Time to Sell Your White Plains, New York Restaurant?

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

Considering opening a different White Plains, New York restaurant, relocating, or even retiring. No matter the reason, selling a White Plains, New York restaurant can be a lot more complicated than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the time you’ve put into it.

Important Steps to Take in Selling Your Restaurant

You can either decide to hire a eatery broker to assist you in selling your White Plains, New York restaurant or do the task yourself. Whether considering selling your White Plains, New York restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather the Important Paperwork

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

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

• 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 comes with experience to assist you in the market for sale of your White Plains, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably smart not to reveal all these documents to a possible buyer first day. But, you should have them ready because you will certainly require them during the sales process.

In addition, putting together these documents lets you see your White Plains, New York restaurant through the lens of a buyer. This gives you a clear picture of the White Plains, New York restaurant you are selling. In addition, it allows you to show if there are any concerns you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial records are an important aspect of selling your White Plains, New York restaurant. This is why you should make an effort to have these documents complete and organized.

Showing your financial records to possible buyers may help clear any hesitations they might have concerning your White Plains, 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 documents. This will make it easier for you to send the records to possible buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, expected 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 signing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your White Plains, New York restaurant, you must find out the terms of your commercial lease. It could 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 White Plains, New York restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

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

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

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

Also, with regards 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 deriving the overall worth of your White Plains, New York restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Make Your Restaurant Attractive

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

To prevent this from happening, all things in and out of your White Plains, New York restaurant must be cleaned and maintained. Landscaping and a clean parking area could help create appeal for potential buyers.

Clean windows, polished door handles and a clean floor are also small things that could help create a memorable initial impression.

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

Faulty equipment also raises doubt about your financial capabilities and production abilities. It can even lower the mood of your staff, which in response, 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 White Plains, New York restaurant.

#7 look for White Plains Buyers

Looking for potential buyers is time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire a professional White Plains, New York restaurant broker to help. The professional White Plains, New York restaurant broker will come with recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task alone, you will need to carry out appropriate advertising. You can show your White Plains, New York restaurant on business websites and tell family and friends about your intentions to market for sale your White Plains, New York restaurant.

As you will probably run across competition when trying to sell your White Plains, New York restaurant, you need your restaurant to stand out.

#8 Be Ready

Whether you decide to sell your White Plains, New York restaurant yourself, or through a White Plains, New York restaurant broker, you should always be ready. Be prepared to show your White Plains, New York restaurant to prospective buyers at all times.

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

#9 Sell Your White Plains, New York Restaurant

This is the remaining action to take following a successful negotiation with a buyer. This stage involves the presentation of the important documentation to complete the contract. The paperwork will likely begin with the Asset Purchase Agreement.

You should have your attorney’s help in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details such as the selling price of your White Plains, New York restaurant, items and equipment and inventory value.

Choosing a White Plains, New York Restaurant Broker

Although attempting to sell your White Plains, New York restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first time sellers.

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

Expertise is also vital during negotiations with potential buyers. This is when an experienced White Plains, New York restaurant broker is needed. A White Plains, New York restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your White Plains, New York restaurant. Additionally, a restaurant broker can help you sell quicker and get you a higher sale value.

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

Contact a White Plains, New York Restaurant Broker

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

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

White Plains Zip Codes We Support: 10601, 10602, 10603, 10604, 10605, 10606, 10607, 10610