Right Time to Sell Your Penfield, New York Restaurant?

Following years of labor, you have made the decision sell your Penfield, New York restaurant

Considering opening a new eatery, moving, or even slowing down. Regardless of the reason, selling your Penfield, New York restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the sweat you may have put into it.

Important Steps to Take in Selling Your Restaurant

You can either decide to contract with a eatery broker to help you in selling your Penfield, New York restaurant or take on the task on your own. If you are considering selling your Penfield, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Put Together any Necessary Paperwork

This is a necessary first step to take when you start the process of offering your Penfield, 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 need to have on you:

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

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

You certainly do not want to reveal all these documents to a possible buyer day one. But, you should have them ready because you will eventually need them during the sales process.

Also, putting together these documents lets you view your Penfield, New York restaurant through the lens of a buyer. It provides you a clear picture of the Penfield, New York restaurant you're offering for sale. Furthermore, it helps you identify if there are any areas you'll have to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your Penfield, New York restaurant. This is the reason you should make an effort to make these documents complete and organized.

Offering your financial records to potential buyers could help clear any hesitations they may have concerning your Penfield, New York restaurant.

These financial records may include:

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

Also, make sure you have duplicate copies of all of the documents. This will make it easier for you to send the documentation to prospective buyers.

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

#3 Organize the Details of Your Commercial Lease

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

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of your Penfield, 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 planning to sell your Penfield, New York restaurant.

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

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

This will aid you in deriving the probable worth of your Penfield, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Penfield, New York restaurant can go a great distance in helping you attract potential buyers. Alternatively, if the general look of your Penfield, New York restaurant does not appeal to buyers, they likely pass over immediately.

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

Clean windows, polished door handles and a neat floor are also easy things that would help create a great initial impression.

Furthermore, you should make sure that all the equipment is in satisfactory condition. If your equipment is not working properly, it might convey the message that you're in a hurry to pass a bad deal to the buyer.

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

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

#7 look for Penfield Buyers

Looking for prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Penfield, New York restaurant broker to help. The professional Penfield, New York restaurant broker will offer recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to handle this project by yourself, you will need to create appropriate advertising. You can list your Penfield, New York restaurant on business websites and let your family and friends know about your plans to sell your Penfield, New York restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Penfield, New York restaurant yourself, or with a a Penfield, New York restaurant broker, you need to always be prepared. Be ready to show your Penfield, New York restaurant to potential buyers at all times.

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

#9 Sell Your Penfield, New York Restaurant

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

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

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

Choosing a Penfield, New York Restaurant Broker

While trying to sell your Penfield, New York restaurant on your own can be an exciting endeavor, it could also be very risky, especially for first time sellers.

It's true, in order for you to achieve the most from of the business transaction, you need some level of expertise in order to stand out against your cometitors while attempting to find buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Penfield, New York restaurant broker is needed. A Penfield, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Penfield, New York restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Penfield, New York Restaurant Broker

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

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

Penfield Zip Codes We Support: 14450, 14502, 14526, 14580, 14609, 14625