Are You Ready to Sell Your Mott Haven, New York Restaurant?

After years of hard work, you have decided to sell your Mott Haven, New York restaurant

Contemplating opening a new eatery, moving, or even retiring. No matter the reason, selling a Mott Haven, New York restaurant can be a lot more difficult than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the time you may have put into it.

Important Actions to Consider in Selling Your Restaurant

You can either decide to hire a eatery broker to help you in selling your Mott Haven, New York restaurant or do the task yourself. Whether considering selling your Mott Haven, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather all Important Documentation

This is an important initial step to make when you begin the process of selling your Mott Haven, New York restaurant.

The required paperwork may vary from state to state--even in New York, but below is a list of some general documents you may be requierd to have on you:

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

It's probably smart not to show all these documents to a potrntial buyer first day. But, you should have them ready because you will certainly need them during the sales process.

Also, compiling these documents allows you to see your Mott Haven, New York restaurant through the lens of a buyer. It provides you a clear image of the Mott Haven, New York restaurant you are selling. Furthermore, it helps you identify whether there are any concerns you will have to address.

#2 Put Your Financial Records in Order

Your financial records are a crucial part of selling your Mott Haven, New York restaurant. This is the reason you should make an effort to make your documents complete and well organized.

Showing your financial documents to possible buyers may assist to clear any hesitations they might have concerning your Mott Haven, New York restaurant.

The financial records may 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 the documents. This will make it easier for you to send the documentation to prospective buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items may create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Mott Haven, New York restaurant, you need to review of your commercial lease. It would be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your Mott Haven, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this will help them evaluate the value of the Mott Haven, New York restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Mott Haven, New York restaurant.

The average time it may take to sell a Mott Haven, New York restaurant is six months. Within those six months, there are many things you can do to increase your profit and cut several costs, and thus increase the worth of your Mott Haven, 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 estimate your assets.

This may help you in coming up with the probable worth of your Mott Haven, 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 Mott Haven, New York restaurant will go a long way in helping you bring potential buyers. Alternatively, if the overall appearance of your Mott Haven, New York restaurant does not appeal to buyers, they might take a pass without consideration.

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

Spot-free windows, polished handles and a clean floor are also simple items that can help create a memorable initial impression.

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

Non-functional equipment also raises doubt about your financial status and output capabilities. It may even lower the mood of your staff, 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 regarding buying your Mott Haven, New York restaurant.

#7 Search for Mott Haven Buyers

Marketing to potential buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Mott Haven, New York restaurant broker to help. A professional Mott Haven, New York restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this project by yourself, you will need to create proper advertising. You can show your Mott Haven, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Mott Haven, New York restaurant.

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

#8 Be Prepared

If you decide to sell your Mott Haven, New York restaurant yourself, or with a a Mott Haven, New York restaurant broker, you need to always be prepared. Be prepared to show your Mott Haven, New York restaurant to potential buyers at all times.

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

#9 Sell Your Mott Haven, New York Restaurant

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

You should have your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Mott Haven, New York Restaurant Broker

Although attempting to sell your Mott Haven, New York restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first-timers.

The fact remains, if you're looking to get the most from of the business deal, you need a higher level of expertise in order to stand out against your competition while attempting to find buyers.

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

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

Contact a Mott Haven, New York Restaurant Broker

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

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

Mott Haven Zip Codes We Support: 10454