Decided to Sell Your Niagara Falls, New York Restaurant?

Following years of labor, you have decided to sell your Niagara Falls, New York restaurant

Contemplating opening a different Niagara Falls, New York restaurant, moving, or maybe retiring. Regardless of the reason, selling a Niagara Falls, New York restaurant can be a lot more difficult than you may think. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough profit for all the labor you’ve put into it.

Important Actions to Take in Selling Your Restaurant

You can either think to contract with a Niagara Falls, New York restaurant broker to guide you in selling your Niagara Falls, New York restaurant or do the task yourself. Whether considering selling your Niagara Falls, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together the Important Documentation

This is a necessary preparatory step to make when you start the process of selling your Niagara Falls, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of some standard documents you may need to have prepared:

• Gather your assets
• Lease documentation
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• 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 Niagara Falls, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to show the majority of these documents to a prospective buyer day one. However, you should have them at hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you view your Niagara Falls, New York restaurant through the lens of a buyer. This provides you a clear image of the Niagara Falls, New York restaurant you're offering for sale. Furthermore, it helps you show if there are any areas you will have to take care of.

#2 Get Your Financial Records in Order

Your financial records are an important aspect of selling your Niagara Falls, New York restaurant. This is the reason you should strive to make these documents complete and organized.

Offering your financial documents to prospective buyers could help clear any doubt they may have regarding your Niagara Falls, New York restaurant.

Your financial documents may 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 the documents. This may make it easier for you to transmit the information to possible buyers.

In addition, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer about these things can create legal problems for you if a buyer later on discovers these liabilities after completing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Niagara Falls, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing 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 Niagara Falls, 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 with estimating the value of your Niagara Falls, New York restaurant.

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow planning to sell your Niagara Falls, New York restaurant.

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

Also, when it comes 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 help you in deriving the probable worth of your Niagara Falls, New York restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Niagara Falls, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the overall curb appeal of your Niagara Falls, New York restaurant does not appeal to buyers, they might take a pass immediately.

To avoid this from happening, everything in and out of your Niagara Falls, New York restaurant must be cleaned and maintained. Landscaping and a clean parking area can help create appeal for potential buyers.

Spot-free windows, polished handles and a neat floor are other small items that could help create a unforgettable initial impression.

Additionally, you should ensure that all the equipment is in satisfactory condition. If your equipment is not working properly, it may send the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial situation and production abilities. It can even dampen the mood 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 prospective buyers regarding purchasing your Niagara Falls, New York restaurant.

#7 Search for Niagara Falls Buyers

Marketing to potential buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Niagara Falls, New York restaurant broker to help. The professional Niagara Falls, New York restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task by yourself, you will need to create proper advertising. You can list your Niagara Falls, New York restaurant on business websites and tell family and friends about your plans to market for sale your Niagara Falls, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Niagara Falls, 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 documentation to finalize the transaction. The documentation often begin with the Asset Purchase Agreement.

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

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

Choosing a Niagara Falls, New York Restaurant Broker

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

The fact remains, in order for you to get the most out of the business transaction, you need a higher level of experience to stand out against your cometitors while attempting to find buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Niagara Falls, New York restaurant broker is needed. A Niagara Falls, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Niagara Falls, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

With the assistance of a Niagara Falls, New York restaurant broker, you can maintain your undivided attention on operating your Niagara Falls, New York restaurant and rest easy knowing that a professional is in charge of selling your Niagara Falls, New York restaurant.

Contact a Niagara Falls, New York Restaurant Broker

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

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

Niagara Falls Zip Codes We Support: 14301, 14302, 14303, 14304, 14305