Are You Ready to Sell Your West Islip, New York Restaurant?

After years of sweat equity, you have decided to sell your West Islip, New York restaurant

Contemplating opening a different West Islip, New York restaurant, relocating, or even slowing down. No matter the reason, selling a West Islip, New York restaurant can be way more challenging than you may think. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough proceeds for all the sweat you’ve put into it.

Important Steps to Consider when Selling Your Restaurant

You can either think to hire a West Islip, New York restaurant broker to guide you in selling your West Islip, New York restaurant or do the task on your own. If you are considering selling your West Islip, New York restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather the Important Paperwork

This is a necessary first step to make when you start the process of offering your West Islip, New York restaurant.

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

• A list of your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• 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 West Islip, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to show the majority of these documents to a potrntial buyer first day. But, you should have them at hand because you will certainly require them during the sales process.

In addition, putting together these documents allows you to see your West Islip, New York restaurant through the lens of a buyer. This gives you a clear picture of the West Islip, New York restaurant you're selling. Furthermore, it helps you identify if there are any loopholes you'll have to address.

#2 Put Your Financial Documents in Order

Your financial records are a crucial detail of selling your West Islip, New York restaurant. That’s why you should make an effort to make these documents accurate and well organized.

Offering your financial documents to potential buyers could assist to clear any hesitations they may have concerning your West Islip, New York restaurant.

These financial records can include:

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

Also, make sure you have hard copies of all of the records. This may make it easier for you to send the documentation to potential buyers.

In addition, as a seller, you have to disclose information such as debts, owed taxes, deferred repairs, etc. Failure to inform a buyer regarding these things may create legal problems for you if a buyer later on discovers these ommissions after signing the deal.

#3 Gather the Information On Your Commercial Lease

In the process of preparing to sell your West Islip, New York restaurant, you need to review 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 could be advisable to talk to your landlord regarding your plan to sell your West Islip, New York restaurant and to potentially 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 will help them estimate the true value of the West Islip, New York restaurant.

This will be in your best interest to make sure that you increase sales and make a reduction in your expenses to build your cash flow starting to sell your West Islip, New York restaurant.

The estimated time it may take to sell a West Islip, New York restaurant is 6 months. Within those six months, there are many things you can do to increase your profit and slash several costs, and thus strengthen the value of your West Islip, New York restaurant.

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

This could help you in coming up with the probable worth of your West Islip, New York restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your West Islip, New York restaurant will go a long way in helping you attract potential buyers. Conversely, if the general curb appeal of your West Islip, New York restaurant does not look good to buyers, they likely take a pass immediately.

To prevent this from happening, everything in and out of your West Islip, New York restaurant must be clean. Landscaped and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a neat floor are other simple items that could help create a unforgettable initial impression.

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

Non-functional equipment may rouse doubt about your financial status and production capabilities. It may even lower the excitment of your employees, and in turn, negatively affect your output and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding buying your West Islip, New York restaurant.

#7 Search for West Islip Buyers

Searching for potential buyers is time-consuming and can require specific skills and a certain level of experience. This may require that you hire an experienced West Islip, New York restaurant broker to help. The professional West Islip, New York restaurant broker will come with recommendations for saving time & money for drawing in more potential buyers. However, if you decide to handle this task yourself, you will need to create appropriate advertising. You can market your West Islip, New York restaurant on listing websites and let your family and friends know about your plans to sell your West Islip, New York restaurant.

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

#8 Be Ready

If you decide to sell your West Islip, New York restaurant yourself, or with a a West Islip, New York restaurant broker, you should always be ready. Be prepared to show your West Islip, New York restaurant to potential buyers at all times.

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

#9 Sell Your West Islip, New York Restaurant

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

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

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

Choosing a West Islip, New York Restaurant Broker

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

It's true, if you're looking to get the most out of the business deal, you need some level of expertise in order to stand out against the cometitors while attempting to attract buyers.

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

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

Contact a West Islip, New York Restaurant Broker

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

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

West Islip Zip Codes We Support: 11706, 11795