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

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

Contemplating starting a different Medford, New York restaurant, moving, or maybe retiring. No matter the reason, selling a Medford, New York restaurant can be way more complicated than you may realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough money for all the time you may have put into it.

Necessary Steps to Consider in Selling Your Restaurant

You can either think to hire a Medford, New York restaurant broker to assist you in selling your Medford, New York restaurant or take on the task yourself. If you are considering selling your Medford, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together all Business Documentation

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

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

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

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

You certainly do not want to reveal the majority of these documents to a potrntial buyer first day. However, you should have them at hand because you will eventually require them during the sales process.

Also, compiling these documents lets you view your Medford, New York restaurant through the lens of a buyer. This provides you a clear picture of the Medford, New York restaurant you're offering for sale. In addition, it allows you to show if there are any areas you'll need to take care of.

#2 Put Your Financials in Order

Your financial documents are a crucial detail of selling your Medford, New York restaurant. This is the reason you should make it a priority to have these documents accurate and organized.

Showing your financial records to possible buyers may aid clear any doubt they may have regarding your Medford, New York restaurant.

The financial records can include:

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

Also, make sure you have soft copies of all of these documents. This could make it easier for you to transmit the records to possible buyers.

Also, as the seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items could create legal problems for you if a buyer later on discovers these liabilities after completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Medford, New York restaurant, you need to review of your commercial lease. It could be disappointing if, after securing a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the true value of the Medford, 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 your cash flow starting to sell your Medford, New York restaurant.

The estimated time it takes to sell a Medford, New York restaurant is six months. Within the six months, there are several things you can do to increase your profit and cut various costs, and thus strengthen the worth of your Medford, 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 will assist you in estimating the overall worth of your Medford, New York restaurant. When you understand the overall worth this may help you come up with a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Medford, New York restaurant can go a long way in helping you bring potential buyers. Conversely, if the overall look of your Medford, New York restaurant does not appeal to buyers, they might pass over right off the bat.

To avoid this from happening, everything in and out of your Medford, New York restaurant must be cleaned and maintained. Landscaped and a clean parking lot could help create appeal for potential buyers.

Clean windows, polished door handles and a neat floor are other easy things that would help create a memorable first impression.

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

Non-functional equipment also raises doubt about your financial status and production capabilities. It may even lower the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Medford Buyers

Looking for potential buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Medford, New York restaurant broker to help. A professional Medford, New York restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to take on this task yourself, you will need to create appropriate advertising. You can list your Medford, New York restaurant on business websites and tell family and friends about your plans to market for sale your Medford, New York restaurant.

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

#8 Be Prepared

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

You never know when a buyer will walk into your Medford, New York restaurant. Some buyers might even visit as customers just to perform some research before contacting you.

#9 Sell Your Medford, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the important documentation to finalize the transaction. The paperwork often start with the Asset Purchase Agreement.

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

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

Choosing a Medford, New York Restaurant Broker

Although attempting to sell your Medford, New York restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first-timers.

It's true, in order for you to achieve the most out of the business transaction, you need some level of experience to stand out against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Medford, New York restaurant broker comes in. A Medford, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Medford, New York restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Medford, New York Restaurant Broker

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

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

Medford Zip Codes We Support: 11738, 11763