Are You Ready to Sell Your Syracuse, New York Restaurant?

After years of labor, you have made the decision sell your Syracuse, New York restaurant

Considering starting a new eatery, relocating, or even retiring. No matter the reason, selling your Syracuse, New York restaurant can be way more difficult than you may think. Thats because it takes careful preparation and a solid strategy to successfully exit with enough profit for all the sweat you may have put into it.

Important Actions to Take when Selling Your Restaurant

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

#1 Put Together all Necessary Paperwork

This is an important preparatory step to take when you begin the process of offering your Syracuse, New York restaurant.

The required documents may vary from state to state--even in New York, but below is a list of some standard documents you may be requierd to have at hand:

• Gather your assets
• Lease document
• 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 market for sale of your Syracuse, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a potrntial buyer day one. However, you may want to have them at hand because you will eventually need them during the sales process.

In addition, putting together these documents lets you see your Syracuse, New York restaurant through the lens of a buyer. This provides you a clear picture of the Syracuse, New York restaurant you are selling. In addition, it helps you show if there are any areas you will need to address.

#2 Put Your Financials in Order

Your financial documents are a crucial detail of selling your Syracuse, New York restaurant. That’s the reason you should strive to make your documents accurate and well organized.

Showing your financial documents to possible buyers could assist to clear any hesitations they might have concerning your Syracuse, New York restaurant.

The financial records can include:

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

In addition, make sure you have hard copies of all of these documents. This can make it easier for you to send the information to possible buyers.

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

#3 Organize the Details of Your Commercial Lease

In the process of preparing to sell your Syracuse, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after attracting a buyer, your lease hinders you from sealing the deal.

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Syracuse, New York restaurant and to possibly 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 helps with estimating the value of the Syracuse, New York restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow starting to sell your Syracuse, New York restaurant.

The estimated time it may take to sell a Syracuse, New York restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and reduce various costs, and therefore strengthen the worth of your Syracuse, New York restaurant.

In addition, with regards 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 aid you in estimating the overall value of your Syracuse, New York restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

The first impression of your Syracuse, New York restaurant will go a great distance in helping you attract potential buyers. Alternatively, if the general appearance of your Syracuse, New York restaurant does not look good to buyers, they might take a pass without a second look.

To prevent this from happening, everything in and out of your Syracuse, New York restaurant must be clean. Landscaping and a clean parking lot can help create appeal for potential buyers.

Clean windows, polished handles and a neat floor are other easy things that can help create a great initial impression.

Furthermore, you should ensure all your equipment is in satisfactory condition. If your equipment is not working, it could send the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment may rouse doubt about your financial status and production capabilities. It could even lower the morale of your staff, 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 Syracuse, New York restaurant.

#7 Search for Syracuse Buyers

Looking for prospective buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire an experienced Syracuse, New York restaurant broker to help. A professional Syracuse, New York restaurant broker will come with recommendations for saving time for drawing in more potential buyers. However, if you decide to take on this project alone, you will need to create appropriate advertising. You can show your Syracuse, New York restaurant on business websites and tell family and friends about your plans to market for sale your Syracuse, New York restaurant.

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

#8 Be Prepared

Regardless if you decide to sell your Syracuse, New York restaurant yourself, or through a Syracuse, New York restaurant broker, you need to always be ready. Be ready to show your Syracuse, New York restaurant to potential buyers at all times.

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

#9 Sell Your Syracuse, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the transaction. The paperwork often begin with the Asset Purchase Agreement.

You should have your attorney’s help in creating this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Syracuse, New York Restaurant Broker

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

The fact remains, in order for you to achieve the most out of the business deal, you need some level of expertise in order to stand out against the competition while attempting to find buyers.

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

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

Contact a Syracuse, New York Restaurant Broker

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

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

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