Right Time to Sell Your Lockport, New York Restaurant?

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

Considering starting a different Lockport, New York restaurant, moving, or maybe retiring. Regardless of the reason, selling a Lockport, New York restaurant can be a lot more challenging than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully walk away with enough profit for all the time you may have put into it.

Important Actions to Consider in Selling Your Restaurant

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

#1 Gather the Important Paperwork

This is an important first step to take when you begin the process of offering your Lockport, New York restaurant.

The required paperwork may vary from state to state--even in New York, but below is a list of a few standard documents you may find helpful to have on you:

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

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

It's probably best not to reveal all these documents to a possible buyer first day. But, you may want to have them on hand because you will eventually need them during the sales process.

Also, putting together these documents allows you to see your Lockport, New York restaurant through the lens of a buyer. This provides you a clear picture of the Lockport, New York restaurant you are selling. Furthermore, it allows you to identify if there are any areas you'll need to address.

#2 Put Your Financials in Order

Your financial documents are a crucial detail of selling your Lockport, New York restaurant. This is why you should strive to have your documents complete and well organized.

Offering your financial documents to potential buyers could assist to clear any hesitations they may have concerning your Lockport, New York restaurant.

These financial documents could include:

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

Also, make sure you have hard copies of all of these records. This can make it easier for you to send the documentation to possible buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these items can create legal problems for you if a buyer later discovers these ommissions post completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Lockport, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed evaluation of your financial records, whether favorable or not, this will help them estimate the true value of your Lockport, New York restaurant.

This will be in your best interest to ensure that you augment sales and reduce expenses to build up your cash flow before trying to sell your Lockport, New York restaurant.

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

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

This could assist you in estimating the overall value of your Lockport, New York restaurant. When you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Lockport, New York restaurant could go a great distance in helping you bring potential buyers. Conversely, if the overall appearance of your Lockport, New York restaurant does not look good to buyers, they could pass over without a second look.

To prevent this from happening, all things in and out of your Lockport, New York restaurant must be clean. Landscaping and a clean parking area could help create appeal for potential buyers.

Clean windows, polished door handles and a neat floor are also small things that could help create a great first impression.

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

Faulty equipment could raise doubt about your financial situation and output abilities. It may even lower the excitment of your staff, 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 concerning buying your Lockport, New York restaurant.

#7 Search for Lockport Buyers

Searching for prospective buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire a professional Lockport, New York restaurant broker to help. The professional Lockport, New York restaurant broker will have recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this project alone, you will need to create appropriate advertising. You can show your Lockport, New York restaurant on business websites and tell family and friends about your plans to sell your Lockport, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Lockport, New York Restaurant

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

You should have your attorney’s expertise 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 Lockport, New York restaurant, assets and equipment as well as inventory value.

Choosing a Lockport, New York Restaurant Broker

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

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

Expertise is also vital during negotiations with potential buyers. This is when an experienced Lockport, New York restaurant broker is recommended. A Lockport, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Lockport, New York restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Lockport, New York Restaurant Broker

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

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

Lockport Zip Codes We Support: 14094, 14095