Time to Sell Your Mount Vernon, New York Restaurant?

Following years of sweat equity, you have made the decision sell your Mount Vernon, New York restaurant

Contemplating starting a different Mount Vernon, New York restaurant, moving, or even retiring. Regardless of the reason, selling a Mount Vernon, New York restaurant can be way more challenging than you might think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough money for all the sweat you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either think to contract with a eatery broker to assist you in selling your Mount Vernon, New York restaurant or take on the task on your own. If you are considering selling your Mount Vernon, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Important Paperwork

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

The necessary documents may vary from state to state--even in New York, but below is a list of a few generalized documents you may find helpful to have at hand:

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

Corbett Restaurant Group has the experience to assist you in the market for sale of your Mount Vernon, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to show all these documents to a possible buyer right away. But, you should have them on hand because you will certainly need them during the sales process.

Also, compiling these documents lets you view your Mount Vernon, New York restaurant through the lens of a buyer. This provides you a clear picture of the Mount Vernon, New York restaurant you're offering for sale. Furthermore, it helps you identify if there are any areas you will need to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial part of selling your Mount Vernon, New York restaurant. That’s the reason you should make an effort to have your documents complete and organized.

Offering your financial documents to possible buyers may assist to clear any hesitations they might have concerning your Mount Vernon, New York restaurant.

The financial documents can include:

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

In addition, make sure you have hard copies of all of the records. This can make it easier for you to transmit the information to prospective buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things could create legal problems for you if a buyer later discovers these liabilities post closing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Mount Vernon, New York restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to talk to your landlord concerning your plan to sell your Mount Vernon, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

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

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

The average time it may take to sell a Mount Vernon, New York restaurant is six months. Within those six months, there are several things you can do in order to increase your profit and cut several costs, and thus strengthen the worth of your Mount Vernon, New York restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This could assist you in coming up with the overall worth of your Mount Vernon, New York restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Mount Vernon, New York restaurant will go a long way in helping you attract potential buyers. Alternatively, if the general aesthetic of your Mount Vernon, New York restaurant does not appeal to buyers, they could pass over immediately.

To avoid this from happening, all things in and out of your Mount Vernon, New York restaurant must be clean. Landscaped and a clean parking area may help create curb appeal for potential buyers.

Clean windows, polished handles and a neat floor are also simple things that would help create a great first impression.

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

Faulty equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the mood 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 prospective buyers concerning buying your Mount Vernon, New York restaurant.

#7 Search for Mount Vernon Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional Mount Vernon, New York restaurant broker to help. The professional Mount Vernon, New York restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you make the decision to handle this project alone, you will need to carry out proper advertising. You can list your Mount Vernon, New York restaurant on business websites and tell family and friends about your intentions to sell your Mount Vernon, New York restaurant.

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

#8 Be Ready

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

You'll never know when a buyer will visit your Mount Vernon, New York restaurant. Some buyers may even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Mount Vernon, 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 complete the deal. The documentation will usually begin with the Asset Purchase Agreement.

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

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

Choosing a Mount Vernon, New York Restaurant Broker

While trying to sell your Mount Vernon, New York restaurant on your own can be an exhilarating project, it can also be very risky, especially for first-timers.

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

Experience is also vital during negotiations with prospective buyers. This is when an experienced Mount Vernon, New York restaurant broker is needed. A Mount Vernon, New York restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Mount Vernon, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Mount Vernon, New York Restaurant Broker

Deciding to sell your Mount Vernon, New York restaurant through a Mount Vernon, New York restaurant broker has several advantages. First, however, you need to select the best Mount Vernon, New York restaurant broker to help you in selling your Mount Vernon, New York restaurant.

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

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