Right Time to Sell Your New York City, New York Restaurant?

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

Contemplating opening a different New York City, New York restaurant, relocating, or even slowing down. Regardless of the reason, selling your New York City, New York restaurant can be a lot more challenging than you may realize. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough money for all the labor you may have put into it.

Necessary Actions to Take when Selling Your Restaurant

You may either decide to hire a eatery broker to help you in selling your New York City, New York restaurant or take on the task yourself. If you are considering selling your New York City, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together all Necessary Paperwork

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

The required documents may vary from state to state--even in New York, but below is a list of some general documents you may find helpful to have ready:

• A list of your assets
• Lease contract
• 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 experience to help you in the sale of your New York City, New York restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to show all these documents to a potrntial buyer right away. However, you may want to have them on hand because you will certainly need them during the sales process.

Also, putting together these documents allows you to see your New York City, New York restaurant through the lens of a buyer. It provides you a clear picture of the New York City, New York restaurant you're selling. In addition, it helps you show if there are any concerns you will need to take care of.

#2 Get Your Financial Records in Order

Your financial documents are a crucial part of selling your New York City, New York restaurant. That’s why you should make an effort to have these documents accurate and organized.

Showing your financial records to prospective buyers may aid clear any hesitations they may have concerning your New York City, New York restaurant.

These financial records could include:

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

In addition, ensure you have duplicate copies of all of these records. This will make it easier for you to send the information to potential buyers.

Likewise, as the seller, you have to disclose information including debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these items may create legal problems for you if a buyer later on discovers these ommissions post signing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your New York City, New York restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your New York City, 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 financial records, whether favorable or not, this helps them estimate the value of your New York City, New York restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow starting to sell your New York City, New York restaurant.

The average time it may take to sell a New York City, New York restaurant is 6 months. Within the six months, there are many things you can do in order to strengthen your profit and slash various costs, and therefore increase the worth of your New York City, New York restaurant.

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

This may assist you in estimating the probable value of your New York City, New York restaurant. If you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your New York City, New York restaurant could go a long way in helping you attract potential buyers. Alternatively, if the general look of your New York City, New York restaurant does not look good to buyers, they likely take a pass immediately.

To prevent this from happening, all things in and out of your New York City, New York restaurant must be clean. Landscaping and a clean parking area could help create curb appeal for potential buyers.

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

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

Non-functional equipment can raise doubt about your financial capabilities and output abilities. It could even dampen the excitment of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for New York City Buyers

Looking for prospective buyers is time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced New York City, New York restaurant broker to help. A professional New York City, New York restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to take on this task alone, you will need to create proper advertising. You can list your New York City, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your New York City, New York restaurant.

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

#8 Be Ready

If you decide to sell your New York City, New York restaurant yourself, or through a New York City, New York restaurant broker, you need to always be ready. Be ready to show your New York City, New York restaurant to potential buyers at all times.

You'll never know when a buyer could visit your New York City, New York restaurant. Some buyers might even visit as customers in order to carry out some research before contacting you.

#9 Sell Your New York City, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the deal. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a New York City, New York Restaurant Broker

While trying to sell your New York City, New York restaurant on your own can be an exhilarating endeavor, it could also be very risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business deal, you need some level of experience to stand above and against your cometitors while trying to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced New York City, New York restaurant broker is needed. A New York City, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your New York City, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a New York City, New York Restaurant Broker

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

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

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