Time to Sell Your Salina, New York Restaurant?

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

Considering starting a new eatery, moving, or maybe slowing down. Regardless of the reason, selling your Salina, New York restaurant can be a lot more challenging than you may think. This is because it takes careful preparation and a solid game plan to successfully walk away with enough proceeds for all the labor you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

You may either make the decision to hire a Salina, New York restaurant broker to help you in selling your Salina, New York restaurant or do the task yourself. If you are considering selling your Salina, 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 preparatory step to take when you commence the process of selling your Salina, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of some general documents you may need to have prepared:

• Gather your assets
• Lease contract
• 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 expertise to assist you in the market for sale of your Salina, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a prospective buyer right away. However, you should have them on hand because you will certainly require them during the sales process.

In addition, compiling these documents lets you see your Salina, New York restaurant through the lens of a buyer. This gives you a clear image of the Salina, New York restaurant you are selling. Furthermore, it helps you identify whether there are any concerns you'll need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are a crucial aspect of selling your Salina, New York restaurant. That’s the reason you should strive to have these documents complete and well organized.

Showing your financial records to prospective buyers may help clear any doubt they might have regarding your Salina, New York restaurant.

Your financial records can include:

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

In addition, make sure you have soft copies of all of the documents. This may make it easier for you to send the information to possible buyers.

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

#3 Organize the Information On Your Commercial Lease

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

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

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed evaluation of your financial records, whether favorable or not, this helps them estimate the true value of your Salina, New York restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow before trying to sell your Salina, New York restaurant.

The estimated time it takes to sell a Salina, New York restaurant is six months. Within those six months, there is a lot you can do in order to strengthen your profit and cut several costs, and therefore strengthen the value of your Salina, New York restaurant.

In addition, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will aid you in estimating the probable value of your Salina, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Attractive

The first impression of your Salina, New York restaurant could go a great distance in helping you bring potential buyers. Alternatively, if the overall aesthetic of your Salina, 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 Salina, New York restaurant must be clean. Landscaped and a clean parking lot can help create curb appeal for prospective buyers.

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

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

Faulty equipment could raise doubt about your financial capabilities and production capabilities. It can even lower the mood of your staff, which in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Salina, New York restaurant.

#7 Search for Salina Buyers

Marketing to prospective buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Salina, New York restaurant broker to help. The professional Salina, New York restaurant broker will have recommendations for saving time for attracting more potential buyers. However, if you decide to handle this project yourself, you will need to create appropriate advertising. You can show your Salina, New York restaurant on listing websites and let your family and friends know about your plans to market for sale your Salina, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Salina, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the transaction. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Salina, New York Restaurant Broker

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

The fact remains, if you're looking to achieve the most out of the business transaction, you need some level of experience in order to stand out against the cometitors while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Salina, New York restaurant broker comes in. A Salina, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Salina, 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 Salina, New York restaurant broker, you can focus your undivided attention on operating your Salina, New York restaurant and rest assured knowing that a professional is in charge of selling your Salina, New York restaurant.

Contact a Salina, New York Restaurant Broker

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

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

Salina Zip Codes We Support: 13088, 13089, 13090, 13206, 13208, 13211, 13212