Right Time to Sell Your Andover, Massachusetts Restaurant?

Following years of hard work, you have made the decision sell your Andover, Massachusetts restaurant

Contemplating opening a new Andover, Massachusetts restaurant, moving, or maybe retiring. Regardless of the reason, selling your Andover, Massachusetts restaurant can be way more complicated than you may realize. This is because it takes careful preparation and a solid strategy to successfully walk away with enough money for all the time you may have put into it.

Necessary Actions to Consider when Selling Your Restaurant

You can either decide to hire a eatery broker to guide you in selling your Andover, Massachusetts restaurant or do the task on your own. Whether considering selling your Andover, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some steps you can expect.

#1 Put Together the Important Paperwork

This is an important preparatory step to make when you begin the process of marketing your Andover, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of some generalized documents you may find helpful to have on you:

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

Corbett Restaurant Group has the expertise to assist you in the sale of your Andover, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably best not to show all these documents to a potrntial buyer first day. But, you should have them on hand because you will eventually require them during the sales process.

Also, putting together these documents allows you to view your Andover, Massachusetts restaurant through the lens of a buyer. It gives you a clear image of the Andover, Massachusetts restaurant you are offering for sale. In addition, it helps you identify if there are any areas you will have to take care of.

#2 Put Your Financial Documents in Order

Your financial documents are an important aspect of selling your Andover, Massachusetts restaurant. That’s the reason you should make an effort to make these documents accurate and organized.

Showing your financial records to prospective buyers may help clear any hesitations they might have regarding your Andover, Massachusetts restaurant.

These financial records may include:

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

In addition, ensure you have hard copies of all of these records. This can make it easier for you to send the records to possible buyers.

Also, as a seller, you must disclose information including debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these things can create legal problems 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 Andover, Massachusetts restaurant, you need to understand of your commercial lease. It would be disappointing if, after securing a buyer, your lease hinders you from closing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Andover, Massachusetts 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 financial records, whether favorable or not, this helps with estimating the value of your Andover, Massachusetts restaurant.

It is therefore in your best interest to ensure that you augment sales and make a reduction in your expenses to increase your cash flow planning to sell your Andover, Massachusetts restaurant.

The average time it takes to sell a Andover, Massachusetts restaurant is six months. Within the six months, there are many things you can do in order to increase your profit and cut various costs, and therefore strengthen the value of your Andover, Massachusetts restaurant.

In addition, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This may assist you in coming up with the probable worth of your Andover, Massachusetts restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your Andover, Massachusetts restaurant can go a long way in helping you attract potential buyers. Conversely, if the overall aesthetic of your Andover, Massachusetts restaurant does not look good to buyers, they might pass over immediately.

To prevent this from happening, everything in and out of your Andover, Massachusetts restaurant must be clean. Manicured and a clean parking area may help create appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are also small things that could help create a unforgettable first impression.

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

Non-functional equipment can raise doubt about your financial situation and production abilities. It may even dampen the morale of your employees, 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 potential buyers regarding buying your Andover, Massachusetts restaurant.

#7 look for Andover Buyers

Marketing to potential buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may demand that you hire a professional Andover, Massachusetts restaurant broker to help. A professional Andover, Massachusetts restaurant broker will come with recommendations for saving time & money for attracting more prospective buyers. However, if you decide to take on this project alone, you will need to carry out appropriate advertising. You can market your Andover, Massachusetts restaurant on listing websites and let your family and friends know about your plans to sell your Andover, Massachusetts restaurant.

As you will probably run across competition when trying to sell your Andover, Massachusetts restaurant, you need your restaurant to stand out.

#8 Be Prepared

Regardless if you decide to sell your Andover, Massachusetts restaurant yourself, or with a a Andover, Massachusetts restaurant broker, you should always be ready. Be ready to show your Andover, Massachusetts restaurant to potential buyers at all times.

You'll never know when a buyer could walk into your Andover, Massachusetts restaurant. Some buyers might even come in as customers in order to carry out some research before reaching out to you.

#9 Sell Your Andover, Massachusetts Restaurant

This is the remaining action to take after a successful negotiation with a buyer. This stage includes the presentation of the necessary documentation to complete the deal. The paperwork often begin with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details such as the selling price of your Andover, Massachusetts restaurant, assets and equipment and inventory value.

Choosing a Andover, Massachusetts Restaurant Broker

Although attempting to sell your Andover, Massachusetts restaurant on your own can be an exciting project, it can also be very risky, especially for first time sellers.

The fact remains, if you're looking to get the most from of the business transaction, you need some level of experience to stand out against the competition while trying to find buyers.

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

With the help of a Andover, Massachusetts restaurant broker, you can focus your undivided attention on operating your Andover, Massachusetts restaurant and rest easy knowing that a professional is in charge of selling your Andover, Massachusetts restaurant.

Contact a Andover, Massachusetts Restaurant Broker

Choosing to sell your Andover, Massachusetts restaurant through a Andover, Massachusetts restaurant broker has multiple advantages. First, however, you need to select the best Andover, Massachusetts restaurant broker to help you in selling your Andover, Massachusetts restaurant.

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

Andover Zip Codes We Support: 01810, 01812, 01899, 05501, 05544