Decided to Sell Your Barnstable, Massachusetts Restaurant?

Following years of hard work, you have decided to sell your Barnstable, Massachusetts restaurant

Contemplating starting a new Barnstable, Massachusetts restaurant, relocating, or even retiring. No matter the reason, selling a Barnstable, Massachusetts restaurant can be way more difficult than you may realize. This is because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the time you’ve put into it.

Necessary Steps to Take when Selling Your Restaurant

You can either decide to hire a eatery broker to help you in selling your Barnstable, Massachusetts restaurant or take on the task yourself. If you are considering selling your Barnstable, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together the Business Documentation

This is a necessary first step to take when you commence the process of selling your Barnstable, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but the following is a list of some general documents you may need to have at hand:

• Gather 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 expertise to help you in the sale of your Barnstable, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to reveal the majority of these documents to a prospective buyer right away. However, you should have them ready because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Barnstable, Massachusetts restaurant through the lens of a buyer. It provides you a clear picture of the Barnstable, Massachusetts restaurant you're selling. In addition, it helps you identify if there are any areas you'll have to address.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your Barnstable, Massachusetts restaurant. That’s why you should make an effort to make your documents complete and organized.

Showing your financial records to potential buyers may help clear any hesitations they might have concerning your Barnstable, Massachusetts restaurant.

Your financial documents can include:

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

Also, ensure you have soft copies of all of the records. This can make it easier for you to send the documentation to prospective buyers.

Also, as a seller, you have to disclose information such as debts, owed taxes, planned repairs, etc. Failing to inform a buyer regarding these things can create legal issues for you if a buyer later discovers these ommissions post closing the deal.

#3 Organize the Details of Your Commercial Lease

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

For this reason, it could be advisable to have a discussion with your landlord concerning your plan to sell your Barnstable, Massachusetts restaurant and to potentially extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps with estimating the value of the Barnstable, Massachusetts restaurant.

This will be in your best interest to make sure that you augment sales and make a reduction in your expenses to increase your cash flow before trying to sell your Barnstable, Massachusetts restaurant.

The estimated time it takes to sell a Barnstable, Massachusetts restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and reduce various costs, and therefore strengthen the worth of your Barnstable, Massachusetts restaurant.

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

This will aid you in coming up with the probable value of your Barnstable, Massachusetts restaurant. Understanding the overall value will help you determine a selling price.

#5 Increase Curb Appeal

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

To prevent this from happening, everything in and out of your Barnstable, Massachusetts restaurant must be cleaned and maintained. Landscaping and a clean parking lot can help create curb appeal for prospective buyers.

Spot-free windows, polished handles and a presentable floor are also simple items that would help create a memorable first impression.

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

Non-functional equipment also raises doubt about your financial capabilities and output abilities. It may even dampen the mood of your employees, and in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of prospective buyers regarding purchasing your Barnstable, Massachusetts restaurant.

#7 look for Barnstable Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of experience. This may demand that you hire a professional Barnstable, Massachusetts restaurant broker to help. The professional Barnstable, Massachusetts restaurant broker will have recommendations for saving time 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 list your Barnstable, Massachusetts restaurant on business websites and tell family and friends about your plans to sell your Barnstable, Massachusetts restaurant.

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

#8 Be Ready

If you decide to sell your Barnstable, Massachusetts restaurant yourself, or with a a Barnstable, Massachusetts restaurant broker, you should always be prepared. Be prepared to show your Barnstable, Massachusetts restaurant to potential buyers at all times.

You will never know when a buyer will walk into your Barnstable, Massachusetts restaurant. Some buyers might even visit as customers just to perform some research before reaching out to you.

#9 Sell Your Barnstable, Massachusetts Restaurant

This is the remaining 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 will likely start with the Asset Purchase Agreement.

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

This agreement includes details such as the selling price of your Barnstable, Massachusetts restaurant, items and equipment as well as inventory value.

Choosing a Barnstable, Massachusetts Restaurant Broker

While trying to sell your Barnstable, Massachusetts restaurant on your own can be an exhilarating project, it can also be quite risky, especially for first-timers.

The fact remains, if you're looking to get the most from of the business transaction, you need a higher level of experience in order to stand above and against your competition while trying to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Barnstable, Massachusetts restaurant broker is recommended. A Barnstable, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Barnstable, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell faster and for more money.

With the assistance of a Barnstable, Massachusetts restaurant broker, you can maintain your undivided attention on operating your Barnstable, Massachusetts restaurant and rest assured with the knowledge that a professional is in charge of selling your Barnstable, Massachusetts restaurant.

Contact a Barnstable, Massachusetts Restaurant Broker

Deciding to sell your Barnstable, Massachusetts restaurant through a Barnstable, Massachusetts restaurant broker has many advantages. First, however, you need to select the best Barnstable, Massachusetts restaurant broker to assist you in selling your Barnstable, Massachusetts restaurant.

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

Barnstable Zip Codes We Support: 02630