Time to Sell Your Schenectady, New York Restaurant?

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

Considering starting a new Schenectady, New York restaurant, relocating, or even slowing down. No matter the reason, selling a Schenectady, New York restaurant can be a lot more challenging than you may realize. This is because it takes thoughtful preparation and a solid strategy to successfully walk away with enough money for all the labor you may have put into it.

Important Steps to Take when Selling Your Restaurant

You can either think to hire a eatery broker to guide you in selling your Schenectady, New York restaurant or take on the task yourself. If you are considering selling your Schenectady, 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 Paperwork

This is a necessary first step to make when you commence the process of offering your Schenectady, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of some standard 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 records
• Architectural plan
• Financial statements and other important financial documents

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

It's probably smart not to show all these documents to a possible buyer right away. However, you should have them at hand because you will eventually require them during the sales process.

Also, compiling these documents allows you to see your Schenectady, New York restaurant through the lens of a buyer. It gives you a clear image of the Schenectady, New York restaurant you're offering for sale. Furthermore, it helps you show whether there are any areas you will need to address.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial detail of selling your Schenectady, New York restaurant. This is the reason you should make it a priority to make these documents accurate and well organized.

Offering your financial documents to prospective buyers may aid clear any hesitations they might have regarding your Schenectady, New York restaurant.

Your financial documents 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 records. This can make it easier for you to send the information to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items may create legal issues for you if a buyer later discovers these ommissions post signing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Schenectady, 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 may advisable to talk to your landlord regarding your plan to sell your Schenectady, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

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

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

The average time it may take to sell a Schenectady, New York restaurant is 6 months. Within those six months, there are several things you can do in order to strengthen your profit and slash several costs, and therefore strengthen the value of your Schenectady, New York restaurant.

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

This could help you in deriving the overall value of your Schenectady, New York restaurant. If you understand the overall value this may help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

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

To avoid this from happening, everything in and out of your Schenectady, New York restaurant must be cleaned and maintained. Manicured and a clean parking area can help create curb appeal for prospective buyers.

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

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

Faulty equipment could raise doubt about your financial capabilities and output capabilities. It can even lower the mood of your staff, which in response, 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 purchasing your Schenectady, New York restaurant.

#7 Search for Schenectady Buyers

Looking for potential buyers is time-consuming and can require specific skills and a certain level of expertise. This may demand that you hire an experienced Schenectady, New York restaurant broker to help. The professional Schenectady, New York restaurant broker will come with recommendations for saving time for drawing in more prospective buyers. However, if you decide to handle this task yourself, you will need to carry out appropriate advertising. You can market your Schenectady, New York restaurant on listing websites and tell family and friends about your plans to market for sale your Schenectady, New York restaurant.

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

#8 Be Prepared

Whether you decide to sell your Schenectady, New York restaurant yourself, or with a a Schenectady, New York restaurant broker, you need to always be prepared. Be prepared to show your Schenectady, New York restaurant to potential buyers at all times.

You'll never know when a buyer will visit your Schenectady, New York restaurant. Some buyers may even visit as customers just to carry out some research before contacting you.

#9 Sell Your Schenectady, 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 documentation to finalize the transaction. The paperwork will likely start with the Asset Purchase Agreement.

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

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

Choosing a Schenectady, New York Restaurant Broker

While attempting to sell your Schenectady, New York restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first time sellers.

It's true, in order for you to get the most out of the business deal, you need some level of expertise to stand above and against the cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Schenectady, New York restaurant broker comes in. A Schenectady, New York restaurant broker has the resources, experience and strategy required to easily take on the task of marketing for sale your Schenectady, New York restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Schenectady, New York Restaurant Broker

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

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

Schenectady Zip Codes We Support: 12301, 12302, 12303, 12304, 12305, 12306, 12307, 12308, 12309, 12325, 12345