Decided to Sell Your Selden, New York Restaurant?

After years of hard work, you have made the decision sell your Selden, New York restaurant

Contemplating opening a new Selden, New York restaurant, relocating, or even retiring. No matter the reason, selling a Selden, New York restaurant can be a lot more challenging than you might think. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough profit for all the sweat you may have put into it.

Important Actions to Take in Selling Your Restaurant

You can either think to contract with a eatery broker to assist you in selling your Selden, New York restaurant or take on the task on your own. Whether considering selling your Selden, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather the Important Paperwork

This is a necessary preparatory step to take when you commence the process of offering your Selden, New York restaurant.

The necessary documents may vary from state to state--even in New York, but the following is a list of some generalized documents you may need to have ready:

• 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

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It's probably best not to show all these documents to a prospective buyer day one. But, you may want to have them ready because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your Selden, New York restaurant through the lens of a buyer. It gives you a clear picture of the Selden, New York restaurant you are offering for sale. In addition, it helps you show if there are any concerns you will need to address.

#2 Put Your Financial Records in Order

Your financial documents are an important aspect of selling your Selden, New York restaurant. This is the reason you should strive to make these documents complete and well organized.

Showing your financial records to potential buyers may aid clear any doubt they may have concerning your Selden, New York restaurant.

The financial documents may include:

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

In addition, ensure you have soft copies of all of the documents. This can make it easier for you to send the records to prospective buyers.

Also, as a seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failing to inform a buyer about these things may create legal issues for you if a buyer later on discovers these liabilities after closing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your Selden, New York restaurant, you need to understand 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 Selden, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financial records, whether favorable or not, this will help them evaluate the true value of the Selden, 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 build up your cash flow planning to sell your Selden, New York restaurant.

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

Also, 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 aid you in estimating the overall value of your Selden, New York restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Selden, New York restaurant can go a great distance in helping you attract potential buyers. Conversely, if the general look of your Selden, New York restaurant does not look good to buyers, they could take a pass without a second look.

To avoid this from happening, everything in and out of your Selden, New York restaurant must be cleaned and maintained. Landscaped and a clean parking area could help create appeal for potential buyers.

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

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working properly, it may 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 status and production capabilities. It may even lower the mood of your staff, and 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 regarding purchasing your Selden, New York restaurant.

#7 look for Selden Buyers

Marketing to potential buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire an experienced Selden, New York restaurant broker to help. The professional Selden, New York restaurant broker will have 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 appropriate advertising. You can list your Selden, New York restaurant on business websites and tell family and friends about your intentions to market for sale your Selden, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Selden, New York Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to complete the deal. The paperwork often begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in drafting this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the contract.

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

Choosing a Selden, New York Restaurant Broker

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

The fact remains, if you're looking to achieve the most out of the business deal, you need a higher level of expertise to stand out against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Selden, New York restaurant broker comes in. A Selden, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Selden, New York restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a Selden, New York Restaurant Broker

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

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

Selden Zip Codes We Support: 11738, 11776, 11784