Time to Sell Your Smithtown, New York Restaurant?

Following years of sweat equity, you have made the decision sell your Smithtown, New York restaurant

Contemplating opening a different eatery, moving, or maybe slowing down. Regardless of the reason, selling your Smithtown, New York restaurant can be a lot more complicated than you may think. Thats because it takes thoughtful preparation and a solid strategy to successfully get out with enough profit for all the sweat you may have put into it.

Important Actions to Take when Selling Your Restaurant

You can either think to contract with a Smithtown, New York restaurant broker to assist you in selling your Smithtown, New York restaurant or take on the task on your own. If you are considering selling your Smithtown, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Business Paperwork

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

The required documents may vary from state to state--even in New York, but below is a list of some generalized documents you may find helpful to have on you:

• 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 help you in the market for sale of your Smithtown, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to show the majority of these documents to a prospective buyer first day. However, you may want to have them on hand because you will eventually require them during the sales process.

Also, putting together these documents allows you to see your Smithtown, New York restaurant through the lens of a buyer. It provides you a clear image of the Smithtown, New York restaurant you are offering for sale. In addition, it helps you identify if there are any areas you'll have to address.

#2 Put Your Financial Records in Order

Your financial documents are an important part of selling your Smithtown, New York restaurant. That’s the reason you should strive to have these documents complete and organized.

Offering your financial records to potential buyers could help clear any hesitations they may have regarding your Smithtown, New York restaurant.

These financial documents could include:

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

Also, make sure you have soft copies of all of the records. This will make it easier for you to send the information to prospective buyers.

Likewise, as a seller, you must disclose information including debts, owed taxes, expected repairs, etc. Failing to inform a buyer regarding these items can create legal problems for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Smithtown, New York restaurant, you need to review of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Smithtown, New York restaurant and to potentially 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 helps with estimating the value of the Smithtown, New York restaurant.

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

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

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

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

#5 Increase Curb Appeal

The first impression of your Smithtown, New York restaurant can go a great distance in helping you bring potential buyers. Conversely, if the general aesthetic of your Smithtown, New York restaurant does not look good to buyers, they could take a pass right off the bat.

To avoid this from happening, everything in and out of your Smithtown, New York restaurant must be clean. Landscaped and a clean parking lot may help create appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are also easy items that can help create a great initial impression.

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

Faulty equipment may rouse doubt about your financial situation and output abilities. It could even lower the morale of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Smithtown Buyers

Marketing to potential buyers is time-consuming and can require specialized skills and a certain level of experience. This may require that you hire an experienced Smithtown, New York restaurant broker to help. A professional Smithtown, New York restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you decide to handle this task alone, you will need to carry out appropriate advertising. You can market your Smithtown, New York restaurant on listing websites and tell family and friends about your plans to sell your Smithtown, New York restaurant.

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

#8 Be Prepared

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

You never know when a buyer could visit your Smithtown, New York restaurant. Some buyers may even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Smithtown, 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 complete the deal. The paperwork will likely start with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Smithtown, New York Restaurant Broker

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

It's true, if you're looking to achieve the most from of the business deal, you need a higher level of expertise in order to stand above and against the cometitors while trying to attract buyers.

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

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

Contact a Smithtown, New York Restaurant Broker

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

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

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