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

Following years of hard work, you have made the decision sell your Utica, New York restaurant

Considering starting a different eatery, moving, or even slowing down. No matter the reason, selling a Utica, New York restaurant can be way more difficult than you might think. This is because it takes careful preparation and a solid game plan to successfully exit with enough money for all the sweat you’ve put into it.

Important Steps to Take in Selling Your Restaurant

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

#1 Put Together any Important Paperwork

This is an important preparatory step to make when you start the process of selling your Utica, New York restaurant.

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

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

Corbett Restaurant Group comes with experience to help you in the market for sale of your Utica, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to show all these documents to a potrntial buyer day one. However, you may want to have them ready because you will eventually require them during the sales process.

In addition, putting together these documents lets you see your Utica, New York restaurant through the lens of a buyer. This provides you a clear image of the Utica, New York restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you'll have to address.

#2 Get Your Financials in Order

Your financial documents are an important aspect of selling your Utica, New York restaurant. That’s why you should strive to have these documents complete and well organized.

Showing your financial documents to potential buyers may assist to clear any hesitations they might have regarding your Utica, New York restaurant.

The financial records may 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 records. This could make it easier for you to send the records to potential buyers.

In addition, as the seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things may create legal issues for you if a buyer later discovers these liabilities after sealing the deal.

#3 Put Together the Information On Your Commercial Lease

In the process of preparing to sell your Utica, New York restaurant, you must find out the terms of your commercial lease. It could be devestating if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Utica, New York restaurant and to potentially extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financials, whether favorable or not, this will help them estimate the true value of the Utica, New York restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to increase your cash flow planning to sell your Utica, New York restaurant.

The estimated time it takes to sell a Utica, New York restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and reduce various costs, and therefore increase the worth of your Utica, New York restaurant.

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

This may help you in coming up with the overall worth of your Utica, New York restaurant. When you understand the overall value this may help you determine a selling price.

#5 Increase Curb Appeal

The appearance of your Utica, New York restaurant could go a long way in helping you bring potential buyers. Conversely, if the overall curb appeal of your Utica, New York restaurant does not look good to buyers, they might take a pass immediately.

To prevent this from happening, all things in and out of your Utica, New York restaurant must be cleaned and maintained. Landscaped and a clean parking lot can help create curb appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are other easy items that would help create a unforgettable first impression.

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

Faulty equipment can raise doubt about your financial capabilities and production abilities. It can even lower the excitment of your staff, and in turn, negatively affect your output and effect your profit and loss statement.

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

#7 Search for Utica Buyers

Searching for prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Utica, New York restaurant broker to help. The professional Utica, New York restaurant broker will have recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task by yourself, you will need to carry out proper advertising. You can list your Utica, New York restaurant on listing websites and tell family and friends about your plans to sell your Utica, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Utica, 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 documentation to complete the transaction. The documentation often begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Working with an attorney helps to make sure the Asset Purchase Agreement covers every detail of the transaction.

This document includes details including the selling price of your Utica, New York restaurant, items and equipment as well as inventory value.

Choosing a Utica, New York Restaurant Broker

Although attempting to sell your Utica, 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, in order for you to achieve the most out of the business deal, you need a higher level of experience in order to stand out against your cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is when an experienced Utica, New York restaurant broker comes in. A Utica, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Utica, New York restaurant. Additionally, a restaurant broker can help you sell faster and at a great price.

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

Contact a Utica, New York Restaurant Broker

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

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

Utica Zip Codes We Support: 13413, 13501, 13502, 13503, 13504, 13505, 13599