Ready to Sell Your Merrick, New York Restaurant?

After years of hard work, you have made the decision sell your Merrick, New York restaurant

Contemplating starting a new eatery, relocating, or maybe retiring. Regardless of the reason, selling your Merrick, New York restaurant can be a lot more complicated than you may think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the time you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either decide to hire a eatery broker to help you in selling your Merrick, New York restaurant or do the task on your own. If you are considering selling your Merrick, 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 Necessary Paperwork

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

The required documents may vary from state to state--even in New York, but below is a list of a few standard documents you may be requierd to have ready:

• Gather your assets
• Lease documentation
• 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 market for sale of your Merrick, 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 possible buyer day one. However, you should have them ready because you will eventually need them during the sales process.

In addition, compiling these documents lets you see your Merrick, New York restaurant through the lens of a buyer. This gives you a clear picture of the Merrick, New York restaurant you are selling. In addition, it helps you show if there are any areas you will need to address.

#2 Get Your Financials in Order

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

Offering your financial records to potential buyers may aid clear any hesitations they may have concerning your Merrick, New York restaurant.

These financial records can include:

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

In addition, ensure you have hard copies of all of the documents. This may make it easier for you to transmit the records to potential buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these items may create legal issues for you if a buyer later on discovers these liabilities after completing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Merrick, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after securing 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 Merrick, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financials, whether favorable or not, this helps with estimating the true value of your Merrick, New York restaurant.

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

The estimated time it takes to sell a Merrick, New York restaurant is 6 months. Within those six months, there is a lot you can do to increase your profit and slash several costs, and thus increase the value of your Merrick, New York restaurant.

Also, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will assist you in deriving the overall value of your Merrick, New York restaurant. If you understand the overall value this could help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Merrick, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall curb appeal of your Merrick, New York restaurant does not appeal to buyers, they could pass over immediately.

To avoid this from happening, everything in and out of your Merrick, New York restaurant must be cleaned and maintained. Landscaping and a clean parking lot may help create curb appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are other small items that would help create a great initial impression.

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

Faulty equipment can raise doubt about your financial capabilities and output capabilities. It may even dampen the excitment of your employees, 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 regarding buying your Merrick, New York restaurant.

#7 look for Merrick Buyers

Searching for prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Merrick, New York restaurant broker to help. A professional Merrick, New York restaurant broker will have recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this project alone, you will need to carry out appropriate advertising. You can show your Merrick, New York restaurant on business websites and tell family and friends about your plans to market for sale your Merrick, New York restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Merrick, New York restaurant yourself, or with a a Merrick, New York restaurant broker, you should always be ready. Be ready to show your Merrick, New York restaurant to potential buyers at all times.

You'll never know when a buyer will walk into your Merrick, New York restaurant. Some buyers may even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Merrick, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the transaction. The paperwork will likely start with the Asset Purchase Agreement.

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

This agreement includes details such as the selling price of your Merrick, New York restaurant, assets and equipment as well as inventory value.

Choosing a Merrick, New York Restaurant Broker

While attempting to sell your Merrick, New York restaurant on your own can be an exciting project, it could also be very risky, especially for first time sellers.

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

Expertise is also vital during negotiations with potential buyers. This is where an experienced Merrick, New York restaurant broker is needed. A Merrick, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Merrick, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Merrick, New York Restaurant Broker

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

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

Merrick Zip Codes We Support: 11520, 11566