Right Time to Sell Your Plainview, New York Restaurant?

Following years of hard work, you have decided to sell your Plainview, New York restaurant

Contemplating starting a different Plainview, New York restaurant, relocating, or even retiring. Regardless of the reason, selling your Plainview, New York restaurant can be a lot more challenging than you may think. This is because it takes careful preparation and a solid strategy to successfully get out with enough profit for all the sweat you’ve put into it.

Necessary Steps to Take in Selling Your Restaurant

You may either decide to hire a Plainview, New York restaurant broker to help you in selling your Plainview, New York restaurant or take on the task yourself. If you are considering selling your Plainview, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather any Important Paperwork

This is a necessary initial step to take when you commence the process of selling your Plainview, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but the following is a list of a few generalized documents you may be requierd to have on you:

• A list of your assets
• Lease documentation
• 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 comes with expertise to assist you in the market for sale of your Plainview, New York restaurant. Call today for a no strings attached business review 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 ready because you will eventually need them during the sales process.

In addition, compiling these documents allows you to see your Plainview, New York restaurant through the lens of a buyer. This provides you a clear picture of the Plainview, New York restaurant you're selling. In addition, it helps you identify whether there are any areas you will need to address.

#2 Get Your Financial Documents in Order

Your financial records are a crucial part of selling your Plainview, New York restaurant. That’s why you should strive to have these documents complete and organized.

Showing your financial records to prospective buyers may aid clear any hesitations they might have regarding your Plainview, New York restaurant.

Your financial records may include:

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

In addition, make sure you have duplicate copies of all of these records. This can make it easier for you to send the information to potential buyers.

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

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Plainview, 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 closing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this helps with estimating the true value of your Plainview, New York restaurant.

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

The average time it may take to sell a Plainview, New York restaurant is 6 months. Within those six months, there are several things you can do to increase your profit and slash several costs, and thus strengthen the worth of your Plainview, New York restaurant.

Also, with regards 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 deriving the overall worth of your Plainview, New York restaurant. If you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

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

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

Clean windows, polished handles and a presentable floor are other small items that could help create a unforgettable initial impression.

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

Faulty equipment may rouse doubt about your financial situation and production abilities. 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 concerning buying your Plainview, New York restaurant.

#7 look for Plainview Buyers

Marketing to prospective buyers can be time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced Plainview, New York restaurant broker to help. The professional Plainview, New York restaurant broker will offer recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this project by yourself, you will need to create proper advertising. You can show your Plainview, New York restaurant on listing websites and tell family and friends about your intentions to sell your Plainview, New York restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could walk into your Plainview, New York restaurant. Some buyers may even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Plainview, 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 paperwork to complete the contract. The documentation often begin with the Asset Purchase Agreement.

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

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

Choosing a Plainview, New York Restaurant Broker

While attempting to sell your Plainview, New York restaurant on your own can be an exhilarating project, it could also be quite 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 expertise in order to stand above and against your competition while trying to find buyers.

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

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

Contact a Plainview, New York Restaurant Broker

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

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

Plainview Zip Codes We Support: 11797, 11803