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

Following years of sweat equity, you have made the decision sell your West Seneca, New York restaurant

Contemplating starting a different eatery, relocating, or maybe slowing down. No matter the reason, selling a West Seneca, New York restaurant can be a lot more difficult than you might think. This is because it takes thoughtful preparation and a solid strategy to successfully get out with enough proceeds for all the time you’ve put into it.

Necessary Steps to Take in Selling Your Restaurant

You can either decide to contract with a West Seneca, New York restaurant broker to assist you in selling your West Seneca, New York restaurant or do the task on your own. Whether considering selling your West Seneca, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Necessary Paperwork

This is an important first step to take when you begin the process of selling your West Seneca, 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 contract
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• 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 Seneca, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

You certainly do not want to show all these documents to a possible buyer first day. But, you should have them at hand because you will eventually need them during the sales process.

Also, putting together these documents lets you view your West Seneca, New York restaurant through the lens of a buyer. It provides you a clear picture of the West Seneca, New York restaurant you're selling. Furthermore, it allows you to show if there are any concerns you will need to address.

#2 Get Your Financial Documents in Order

Your financial documents are an important aspect of selling your West Seneca, New York restaurant. This is why you should make it a priority to have your documents accurate and well organized.

Offering your financial records to potential buyers could help clear any doubt they might have regarding your West Seneca, New York restaurant.

These financial records can include:

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

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

In addition, as the seller, you have to disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things may create legal issues for you if a buyer later on discovers these ommissions post closing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your West Seneca, New York restaurant, you must find out the terms of your commercial lease. It would be disappointing if, after attracting a buyer, your lease hinders you from sealing the deal.

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

#4 Get An Appraisal For Your Restaurant

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

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

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

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

This may help you in estimating the overall value of your West Seneca, New York restaurant. When you understand the overall worth this may help you determine a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your West Seneca, New York restaurant can go a great distance in helping you attract potential buyers. Conversely, if the overall curb appeal of your West Seneca, New York restaurant does not look good to buyers, they could take a pass without consideration.

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

Spot-free windows, polished handles and a neat floor are other small things that would help create a memorable first impression.

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

Faulty equipment may rouse doubt about your financial status and production capabilities. It could even lower the morale of your staff, and in response, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for West Seneca Buyers

Searching for prospective buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional West Seneca, New York restaurant broker to help. The professional West Seneca, New York restaurant broker will come with recommendations for saving time & money for attracting more potential buyers. However, if you decide to handle this task yourself, you will need to create appropriate advertising. You can market your West Seneca, New York restaurant on listing websites and let your family and friends know about your intentions to sell your West Seneca, New York restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your West Seneca, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to finalize the deal. The paperwork 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 aspect of the contract.

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

Choosing a West Seneca, New York Restaurant Broker

Although trying to sell your West Seneca, New York restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

It's true, if you're looking to achieve the most from of the business deal, you need a higher level of experience in order to stand above and against the cometitors while trying to find buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced West Seneca, New York restaurant broker comes in. A West Seneca, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your West Seneca, New York restaurant. Additionally, a restaurant broker can help you sell faster and get you a higher sale value.

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

Contact a West Seneca, New York Restaurant Broker

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

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

West Seneca Zip Codes We Support: 14206, 14210, 14218, 14220, 14224