Decided to Sell Your Union, New York Restaurant?

Following years of labor, you have decided to sell your Union, New York restaurant

Contemplating starting a different eatery, moving, or even retiring. No matter the reason, selling a Union, New York restaurant can be a lot more difficult than you might think. This is because it takes careful preparation and a solid game plan to successfully get out with enough money for all the sweat you may have put into it.

Important Actions to Consider when Selling Your Restaurant

You can either decide to contract with a eatery broker to guide you in selling your Union, New York restaurant or do the task on your own. If you are considering selling your Union, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Important Documentation

This is a necessary preparatory step to make when you commence the process of marketing your Union, New York restaurant.

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

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

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You probably do not want to show the majority of these documents to a prospective buyer right away. But, you should have them ready because you will eventually need them during the sales process.

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

#2 Get Your Financials in Order

Your financial records are an important detail of selling your Union, New York restaurant. This is the reason you should make an effort to have your documents complete and organized.

Showing your financial records to possible buyers may aid clear any doubt they may have regarding your Union, 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, make sure you have hard copies of all of the 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 about these items could create legal issues for you if a buyer later on discovers these liabilities post signing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Union, New York restaurant, you need to review of your commercial lease. It could be disappointing if, after attracting a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an in-depth analysis of your financial records, whether favorable or not, this helps them evaluate the value of the Union, New York restaurant.

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

The average time it takes to sell a Union, New York restaurant is six months. Within the six months, there is a lot you can do to increase your profit and reduce several costs, and therefore strengthen the worth of your Union, New York restaurant.

In addition, with regards to your assets, you need 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 probable worth of your Union, New York restaurant. When you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Union, New York restaurant will go a long way in helping you attract potential buyers. Alternatively, if the overall appearance of your Union, New York restaurant does not appeal to buyers, they could pass over without consideration.

To avoid this from happening, all things in and out of your Union, New York restaurant must be clean. Landscaped and a clean parking area can help create appeal for potential buyers.

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

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

Non-functional equipment also raises doubt about your financial situation and production abilities. It could even lower the mood of your staff, which in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Union Buyers

Looking for potential buyers can be time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Union, New York restaurant broker to help. The professional Union, 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 yourself, you will need to carry out proper advertising. You can market your Union, New York restaurant on business websites and let your family and friends know about your intentions to sell your Union, New York restaurant.

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

#8 Be Ready

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

You never know when a buyer will walk into your Union, 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 Union, New York Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the contract. The documentation often begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in drafting this document. Working with an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the contract.

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

Choosing a Union, New York Restaurant Broker

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

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

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

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

Contact a Union, New York Restaurant Broker

Choosing to sell your Union, New York restaurant through a Union, New York restaurant broker has multiple advantages. First, however, you need to select the best Union, New York restaurant broker to assist you in selling your Union, New York restaurant.

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

Union Zip Codes We Support: 13760, 13762, 13790, 13850, 13905