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

After years of labor, you have decided to sell your Melrose, New York restaurant

Considering starting a different Melrose, New York restaurant, moving, or even retiring. Regardless of the reason, selling a Melrose, New York restaurant can be way more difficult than you may think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You can either think to hire a eatery broker to guide you in selling your Melrose, New York restaurant or do the task yourself. Whether considering selling your Melrose, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather any Business Paperwork

This is a necessary preparatory step to take when you commence the process of marketing your Melrose, New York restaurant.

The necessary documents may vary from state to state--even in New York, but below is a list of some generalized documents you may need to have ready:

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

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

It's probably best not to reveal the majority of these documents to a potrntial buyer first day. But, you should have them at hand because you will certainly need them during the sales process.

In addition, compiling these documents allows you to view your Melrose, New York restaurant through the lens of a buyer. It gives you a clear image of the Melrose, New York restaurant you're selling. Furthermore, it helps you identify whether there are any areas you'll have to address.

#2 Put Your Financials in Order

Your financial records are an important detail of selling your Melrose, New York restaurant. That’s why you should make it a priority to have your documents accurate and well organized.

Offering your financial records to prospective buyers could help clear any doubt they may have concerning your Melrose, New York restaurant.

The financial documents may include:

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

Also, ensure you have hard 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, prospective repairs, etc. Failure to inform a buyer about these things could create legal problems for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Melrose, New York restaurant, you need to understand of your commercial lease. It would be disappointing if, after attracting a buyer, your lease prevents you from closing the deal.

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

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you augment sales and reduce expenses to increase your cash flow starting to sell your Melrose, New York restaurant.

The estimated time it takes to sell a Melrose, 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 Melrose, New York restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will help you in coming up with the overall value of your Melrose, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Melrose, New York restaurant can go a long way in helping you bring potential buyers. Alternatively, if the general curb appeal of your Melrose, New York restaurant does not look good to buyers, they could pass over without a second look.

To prevent this from happening, everything in and out of your Melrose, New York restaurant must be cleaned and maintained. Landscaping and a clean parking lot can help create appeal for potential buyers.

Spot-free windows, polished handles and a presentable floor are other easy items that can help create a great initial impression.

Furthermore, you should ensure that all your equipment is in satisfactory condition. If your equipment is not functioning, it might send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial capabilities and production capabilities. It can even dampen the morale of your employees, and in response, 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 Melrose, New York restaurant.

#7 Search for Melrose Buyers

Searching for potential buyers is time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Melrose, New York restaurant broker to help. A professional Melrose, New York restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this task alone, you will need to carry out appropriate advertising. You can list your Melrose, New York restaurant on business websites and let your family and friends know about your plans to market for sale your Melrose, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Melrose, New York Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the transaction. The documentation will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Melrose, New York Restaurant Broker

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

It's true, in order for you to achieve the most out of the business deal, you need some level of expertise in order to stand out against the cometitors while trying to find buyers.

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

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

Contact a Melrose, New York Restaurant Broker

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

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

Melrose Zip Codes We Support: 12121