Ready to Sell Your Saratoga Springs, New York Restaurant?

After years of sweat equity, you have decided to sell your Saratoga Springs, New York restaurant

Contemplating opening a different Saratoga Springs, New York restaurant, relocating, or maybe slowing down. No matter the reason, selling your Saratoga Springs, New York restaurant can be way more complicated than you might think. This is because it takes careful preparation and a solid strategy to successfully exit with enough money for all the time you may have put into it.

Necessary Steps to Consider when Selling Your Restaurant

You can either decide to hire a Saratoga Springs, New York restaurant broker to help you in selling your Saratoga Springs, New York restaurant or do the task yourself. Whether considering selling your Saratoga Springs, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Business Paperwork

This is a necessary first step to make when you begin the process of marketing your Saratoga Springs, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of a few generalized documents you may need to have at hand:

• A list of your assets
• Lease document
• 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 assist you in the market for sale of your Saratoga Springs, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to show all these documents to a possible buyer day one. But, you may want to have them at hand because you will eventually require them during the sales process.

In addition, compiling these documents allows you to view your Saratoga Springs, New York restaurant through the lens of a buyer. This provides you a clear image of the Saratoga Springs, New York restaurant you are selling. In addition, it allows you to show if there are any concerns you will have to take care of.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Saratoga Springs, New York restaurant. That’s the reason you should make an effort to make your documents complete and organized.

Showing your financial records to possible buyers may aid clear any doubt they may have regarding your Saratoga Springs, New York restaurant.

These financial documents may 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 could make it easier for you to send the information to possible buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these things could create legal issues for you if a buyer later on discovers these ommissions after signing the deal.

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Saratoga Springs, New York restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Appraise Your Restaurant

Buyers and investors may request an detailed evaluation of your financials, whether favorable or not, this helps them estimate the true value of the Saratoga Springs, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow planning to sell your Saratoga Springs, New York restaurant.

The average time it takes to sell a Saratoga Springs, New York restaurant is 6 months. Within those six months, there is a lot you can do to strengthen your profit and cut various costs, and therefore increase the worth of your Saratoga Springs, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually value your assets.

This will help you in estimating the probable worth of your Saratoga Springs, New York restaurant. If you understand the overall value this may help you settle on a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Saratoga Springs, New York restaurant can go a great distance in helping you bring potential buyers. Conversely, if the overall aesthetic of your Saratoga Springs, New York restaurant does not look good to buyers, they might pass over right off the bat.

To avoid this from happening, all things in and out of your Saratoga Springs, New York restaurant must be clean. Manicured and a clean parking area could help create curb appeal for potential buyers.

Spot-free windows, polished door handles and a clean floor are other small things that can help create a unforgettable first impression.

Additionally, you should ensure all the equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you're hurried to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and output capabilities. It could even dampen the mood of your staff, and 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 concerning buying your Saratoga Springs, New York restaurant.

#7 look for Saratoga Springs 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 Saratoga Springs, New York restaurant broker to help. A professional Saratoga Springs, New York restaurant broker will have recommendations for saving time for drawing in more potential buyers. However, if you decide to handle this project by yourself, you will need to carry out proper advertising. You can market your Saratoga Springs, New York restaurant on listing websites and tell family and friends about your intentions to sell your Saratoga Springs, New York restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Saratoga Springs, New York restaurant yourself, or through a Saratoga Springs, New York restaurant broker, you should always be prepared. Be prepared to show your Saratoga Springs, New York restaurant to prospective buyers at all times.

You'll never know when a buyer could visit your Saratoga Springs, New York restaurant. Some buyers may even visit as customers just to perform some research before contacting you.

#9 Sell Your Saratoga Springs, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the contract. The paperwork will usually start with the Asset Purchase Agreement.

You should have your attorney’s assistance in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Saratoga Springs, New York Restaurant Broker

While attempting to sell your Saratoga Springs, New York restaurant on your own can be an exciting project, it can also be quite risky, especially for first-timers.

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 find buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Saratoga Springs, New York restaurant broker comes in. A Saratoga Springs, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Saratoga Springs, New York restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Saratoga Springs, New York Restaurant Broker

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

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

Saratoga Springs Zip Codes We Support: 12020, 12833, 12866