Right Time to Sell Your Ogden, New York Restaurant?

After years of hard work, you have decided to sell your Ogden, New York restaurant

Considering opening a new Ogden, New York restaurant, relocating, or even retiring. No matter the reason, selling a Ogden, New York restaurant can be way more challenging than you might realize. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the time you may have put into it.

Important Actions to Take when Selling Your Restaurant

You can either make the decision to contract with a eatery broker to guide you in selling your Ogden, New York restaurant or do the task on your own. If you are considering selling your Ogden, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together all Necessary Documentation

This is an important first step to make when you begin the process of marketing your Ogden, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but the following is a list of a few standard documents you may be requierd to have prepared:

• A list of your assets
• Lease contract
• 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 market for sale of your Ogden, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to reveal all these documents to a potrntial buyer day one. But, you should have them at hand because you will certainly require them during the sales process.

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

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your Ogden, New York restaurant. This is why you should make it a priority to make these documents complete and well organized.

Showing your financial records to possible buyers could assist to clear any hesitations they may have regarding your Ogden, New York restaurant.

These 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 these documents. This could make it easier for you to transmit the documentation to possible buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things can create legal problems for you if a buyer later discovers these liabilities post sealing the deal.

#3 Put Together the Information On Your Commercial Lease

While preparing to sell your Ogden, New York restaurant, you must find out the terms of your commercial lease. It could be disappointing if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Ogden, 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 true value of the Ogden, New York restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build your cash flow before trying to sell your Ogden, New York restaurant.

The average time it takes to sell a Ogden, New York restaurant is 6 months. Within those six months, there are many things you can do to increase your profit and cut several costs, and therefore increase the worth of your Ogden, New York restaurant.

In addition, when it comes to your assets, you'll 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 overall worth of your Ogden, New York restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Ogden, New York restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the overall appearance of your Ogden, New York restaurant does not appeal to buyers, they likely pass over immediately.

To avoid this from happening, everything in and out of your Ogden, New York restaurant must be clean. Manicured and a clean parking area could help create appeal for potential buyers.

Clean windows, polished handles and a clean floor are other small items that can help create a great first impression.

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

Non-functional equipment can raise doubt about your financial capabilities and output capabilities. It can even dampen the morale of your employees, 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 concerning buying your Ogden, New York restaurant.

#7 Search for Ogden Buyers

Searching for prospective buyers can be time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire an experienced Ogden, New York restaurant broker to help. The professional Ogden, New York restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you decide to handle this task alone, you will need to create proper advertising. You can list your Ogden, New York restaurant on listing websites and tell family and friends about your plans to market for sale your Ogden, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Ogden, New York Restaurant

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

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

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

Choosing a Ogden, New York Restaurant Broker

While attempting to sell your Ogden, New York restaurant on your own can be an exciting project, it can also be quite risky, especially for first time sellers.

It's true, if you're looking to get the most from of the business deal, you need a higher level of experience in order to stand above and against the cometitors while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Ogden, New York restaurant broker is recommended. A Ogden, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Ogden, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and at a great price.

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

Contact a Ogden, New York Restaurant Broker

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

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

Ogden Zip Codes We Support: 14410, 14420, 14428, 14514, 14559, 14624