Are You Ready to Sell Your Poughkeepsie, New York Restaurant?

Following years of labor, you have decided to sell your Poughkeepsie, New York restaurant

Considering starting a new Poughkeepsie, New York restaurant, moving, or even slowing down. Regardless of the reason, selling your Poughkeepsie, New York restaurant can be a lot more difficult than you might realize. Thats because it takes thoughtful preparation and a solid strategy to successfully exit with enough money for all the labor you’ve put into it.

Necessary Actions to Consider when Selling Your Restaurant

You may either decide to contract with a eatery broker to assist you in selling your Poughkeepsie, New York restaurant or do the task yourself. Whether considering selling your Poughkeepsie, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can follow.

#1 Put Together all Important Documentation

This is an important first step to make when you commence the process of selling your Poughkeepsie, New York restaurant.

The necessary documents may vary from state to state--even in New York, but the following is a list of a few general 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 plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to help you in the sale of your Poughkeepsie, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a possible buyer day one. But, you should have them at hand because you will certainly require them during the sales process.

Also, compiling these documents allows you to see your Poughkeepsie, New York restaurant through the lens of a buyer. It gives you a clear image of the Poughkeepsie, New York restaurant you're offering for sale. In addition, it helps you identify if there are any concerns you will need to address.

#2 Put Your Financial Documents in Order

Your financial records are an important detail of selling your Poughkeepsie, New York restaurant. That’s the reason you should make it a priority to have these documents complete and well organized.

Offering your financial documents to possible buyers may help clear any hesitations they may have concerning your Poughkeepsie, New York restaurant.

Your financial records could include:

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

Also, ensure you have soft copies of all of the documents. This could 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, planned repairs, etc. Failure to inform a buyer about these things could create legal issues for you if a buyer later discovers these ommissions after signing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Poughkeepsie, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting 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 Poughkeepsie, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

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

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow starting to sell your Poughkeepsie, New York restaurant.

The average time it takes to sell a Poughkeepsie, New York restaurant is six months. Within those six months, there are several things you can do in order to increase your profit and slash various costs, and thus increase the worth of your Poughkeepsie, 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 value your assets.

This will aid you in estimating the overall value of your Poughkeepsie, New York restaurant. If you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Poughkeepsie, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the general curb appeal of your Poughkeepsie, New York restaurant does not look good to buyers, they could pass over immediately.

To avoid this from happening, all things in and out of your Poughkeepsie, New York restaurant must be cleaned and maintained. Manicured and a clean parking lot could help create curb appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are other small items that can help create a great initial impression.

Additionally, you should ensure all the equipment is in top condition. If your equipment is not working, it could send the message that you're in a hurry to pass a bad deal to the buyer.

Faulty equipment can raise doubt about your financial situation and production abilities. It may even dampen the excitment of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Poughkeepsie Buyers

Looking for prospective buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire an experienced Poughkeepsie, New York restaurant broker to help. A professional Poughkeepsie, New York restaurant broker will offer recommendations for saving time & money for drawing in more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to create proper advertising. You can offer your Poughkeepsie, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Poughkeepsie, New York restaurant.

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

#8 Be Prepared

If you decide to sell your Poughkeepsie, New York restaurant yourself, or with a a Poughkeepsie, New York restaurant broker, you should always be prepared. Be ready to show your Poughkeepsie, New York restaurant to potential buyers at all times.

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

#9 Sell Your Poughkeepsie, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the contract. The paperwork often start 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 Poughkeepsie, New York restaurant, assets and equipment and inventory value.

Choosing a Poughkeepsie, New York Restaurant Broker

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

It's true, if you're looking to achieve the most out of the business deal, you need some level of experience in order to stand above and against your cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Poughkeepsie, New York restaurant broker is recommended. A Poughkeepsie, New York restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Poughkeepsie, New York restaurant. Additionally, a restaurant broker will liekly help you sell faster and get you a higher sale value.

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

Contact a Poughkeepsie, New York Restaurant Broker

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

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

Poughkeepsie Zip Codes We Support: 12601, 12602, 12603, 12604