Are You Ready to Sell Your Long Island City, New York Restaurant?

After years of sweat equity, you have made the decision sell your Long Island City, New York restaurant

Contemplating starting a different Long Island City, New York restaurant, relocating, or maybe retiring. Regardless of the reason, selling a Long Island City, New York restaurant can be a lot more challenging than you may think. Thats because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the sweat you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

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

#1 Put Together all Necessary Documentation

This is an important preparatory step to make when you begin the process of marketing your Long Island City, New York restaurant.

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

• A list of your assets
• Lease contract
• 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 expertise to assist you in the sale of your Long Island City, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to reveal all these documents to a prospective buyer right away. However, you may want to have them at hand because you will eventually need them during the sales process.

Also, compiling these documents allows you to view your Long Island City, New York restaurant through the lens of a buyer. It provides you a clear picture of the Long Island City, New York restaurant you are offering for sale. Furthermore, it helps you show if there are any loopholes you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Long Island City, New York restaurant. That’s why you should make an effort to make these documents accurate and well organized.

Showing your financial documents to possible buyers may aid clear any hesitations they may have concerning your Long Island City, New York restaurant.

The financial documents can include:

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

Also, ensure you have duplicate copies of all of the records. This will make it easier for you to send the information to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items could create legal issues for you if a buyer later discovers these ommissions after closing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Long Island City, 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 may advisable to talk to your landlord concerning your plan to sell your Long Island City, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps them estimate the true value of the Long Island City, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and make a reduction in your expenses to build your cash flow planning to sell your Long Island City, New York restaurant.

The average time it takes to sell a Long Island City, New York restaurant is 6 months. Within those six months, there are several things you can do to strengthen your profit and reduce several costs, and therefore strengthen the worth of your Long Island City, New York restaurant.

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

This may aid you in estimating the overall worth of your Long Island City, New York restaurant. If you understand the overall worth this may help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Long Island City, New York restaurant can go a long way in helping you bring potential buyers. Conversely, if the general look of your Long Island City, New York restaurant does not appeal to buyers, they likely take a pass immediately.

To prevent this from happening, all things in and out of your Long Island City, New York restaurant must be clean. Landscaping and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are other simple things that can help create a memorable first impression.

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

Non-functional equipment may rouse doubt about your financial situation and production capabilities. It may even dampen the mood of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Long Island City, New York restaurant.

#7 look for Long Island City Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire an experienced Long Island City, New York restaurant broker to help. The professional Long Island City, New York restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this task alone, you will need to create proper advertising. You can market your Long Island City, New York restaurant on listing websites and tell family and friends about your intentions to market for sale your Long Island City, New York restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Long Island City, New York restaurant yourself, or through a Long Island City, New York restaurant broker, you should always be ready. Be ready to show your Long Island City, New York restaurant to prospective buyers at all times.

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

#9 Sell Your Long Island City, 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 finalize the transaction. The documentation often begin with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Long Island City, New York Restaurant Broker

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

The fact remains, in order for you to get the most from of the business transaction, you need some level of expertise in order to stand out against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Long Island City, New York restaurant broker comes in. A Long Island City, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Long Island City, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Long Island City, New York Restaurant Broker

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

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

Long Island City Zip Codes We Support: 11101, 11109, 11120