Time to Sell Your Watertown, New York Restaurant?

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

Considering opening a new eatery, relocating, or maybe slowing down. Regardless of the reason, selling a Watertown, New York restaurant can be way more difficult than you may realize. Thats because it takes careful preparation and a solid game plan to successfully exit with enough money for all the labor you may have put into it.

Important Actions to Take when Selling Your Restaurant

You can either make the decision to hire a Watertown, New York restaurant broker to assist you in selling your Watertown, New York restaurant or do the task yourself. If you are considering selling your Watertown, 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 Necessary Documentation

This is a necessary first step to make when you commence the process of selling your Watertown, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but below is a list of a few general documents you may find helpful to have on you:

• A list of 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 assist you in the sale of your Watertown, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a prospective buyer first day. But, you may want to have them on hand because you will eventually need them during the sales process.

In addition, compiling these documents lets you view your Watertown, New York restaurant through the lens of a buyer. This provides you a clear image of the Watertown, New York restaurant you're offering for sale. In addition, it helps you show whether there are any concerns you will need to take care of.

#2 Get Your Financial Records in Order

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

Showing your financial documents to prospective buyers may assist to clear any doubt they may have concerning your Watertown, New York restaurant.

The financial records can include:

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

Also, ensure you have duplicate copies of all of the documents. This may make it easier for you to send the documentation to potential buyers.

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

#3 Gather the Information On Your Commercial Lease

While preparing to sell your Watertown, New York restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease hinders you from closing the deal.

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

#4 Get An Appraisal For Your Restaurant

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

This will be in your best interest to ensure that you increase sales and reduce expenses to build your cash flow starting to sell your Watertown, New York restaurant.

The average time it takes to sell a Watertown, New York restaurant is 6 months. Within those six months, there are several things you can do to strengthen your profit and cut various costs, and thus strengthen the value of your Watertown, New York restaurant.

In addition, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This may assist you in coming up with the probable value of your Watertown, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Watertown, New York restaurant can go a long way in helping you attract potential buyers. Conversely, if the general aesthetic of your Watertown, New York restaurant does not appeal to buyers, they might pass over without a second look.

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

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

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

Faulty equipment could raise doubt about your financial situation and output capabilities. It could even dampen the excitment of your staff, and in response, negatively affect your output and effect your profit and loss statement.

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

#7 look for Watertown Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Watertown, New York restaurant broker to help. A professional Watertown, New York restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to take on this task by yourself, you will need to carry out appropriate advertising. You can list your Watertown, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Watertown, New York restaurant.

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

#8 Be Prepared

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

You will never know when a buyer could walk into your Watertown, New York restaurant. Some buyers may even come in as customers in order to carry out some research before contacting you.

#9 Sell Your Watertown, New York Restaurant

This is the last action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the deal. The documentation often begin with the Asset Purchase Agreement.

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

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

Choosing a Watertown, New York Restaurant Broker

Although attempting to sell your Watertown, New York restaurant on your own can be an exciting endeavor, it could also be quite risky, especially for first-timers.

The fact remains, if you're looking to achieve the most out of the business deal, you need some level of experience in order to stand out against your cometitors while trying to find buyers.

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

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

Contact a Watertown, New York Restaurant Broker

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

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

Watertown Zip Codes We Support: 13601, 13603