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

After years of sweat equity, you have made the decision sell your Troy, New York restaurant

Contemplating opening a new eatery, relocating, or maybe retiring. No matter the reason, selling your Troy, New York restaurant can be a lot more challenging than you might realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough money for all the time you’ve put into it.

Necessary Steps to Consider in Selling Your Restaurant

You can either decide to contract with a eatery broker to help you in selling your Troy, New York restaurant or take on the task yourself. Whether considering selling your Troy, New York restaurant on your own for the first time or with a restauarant broker, here are some steps you can plan for.

#1 Gather all Necessary Paperwork

This is an important first step to make when you begin the process of offering your Troy, 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 need to have prepared:

• Gather your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to assist you in the sale of your Troy, New York restaurant. Call today for a no strings attached consultation at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a prospective buyer day one. But, you should have them ready because you will eventually need them during the sales process.

Also, putting together these documents allows you to see your Troy, New York restaurant through the lens of a buyer. This provides you a clear picture of the Troy, New York restaurant you're selling. Furthermore, it allows you to identify whether there are any loopholes you'll need to address.

#2 Get Your Financials in Order

Your financial documents are a crucial aspect of selling your Troy, New York restaurant. That’s why you should make it a priority to make these documents accurate and well organized.

Offering your financial documents to possible buyers could aid clear any hesitations they may have concerning your Troy, New York restaurant.

These financial records may include:

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

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

In addition, as a seller, you must disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things can create legal problems for you if a buyer later discovers these liabilities post completing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Troy, New York restaurant, you need to review of your commercial lease. It could be devestating if, after securing a buyer, your lease prevents you from closing the deal.

For this reason, it may advisable to have a discussion with your landlord concerning your plan to sell your Troy, New York restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this helps with estimating the true value of your Troy, New York restaurant.

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

The average time it takes to sell a Troy, New York restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and slash various costs, and therefore increase the value of your Troy, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will aid you in coming up with the overall worth of your Troy, 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 Troy, New York restaurant could go a long way in helping you attract potential buyers. Conversely, if the overall curb appeal of your Troy, New York restaurant does not appeal to buyers, they could take a pass immediately.

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

Spot-free windows, polished door handles and a presentable floor are also simple things that can help create a great first impression.

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

Non-functional equipment also raises doubt about your financial capabilities and output capabilities. It may even lower the mood of your employees, which in response, negatively affect your output and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning purchasing your Troy, New York restaurant.

#7 Search for Troy Buyers

Searching for potential buyers is time-consuming and often requires specific skills and a certain level of experience. This may require that you hire an experienced Troy, New York restaurant broker to help. A professional Troy, New York restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to handle this task alone, you will need to create appropriate advertising. You can list your Troy, New York restaurant on listing websites and let your family and friends know about your plans to market for sale your Troy, New York restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Troy, New York restaurant yourself, or with a a Troy, New York restaurant broker, you should always be prepared. Be ready to show your Troy, New York restaurant to prospective buyers at all times.

You'll never know when a buyer could visit your Troy, New York restaurant. Some buyers might even come in as customers just to carry out some research before reaching out to you.

#9 Sell Your Troy, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the necessary paperwork to complete the transaction. The documentation will usually begin with the Asset Purchase Agreement.

You should have your attorney’s expertise in creating this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the transaction.

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

Choosing a Troy, New York Restaurant Broker

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

The fact remains, if you're looking to achieve the most out of the business deal, you need some level of expertise in order to stand out against your competition while attempting to attract buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Troy, New York restaurant broker comes in. A Troy, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Troy, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

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

Contact a Troy, New York Restaurant Broker

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

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

Troy Zip Codes We Support: 12180, 12181, 12182, 12183, 12188