Right Time to Sell Your Somers, New York Restaurant?

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

Considering starting a different eatery, moving, or maybe slowing down. No matter the reason, selling your Somers, New York restaurant can be a lot more difficult than you may think. Thats 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.

Necessary Steps to Take in Selling Your Restaurant

You can either make the decision to hire a eatery broker to assist you in selling your Somers, New York restaurant or take on the task on your own. Whether considering selling your Somers, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Put Together any Important Documentation

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

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

• A list of your assets
• Lease contract
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• 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 Somers, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

It's probably best not to show all these documents to a prospective buyer day one. However, you should have them at hand because you will eventually require them during the sales process.

In addition, compiling these documents allows you to see your Somers, New York restaurant through the lens of a buyer. This gives you a clear picture of the Somers, New York restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you will need to take care of.

#2 Get Your Financials in Order

Your financial documents are an important part of selling your Somers, New York restaurant. This is why you should make an effort to make your documents complete and well organized.

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

These financial documents can include:

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

In addition, ensure you have duplicate copies of all of these documents. This can make it easier for you to transmit the documentation to prospective buyers.

Also, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these items could create legal problems for you if a buyer later discovers these ommissions post completing the deal.

#3 Gather the Details of Your Commercial Lease

In the process of preparing to sell your Somers, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

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

#4 Have Your Restauarant Appraised

Buyers and investors could request an in-depth evaluation of your financial records, whether favorable or not, this will help them evaluate the value of your Somers, New York restaurant.

It is therefore in your best interest to make sure that you increase sales and reduce expenses to increase your cash flow starting to sell your Somers, New York restaurant.

The average time it may take to sell a Somers, New York restaurant is 6 months. Within the six months, there is a lot you can do to strengthen your profit and slash various costs, and thus increase the worth of your Somers, New York restaurant.

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

This may help you in deriving the probable value of your Somers, New York restaurant. Understanding the overall value will help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Somers, New York restaurant could go a long way in helping you bring potential buyers. Conversely, if the overall appearance of your Somers, New York restaurant does not appeal to buyers, they might pass over without a second look.

To avoid this from happening, all things in and out of your Somers, New York restaurant must be cleaned and maintained. Landscaped and a clean parking lot could help create curb appeal for potential buyers.

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

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

Faulty equipment can raise doubt about your financial situation and production capabilities. It can even lower the excitment of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Somers Buyers

Searching for prospective buyers is time-consuming and often requires specialized skills and a certain level of experience. This may require that you hire an experienced Somers, New York restaurant broker to help. A professional Somers, New York restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you make the decision to handle this task alone, you will need to carry out proper advertising. You can show your Somers, New York restaurant on listing websites and let your family and friends know about your plans to sell your Somers, New York restaurant.

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

#8 Be Ready

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

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

#9 Sell Your Somers, New York Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the transaction. The paperwork will usually start with the Asset Purchase Agreement.

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

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

Choosing a Somers, New York Restaurant Broker

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

It's true, in order for you to get the most from of the business deal, you need some level of experience in order to stand out against the competition while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is when an experienced Somers, New York restaurant broker is needed. A Somers, New York restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Somers, New York restaurant. Additionally, a restaurant broker can help you sell quicker and for more money.

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

Contact a Somers, New York Restaurant Broker

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

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

Somers Zip Codes We Support: 10501, 10505, 10519, 10527, 10536, 10540, 10541, 10578, 10587, 10589, 10598