your Lake Ronkonkoma, New York restaurant.

Your financial records can include:

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

Also, ensure you have soft copies of all of these documents. This may make it easier for you to send the records to prospective buyers.

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

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Lake Ronkonkoma, New York restaurant, you must find out the terms of your commercial lease. It could be devestating if, after securing a buyer, your lease ends up preventing you from closing the deal.

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

#4 Appraise Your Restaurant

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

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow starting to sell your Lake Ronkonkoma, New York restaurant.

The average time it may take to sell a Lake Ronkonkoma, New York restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and slash several costs, and therefore strengthen the value of your Lake Ronkonkoma, New York restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will aid you in coming up with the overall worth of your Lake Ronkonkoma, New York restaurant. If you understand the overall worth this could help you determine a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Lake Ronkonkoma, New York restaurant will go a great distance in helping you bring potential buyers. Conversely, if the general curb appeal of your Lake Ronkonkoma, New York restaurant does not look good to buyers, they might pass over without consideration.

To prevent this from happening, all things in and out of your Lake Ronkonkoma, New York restaurant must be clean. Landscaping and a clean parking lot can help create appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are other easy items that would help create a great initial impression.

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

Faulty equipment may rouse doubt about your financial situation and production abilities. It could even dampen the morale of your staff, and 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 regarding buying your Lake Ronkonkoma, New York restaurant.

#7 look for Lake Ronkonkoma Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Lake Ronkonkoma, New York restaurant broker to help. The professional Lake Ronkonkoma, New York restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you decide to take on this task yourself, you will need to carry out appropriate advertising. You can show your Lake Ronkonkoma, New York restaurant on listing websites and tell family and friends about your intentions to market for sale your Lake Ronkonkoma, New York restaurant.

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

#8 Be Ready

Whether you decide to sell your Lake Ronkonkoma, New York restaurant yourself, or through a Lake Ronkonkoma, New York restaurant broker, you should always be ready. Be ready to show your Lake Ronkonkoma, New York restaurant to potential buyers at all times.

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

#9 Sell Your Lake Ronkonkoma, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the deal. The documentation will usually begin with the Asset Purchase Agreement.

You may need your attorney’s help in creating this document. Involving an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Lake Ronkonkoma, New York Restaurant Broker

While trying to sell your Lake Ronkonkoma, New York restaurant on your own can be an exhilarating project, it can also be very risky, especially for first-timers.

It's true, in order for you to get the most from of the business transaction, you need some level of experience in order to stand above and against your competition while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Lake Ronkonkoma, New York restaurant broker is recommended. A Lake Ronkonkoma, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Lake Ronkonkoma, New York restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Lake Ronkonkoma, New York Restaurant Broker

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

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

Lake Ronkonkoma Zip Codes We Support: 11720, 11755, 11767, 11779