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

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

Considering opening a different eatery, moving, or maybe slowing down. Regardless of the reason, selling a Ramapo, New York restaurant can be a lot more complicated than you may realize. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the labor you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

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

#1 Put Together any Business Documentation

This is an important preparatory step to take when you begin the process of selling your Ramapo, New York restaurant.

The required paperwork 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 prepared:

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

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

You certainly do not want to show all these documents to a prospective buyer day one. But, you should have them on hand because you will certainly need them during the sales process.

In addition, compiling these documents allows you to see your Ramapo, New York restaurant through the lens of a buyer. It gives you a clear image of the Ramapo, New York restaurant you're offering for sale. Furthermore, it allows you to identify whether there are any areas you'll have to take care of.

#2 Put Your Financials in Order

Your financial records are a crucial part of selling your Ramapo, New York restaurant. This is why you should make an effort to make these documents accurate and well organized.

Offering your financial records to possible buyers could aid clear any hesitations they may have concerning your Ramapo, New York restaurant.

These financial records can 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 may make it easier for you to send the information to prospective buyers.

In addition, as the seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things could create legal problems for you if a buyer later discovers these liabilities post sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Ramapo, New York restaurant, you need to understand of your commercial lease. It would be disappointing 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 regarding your plan to sell your Ramapo, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the value of your Ramapo, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow starting to sell your Ramapo, New York restaurant.

The average time it may take to sell a Ramapo, New York restaurant is six months. Within the six months, there are several things you can do in order to strengthen your profit and slash several costs, and therefore strengthen the worth of your Ramapo, 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 coming up with the overall value of your Ramapo, New York restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Increase Curb Appeal

The first impression of your Ramapo, New York restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall aesthetic of your Ramapo, New York restaurant does not look good to buyers, they likely pass over immediately.

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

Spot-free windows, polished handles and a neat floor are also small items that would help create a great first impression.

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

Non-functional equipment can raise doubt about your financial capabilities and output abilities. It may even dampen the excitment of your staff, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding purchasing your Ramapo, New York restaurant.

#7 Search for Ramapo Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional Ramapo, New York restaurant broker to help. A professional Ramapo, New York restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to take on this task by yourself, you will need to carry out appropriate advertising. You can offer your Ramapo, New York restaurant on listing websites and tell family and friends about your intentions to sell your Ramapo, New York restaurant.

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

#8 Be Ready

If you decide to sell your Ramapo, New York restaurant yourself, or through a Ramapo, New York restaurant broker, you need to always be prepared. Be prepared to show your Ramapo, New York restaurant to prospective buyers at all times.

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

#9 Sell Your Ramapo, 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 finalize the contract. The documentation will likely 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 deal.

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

Choosing a Ramapo, New York Restaurant Broker

Although trying to sell your Ramapo, New York restaurant on your own can be an exhilarating project, 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 a higher level of expertise in order to stand out against the cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Ramapo, New York restaurant broker is needed. A Ramapo, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Ramapo, New York restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

With the assistance of a Ramapo, New York restaurant broker, you can focus your undivided attention on operating your Ramapo, New York restaurant and rest easy knowing that a professional is in charge of selling your Ramapo, New York restaurant.

Contact a Ramapo, New York Restaurant Broker

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

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

Ramapo Zip Codes We Support: 10901, 10931, 10952, 10956, 10965, 10970, 10974, 10977, 10982