Are You Ready to Sell Your North Amityville, New York Restaurant?

After years of sweat equity, you have made the decision sell your North Amityville, New York restaurant

Considering starting a new North Amityville, New York restaurant, moving, or even retiring. Regardless of the reason, selling a North Amityville, New York restaurant can be way more challenging than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully exit with enough money for all the labor you may have put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either think to contract with a eatery broker to assist you in selling your North Amityville, New York restaurant or do the task on your own. Whether considering selling your North Amityville, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Business Paperwork

This is a necessary first step to make when you commence the process of selling your North Amityville, New York restaurant.

The required paperwork may vary from state to state--even in New York, but the following is a list of some general documents you may find helpful to have at hand:

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

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It's probably best not to reveal the majority of these documents to a potrntial buyer first day. However, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents allows you to view your North Amityville, New York restaurant through the lens of a buyer. It gives you a clear picture of the North Amityville, New York restaurant you're selling. In addition, it allows you to identify if there are any areas you'll have to take care of.

#2 Put Your Financial Records in Order

Your financial records are an important detail of selling your North Amityville, New York restaurant. That’s the reason you should strive to have your documents complete and organized.

Offering your financial records to prospective buyers could assist to clear any doubt they may have regarding your North Amityville, New York restaurant.

The financial records could include:

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

Also, make sure you have soft copies of all of these records. This may make it easier for you to transmit the records to possible buyers.

Also, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these items could create legal problems for you if a buyer later discovers these ommissions post closing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your North Amityville, New York restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease prevents you from sealing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financials, whether favorable or not, this helps them evaluate the value of the North Amityville, New York restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow starting to sell your North Amityville, New York restaurant.

The average time it takes to sell a North Amityville, New York restaurant is 6 months. Within those six months, there is a lot you can do in order to increase your profit and cut several costs, and thus increase the value of your North Amityville, 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 assist you in estimating the probable worth of your North Amityville, New York restaurant. If you understand the overall worth this could help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your North Amityville, New York restaurant can go a long way in helping you bring potential buyers. Alternatively, if the overall aesthetic of your North Amityville, New York restaurant does not appeal to buyers, they might pass over right off the bat.

To prevent this from happening, all things in and out of your North Amityville, New York restaurant must be cleaned and maintained. Manicured and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are other small items that would help create a great first impression.

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

Faulty equipment also raises doubt about your financial situation and production capabilities. It may even lower the mood of your staff, which 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 concerning buying your North Amityville, New York restaurant.

#7 look for North Amityville Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced North Amityville, New York restaurant broker to help. A professional North Amityville, New York restaurant broker will come with recommendations for saving time & money for drawing in more prospective buyers. However, if you decide to handle this task alone, you will need to create proper advertising. You can market your North Amityville, New York restaurant on business websites and tell family and friends about your intentions to market for sale your North Amityville, New York restaurant.

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

#8 Be Prepared

Whether you decide to sell your North Amityville, New York restaurant yourself, or through a North Amityville, New York restaurant broker, you should always be ready. Be prepared to show your North Amityville, New York restaurant to prospective buyers at all times.

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

#9 Sell Your North Amityville, New York Restaurant

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

You should have your attorney’s help in creating this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a North Amityville, New York Restaurant Broker

Although trying to sell your North Amityville, New York restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to achieve the most from of the business deal, you need a higher level of expertise to stand above and against your cometitors while trying to find buyers.

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

With the help of a North Amityville, New York restaurant broker, you can maintain your undivided attention on operating your North Amityville, New York restaurant and rest assured knowing that a professional is in charge of selling your North Amityville, New York restaurant.

Contact a North Amityville, New York Restaurant Broker

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

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

North Amityville Zip Codes We Support: 11701, 11726