Right Time to Sell Your Ozone Park, New York Restaurant?

After years of sweat equity, you have decided to sell your Ozone Park, New York restaurant

Contemplating starting a different eatery, moving, or maybe retiring. No matter the reason, selling your Ozone Park, New York restaurant can be way more difficult than you may think. Thats because it takes careful preparation and a solid game plan to successfully exit with enough money for all the time you may have put into it.

Necessary Steps to Take in Selling Your Restaurant

You can either decide to contract with a eatery broker to guide you in selling your Ozone Park, New York restaurant or take on the task yourself. Whether considering selling your Ozone Park, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can follow.

#1 Put Together any Business Paperwork

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

The required 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 at hand:

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

Corbett Restaurant Group has the experience to help you in the sale of your Ozone Park, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to reveal the majority of these documents to a prospective buyer first day. But, you should have them at hand because you will eventually require them during the sales process.

Also, compiling these documents lets you see your Ozone Park, New York restaurant through the lens of a buyer. This provides you a clear image of the Ozone Park, New York restaurant you're offering for sale. In addition, it helps you show 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 Ozone Park, New York restaurant. That’s why you should make it a priority to have your documents complete and organized.

Offering your financial documents to potential buyers may help clear any doubt they may have concerning your Ozone Park, New York restaurant.

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

Also, as a seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things may create legal issues for you if a buyer later on discovers these liabilities after signing the deal.

#3 Put Together the Details of Your Commercial Lease

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

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your Ozone Park, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

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

It is therefore in your best interest to make sure that you increase sales and make a reduction in your expenses to build up your cash flow starting to sell your Ozone Park, New York restaurant.

The average time it may take to sell a Ozone Park, New York restaurant is 6 months. Within the six months, there are several things you can do to strengthen your profit and cut several costs, and thus increase the value of your Ozone Park, 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 will assist you in coming up with the overall worth of your Ozone Park, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Ozone Park, New York restaurant will go a great distance in helping you attract potential buyers. Conversely, if the general aesthetic of your Ozone Park, New York restaurant does not appeal to buyers, they might take a pass right off the bat.

To prevent this from happening, everything in and out of your Ozone Park, New York restaurant must be clean. Landscaped and a clean parking area can help create appeal for prospective buyers.

Clean windows, polished door handles and a clean floor are also small items that can help create a memorable initial impression.

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

Faulty equipment also raises doubt about your financial situation and production capabilities. It can even lower the mood of your staff, and in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning buying your Ozone Park, New York restaurant.

#7 Search for Ozone Park Buyers

Searching for prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may demand that you hire a professional Ozone Park, New York restaurant broker to help. A professional Ozone Park, New York restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can list your Ozone Park, New York restaurant on listing websites and tell family and friends about your intentions to sell your Ozone Park, New York restaurant.

As you will probably come across competition when trying to sell your Ozone Park, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

Regardless if you decide to sell your Ozone Park, New York restaurant yourself, or with a a Ozone Park, New York restaurant broker, you should always be prepared. Be ready to show your Ozone Park, New York restaurant to prospective buyers at all times.

You never know when a buyer will visit your Ozone Park, New York restaurant. Some buyers might even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Ozone Park, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to finalize the deal. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s help in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the contract.

This document includes details such as the selling price of your Ozone Park, New York restaurant, assets and equipment as well as inventory value.

Choosing a Ozone Park, New York Restaurant Broker

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

The fact remains, if you're looking to get the most out of the business deal, you need a higher level of expertise in order to stand out against the cometitors while attempting to find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Ozone Park, New York restaurant broker is recommended. A Ozone Park, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Ozone Park, 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 Ozone Park, New York restaurant broker, you can focus your undivided attention on operating your Ozone Park, New York restaurant and rest assured knowing that a professional is in charge of selling your Ozone Park, New York restaurant.

Contact a Ozone Park, New York Restaurant Broker

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

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

Ozone Park Zip Codes We Support: 11416, 11417