Decided to Sell Your Long Beach, New York Restaurant?

Following years of labor, you have made the decision sell your Long Beach, New York restaurant

Contemplating starting a new eatery, moving, or even slowing down. Regardless of the reason, selling a Long Beach, New York restaurant can be way more complicated than you might realize. Thats because it takes careful preparation and a solid strategy to successfully walk away with enough proceeds for all the labor you may have put into it.

Important Steps to Take in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to assist you in selling your Long Beach, New York restaurant or do the task yourself. Whether considering selling your Long Beach, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather any Important Paperwork

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

The necessary documents may vary from state to state--even in New York, but the following is a list of some standard documents you may need to have on you:

• Gather 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 assist you in the sale of your Long Beach, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

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

Also, compiling these documents allows you to see your Long Beach, New York restaurant through the lens of a buyer. This gives you a clear picture of the Long Beach, New York restaurant you're offering for sale. Furthermore, it allows you to identify whether there are any concerns you'll need to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are an important part of selling your Long Beach, New York restaurant. This is why you should make an effort to have your documents complete and organized.

Offering your financial documents to prospective buyers could aid clear any doubt they may have regarding your Long Beach, 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 transmit the documentation to potential buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer about these items could create legal problems for you if a buyer later discovers these ommissions post signing the deal.

#3 Put Together the Information On Your Commercial Lease

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

For this reason, it could be advisable to have a discussion with your landlord regarding your plan to sell your Long Beach, New York restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed evaluation of your financial records, whether favorable or not, this helps with estimating the true value of the Long Beach, New York restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow starting to sell your Long Beach, New York restaurant.

The estimated time it takes to sell a Long Beach, New York restaurant is 6 months. Within the six months, there are several things you can do in order to increase your profit and slash various costs, and therefore strengthen the worth of your Long Beach, 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 estimating the probable value of your Long Beach, New York restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Long Beach, New York restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the overall look of your Long Beach, New York restaurant does not appeal to buyers, they could pass over without consideration.

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

Spot-free windows, polished handles and a presentable floor are also easy items that could help create a unforgettable initial impression.

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

Faulty equipment can raise doubt about your financial situation and output capabilities. It could even lower the excitment of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers concerning purchasing your Long Beach, New York restaurant.

#7 Search for Long Beach Buyers

Looking for potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Long Beach, New York restaurant broker to help. The professional Long Beach, New York restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this task alone, you will need to carry out appropriate advertising. You can offer your Long Beach, New York restaurant on business websites and let your family and friends know about your intentions to market for sale your Long Beach, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Long Beach, New York Restaurant

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

You should have your attorney’s help in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the deal.

This document includes details including the selling price of your Long Beach, New York restaurant, assets and equipment as well as inventory value.

Choosing a Long Beach, New York Restaurant Broker

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

It's true, if you're looking to get the most from of the business transaction, you need a higher level of experience in order to stand out against the competition while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Long Beach, New York restaurant broker is recommended. A Long Beach, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Long Beach, New York restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a Long Beach, New York Restaurant Broker

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

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

Long Beach Zip Codes We Support: 11561