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

After years of sweat equity, you have decided to sell your Massapequa, New York restaurant

Considering opening a new eatery, relocating, or maybe retiring. No matter the reason, selling your Massapequa, New York restaurant can be way more difficult than you may realize. This is because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the labor you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either make the decision to contract with a Massapequa, New York restaurant broker to help you in selling your Massapequa, New York restaurant or take on the task yourself. Whether considering selling your Massapequa, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather all Necessary Paperwork

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

The necessary documents may vary from state to state--even in New York, but the following is a list of some generalized documents you may be requierd to have at hand:

• Gather your assets
• Lease document
• 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 has the experience to help you in the market for sale of your Massapequa, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You probably do not want to reveal all these documents to a prospective buyer first day. But, you may want to have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your Massapequa, New York restaurant through the lens of a buyer. This gives you a clear image of the Massapequa, New York restaurant you're offering for sale. Furthermore, it helps you show if there are any areas you will have to take care of.

#2 Put Your Financials in Order

Your financial documents are a crucial detail of selling your Massapequa, New York restaurant. That’s the reason you should make it a priority to make these documents complete and well organized.

Showing your financial documents to potential buyers may aid clear any hesitations they may have concerning your Massapequa, New York restaurant.

These financial documents can include:

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

In addition, ensure you have soft copies of all of these records. This will make it easier for you to transmit the documentation to possible buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these things may create legal problems for you if a buyer later discovers these ommissions post closing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Massapequa, New York restaurant, you must find out the terms of your commercial lease. It would 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 Massapequa, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this helps them estimate the value of the Massapequa, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build your cash flow starting to sell your Massapequa, New York restaurant.

The estimated time it may take to sell a Massapequa, New York restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and reduce several costs, and thus strengthen the value of your Massapequa, 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 may assist you in coming up with the probable worth of your Massapequa, New York restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

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

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

Clean windows, polished handles and a clean floor are other simple things that can help create a memorable initial impression.

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

Faulty equipment can raise doubt about your financial status and production abilities. It can even dampen the excitment of your staff, and in turn, 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 Massapequa, New York restaurant.

#7 Search for Massapequa Buyers

Searching for potential buyers can be time-consuming and can require specific skills and a certain level of expertise. This may require that you hire an experienced Massapequa, New York restaurant broker to help. A professional Massapequa, New York restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this task yourself, you will need to carry out appropriate advertising. You can list your Massapequa, New York restaurant on listing websites and tell family and friends about your intentions to market for sale your Massapequa, New York restaurant.

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

#8 Be Ready

Whether you decide to sell your Massapequa, New York restaurant yourself, or with a a Massapequa, New York restaurant broker, you need to always be ready. Be ready to show your Massapequa, New York restaurant to potential buyers at all times.

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

#9 Sell Your Massapequa, New York Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to complete the deal. The paperwork will likely begin with the Asset Purchase Agreement.

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

This document includes details such as the selling price of your Massapequa, New York restaurant, items and equipment and inventory value.

Choosing a Massapequa, New York Restaurant Broker

Although attempting to sell your Massapequa, New York restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most out of the business transaction, you need a higher level of experience in order to stand out against the cometitors while attempting to attract buyers.

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

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

Contact a Massapequa, New York Restaurant Broker

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

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

Massapequa Zip Codes We Support: 11758