Ready to Sell Your Ossining, New York Restaurant?

Following years of sweat equity, you have made the decision sell your Ossining, New York restaurant

Considering opening a new Ossining, New York restaurant, moving, or even retiring. Regardless of the reason, selling your Ossining, New York restaurant can be way more complicated than you may think. This is because it takes careful preparation and a solid game plan to successfully exit with enough proceeds for all the time you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You may either make the decision to contract with a Ossining, New York restaurant broker to assist you in selling your Ossining, New York restaurant or do the task yourself. Whether considering selling your Ossining, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather the Important Paperwork

This is an important first step to make when you start the process of offering your Ossining, New York restaurant.

The necessary documents may vary from state to state--even in New York, but the following is a list of some standard documents you may find helpful to have on you:

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

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

It's probably smart not to show all these documents to a possible buyer day one. However, you may want to have them on hand because you will eventually require them during the sales process.

Also, compiling these documents allows you to view your Ossining, New York restaurant through the lens of a buyer. This provides you a clear image of the Ossining, New York restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you will need to address.

#2 Get Your Financial Records in Order

Your financial records are an important detail of selling your Ossining, New York restaurant. That’s why you should strive to make your documents accurate and well organized.

Offering your financial documents to possible buyers may aid clear any hesitations they might have concerning your Ossining, New York restaurant.

These financial documents may 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 records. This could make it easier for you to transmit the information to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer regarding these things could create legal issues for you if a buyer later on discovers these liabilities post closing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Ossining, New York restaurant, you must find out the terms of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it is advisable to have a discussion with your landlord regarding your plan to sell your Ossining, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors could request an in-depth evaluation of your financials, whether favorable or not, this will help them estimate the value of the Ossining, 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 Ossining, New York restaurant.

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

This may help you in estimating the overall value of your Ossining, New York restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Ossining, New York restaurant can go a great distance in helping you bring potential buyers. Alternatively, if the general aesthetic of your Ossining, New York restaurant does not appeal to buyers, they might take a pass without consideration.

To prevent this from happening, everything in and out of your Ossining, New York restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for potential buyers.

Spot-free windows, polished door handles and a presentable floor are other easy things that can help create a great initial impression.

Furthermore, you should make sure that all the equipment is in top condition. If your equipment is not functioning, it might convey the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial situation and output capabilities. It can even lower the morale of your staff, 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 buying your Ossining, New York restaurant.

#7 Search for Ossining 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 Ossining, New York restaurant broker to help. A professional Ossining, New York restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this project yourself, you will need to carry out appropriate advertising. You can offer your Ossining, New York restaurant on business websites and let your family and friends know about your plans to sell your Ossining, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Ossining, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the deal. The paperwork will usually start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Ossining, New York Restaurant Broker

Although attempting to sell your Ossining, New York restaurant on your own can be an exhilarating project, it could also be very risky, especially for first-timers.

It's true, in order for you to achieve the most from of the business transaction, you need a higher level of experience in order to stand above and against your competition while trying to attract buyers.

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

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

Contact a Ossining, New York Restaurant Broker

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

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

Ossining Zip Codes We Support: 10510, 10562