Decided to Sell Your Onondaga, New York Restaurant?

Following years of hard work, you have decided to sell your Onondaga, New York restaurant

Contemplating opening a different eatery, moving, or even slowing down. Regardless of the reason, selling your Onondaga, New York restaurant can be a lot more complicated than you might think. This is because it takes careful preparation and a solid game plan to successfully get out with enough profit for all the sweat you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You can either decide to hire a Onondaga, New York restaurant broker to help you in selling your Onondaga, New York restaurant or do the task on your own. Whether considering selling your Onondaga, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Gather the Necessary Documentation

This is a necessary initial step to make when you commence the process of selling your Onondaga, 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 find helpful to have on you:

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

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

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

In addition, putting together these documents lets you view your Onondaga, New York restaurant through the lens of a buyer. This gives you a clear image of the Onondaga, New York restaurant you are offering for sale. Furthermore, it helps you identify whether there are any concerns you'll need to take care of.

#2 Put Your Financial Records in Order

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

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

Your financial records could include:

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

Also, ensure you have duplicate copies of all of these records. This can make it easier for you to transmit the documentation to potential buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer about these things can create legal problems for you if a buyer later discovers these ommissions post sealing the deal.

#3 Put Together the Information On Your Commercial Lease

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

For this reason, it is advisable to talk to your landlord concerning your plan to sell your Onondaga, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the value of the Onondaga, New York restaurant.

This will be in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow before trying to sell your Onondaga, New York restaurant.

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

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

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

#5 Make Your Restaurant Look Better

The appearance of your Onondaga, New York restaurant can go a long way in helping you bring potential buyers. Conversely, if the overall appearance of your Onondaga, New York restaurant does not appeal to buyers, they could take a pass immediately.

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

Clean windows, polished door handles and a clean floor are also small things that would help create a great first impression.

Furthermore, you should make sure all the equipment is in top condition. If your equipment is not working, it can send the message that you are in a hurry to pass a bad deal to the buyer.

Faulty equipment also raises doubt about your financial capabilities and output capabilities. It could even lower the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Onondaga Buyers

Marketing to potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Onondaga, New York restaurant broker to help. A professional Onondaga, New York restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task yourself, you will need to create proper advertising. You can market your Onondaga, New York restaurant on business websites and tell family and friends about your plans to sell your Onondaga, New York restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Onondaga, New York restaurant yourself, or through a Onondaga, New York restaurant broker, you should always be ready. Be ready to show your Onondaga, New York restaurant to potential buyers at all times.

You'll never know when a buyer will walk into your Onondaga, New York restaurant. Some buyers might even visit as customers in order to perform some research before reaching out to you.

#9 Sell Your Onondaga, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the deal. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

This agreement includes details including the selling price of your Onondaga, New York restaurant, assets and equipment and inventory value.

Choosing a Onondaga, New York Restaurant Broker

While trying to sell your Onondaga, New York restaurant on your own can be an exciting project, it can also be quite risky, especially for first-timers.

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

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

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

Contact a Onondaga, New York Restaurant Broker

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

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

Onondaga Zip Codes We Support: 13031, 13078, 13084, 13108, 13110, 13120, 13205, 13210, 13215, 13219