Ready to Sell Your Peekskill, New York Restaurant?

Following years of sweat equity, you have decided to sell your Peekskill, New York restaurant

Contemplating opening a new eatery, moving, or maybe retiring. Regardless of the reason, selling a Peekskill, New York restaurant can be a lot more complicated than you may think. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You can either make the decision to hire a Peekskill, New York restaurant broker to help you in selling your Peekskill, New York restaurant or do the task yourself. Whether considering selling your Peekskill, 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 a necessary initial step to make when you start the process of selling your Peekskill, New York restaurant.

The required documents may vary from state to state--even in New York, but below is a list of a few generalized documents you may find helpful to have at hand:

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

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

You certainly do not want to show the majority of these documents to a prospective buyer first day. However, you may want to have them on hand because you will certainly require them during the sales process.

Also, putting together these documents lets you see your Peekskill, New York restaurant through the lens of a buyer. This gives you a clear image of the Peekskill, New York restaurant you are selling. In addition, it helps you identify if there are any concerns you will have to take care of.

#2 Get Your Financial Records in Order

Your financial records are an important aspect of selling your Peekskill, New York restaurant. That’s the reason you should make an effort to have your documents complete and well organized.

Offering your financial records to potential buyers may help clear any doubt they may have regarding your Peekskill, New York restaurant.

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

Likewise, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things could create legal issues for you if a buyer later on discovers these ommissions after sealing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Peekskill, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease hinders you from closing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Peekskill, New York restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth analysis of your financials, whether favorable or not, this will help them evaluate the true value of the Peekskill, New York restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to build your cash flow starting to sell your Peekskill, New York restaurant.

The average time it takes to sell a Peekskill, New York restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and slash several costs, and thus strengthen the worth of your Peekskill, 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 estimate your assets.

This may assist you in deriving the overall worth of your Peekskill, New York restaurant. If you understand the overall value this could help you come up with a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Peekskill, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall look of your Peekskill, New York restaurant does not look good to buyers, they likely take a pass immediately.

To avoid this from happening, everything in and out of your Peekskill, New York restaurant must be clean. Landscaped and a clean parking lot may help create curb appeal for prospective buyers.

Clean windows, polished handles and a clean floor are also small things that would help create a unforgettable initial impression.

Furthermore, you should ensure that all your equipment is in satisfactory condition. If your equipment is not functioning, it might send the message that you are hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and production capabilities. It could even lower the excitment of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers regarding purchasing your Peekskill, New York restaurant.

#7 look for Peekskill Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Peekskill, New York restaurant broker to help. The professional Peekskill, New York restaurant broker will come with 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 carry out proper advertising. You can list your Peekskill, New York restaurant on business websites and tell family and friends about your plans to sell your Peekskill, New York restaurant.

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

#8 Be Ready

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

You never know when a buyer could walk into your Peekskill, New York restaurant. Some buyers may even visit as customers in order to perform some research before contacting you.

#9 Sell Your Peekskill, 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 documentation to complete the deal. The documentation often begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

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

Choosing a Peekskill, New York Restaurant Broker

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

It's true, if you're looking to get the most from of the business transaction, you need some level of experience to stand above and against your competition while attempting to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Peekskill, New York restaurant broker is recommended. A Peekskill, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Peekskill, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Peekskill, New York Restaurant Broker

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

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

Peekskill Zip Codes We Support: 10566