Decided to Sell Your Oyster Bay, New York Restaurant?

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

Contemplating starting a new eatery, moving, or maybe slowing down. Regardless of the reason, selling your Oyster Bay, New York restaurant can be way more challenging than you may think. Thats because it takes careful preparation and a solid game plan to successfully get out with enough profit for all the labor you’ve put into it.

Necessary Actions to Take when Selling Your Restaurant

You can either decide to contract with a eatery broker to assist you in selling your Oyster Bay, New York restaurant or do the task on your own. If you are considering selling your Oyster Bay, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Gather any Business Documentation

This is an important first step to take when you begin the process of selling your Oyster Bay, New York restaurant.

The required documents 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 ready:

• A list of your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• 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 possible buyer day one. However, you should have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents lets you see your Oyster Bay, New York restaurant through the lens of a buyer. It provides you a clear picture of the Oyster Bay, New York restaurant you're selling. Furthermore, it helps you show if there are any concerns you will need to address.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Oyster Bay, New York restaurant. That’s the reason you should make an effort to make these documents complete and organized.

Offering your financial records to prospective buyers may help clear any doubt they might have regarding your Oyster Bay, New York restaurant.

The financial records can include:

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

In addition, ensure you have soft copies of all of the records. This can make it easier for you to transmit the records to potential buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these items could create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Oyster Bay, New York restaurant, you need to review of your commercial lease. It would be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this will help them evaluate the value of the Oyster Bay, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow before trying to sell your Oyster Bay, New York restaurant.

The average time it takes to sell a Oyster Bay, New York restaurant is six months. Within those six months, there is a lot you can do to increase your profit and slash various costs, and therefore strengthen the worth of your Oyster Bay, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This could assist you in coming up with the probable worth of your Oyster Bay, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Good

The first impression of your Oyster Bay, New York restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the general curb appeal of your Oyster Bay, New York restaurant does not appeal to buyers, they might take a pass without consideration.

To prevent this from happening, all things in and out of your Oyster Bay, New York restaurant must be cleaned and maintained. Manicured and a clean parking area may help create appeal for potential buyers.

Clean windows, polished handles and a neat floor are also easy items that can help create a great first impression.

Additionally, you should make sure that all your equipment is in satisfactory condition. If your equipment is not working, it can 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 output abilities. It could even lower the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Oyster Bay Buyers

Looking for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire a professional Oyster Bay, New York restaurant broker to help. The professional Oyster Bay, New York restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to take on this project alone, you will need to create proper advertising. You can show your Oyster Bay, New York restaurant on listing websites and let your family and friends know about your plans to sell your Oyster Bay, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Oyster Bay, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to finalize the deal. The documentation will likely begin with the Asset Purchase Agreement.

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

This agreement includes details including the selling price of your Oyster Bay, New York restaurant, items and equipment as well as inventory value.

Choosing a Oyster Bay, New York Restaurant Broker

Although trying to sell your Oyster Bay, New York restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business deal, you need a higher level of expertise in order to stand out against your competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Oyster Bay, New York restaurant broker is needed. A Oyster Bay, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Oyster Bay, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Oyster Bay, New York Restaurant Broker

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

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

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