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

After years of labor, you have made the decision sell your New Rochelle, New York restaurant

Considering starting a new New Rochelle, New York restaurant, relocating, or maybe slowing down. Regardless of the reason, selling your New Rochelle, New York restaurant can be way more complicated than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you may have put into it.

Necessary Steps to Take when Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your New Rochelle, New York restaurant or take on the task yourself. Whether considering selling your New Rochelle, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather all Business Paperwork

This is a necessary initial step to make when you begin the process of marketing your New Rochelle, New York restaurant.

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

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

Corbett Restaurant Group has the experience to assist you in the sale of your New Rochelle, New York restaurant. Call today for a no strings attached business review at (888) 266-5182.

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

Also, compiling these documents lets you view your New Rochelle, New York restaurant through the lens of a buyer. This provides you a clear image of the New Rochelle, 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 Get Your Financials in Order

Your financial documents are a crucial part of selling your New Rochelle, New York restaurant. This is why you should make an effort to make these documents accurate and well organized.

Offering your financial documents to possible buyers may aid clear any doubt they might have concerning your New Rochelle, New York restaurant.

These financial documents could include:

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

In addition, make sure you have duplicate copies of all of the records. This will make it easier for you to send the documentation to prospective buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items can create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Put Together the Information On Your Commercial Lease

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

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your New Rochelle, New York restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps them estimate the value of your New Rochelle, New York restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to increase your cash flow planning to sell your New Rochelle, New York restaurant.

The average time it may take to sell a New Rochelle, New York restaurant is six months. Within the six months, there are several things you can do to strengthen your profit and reduce various costs, and thus strengthen the worth of your New Rochelle, New York restaurant.

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

This could aid you in deriving the overall value of your New Rochelle, New York restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Make Your Restaurant Look Awesome

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

To avoid this from happening, all things in and out of your New Rochelle, New York restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create curb appeal for potential buyers.

Clean windows, polished door handles and a presentable floor are other small things that can help create a memorable first impression.

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

Faulty equipment could raise doubt about your financial status and production capabilities. It could even dampen the mood of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for New Rochelle Buyers

Searching for potential buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire a professional New Rochelle, New York restaurant broker to help. A professional New Rochelle, New York restaurant broker will offer recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this project by yourself, you will need to carry out proper advertising. You can offer your New Rochelle, New York restaurant on listing websites and tell family and friends about your plans to market for sale your New Rochelle, New York restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your New Rochelle, New York restaurant yourself, or through a New Rochelle, New York restaurant broker, you need to always be prepared. Be ready to show your New Rochelle, New York restaurant to prospective buyers at all times.

You never know when a buyer could visit your New Rochelle, New York restaurant. Some buyers might even come in as customers just to perform some research before reaching out to you.

#9 Sell Your New Rochelle, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the contract. The documentation will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise 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 New Rochelle, New York restaurant, assets and equipment and inventory value.

Choosing a New Rochelle, New York Restaurant Broker

Although trying to sell your New Rochelle, New York restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first time sellers.

It's true, in order for you to get the most out of the business deal, you need some level of expertise in order to stand above and against the competition while attempting to attract buyers.

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

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

Contact a New Rochelle, New York Restaurant Broker

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

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

New Rochelle Zip Codes We Support: 10538, 10583, 10801, 10802, 10803, 10804, 10805