Time to Sell Your Beverly, Massachusetts Restaurant?

After years of hard work, you have decided to sell your Beverly, Massachusetts restaurant

Contemplating opening a new eatery, moving, or even retiring. Regardless of the reason, selling a Beverly, Massachusetts restaurant can be a lot more challenging than you might think. Thats because it takes careful preparation and a solid game plan to successfully exit with enough money for all the sweat you’ve put into it.

Important Steps to Take in Selling Your Restaurant

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

#1 Put Together all Important Paperwork

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

The required documents may vary from state to state--even in Massachusetts, but below is a list of some standard documents you may be requierd to have on you:

• Gather your assets
• Lease contract
• 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 has the expertise to assist you in the sale of your Beverly, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

You certainly do not want to reveal the majority of these documents to a prospective buyer day one. But, you may want to have them ready because you will certainly require them during the sales process.

Also, putting together these documents allows you to see your Beverly, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Beverly, Massachusetts restaurant you are selling. In addition, it allows you to identify whether there are any concerns you will need to take care of.

#2 Put Your Financials in Order

Your financial records are a crucial detail of selling your Beverly, Massachusetts restaurant. This is the reason you should strive to have your documents accurate and well organized.

Showing your financial documents to potential buyers could aid clear any hesitations they might have regarding your Beverly, Massachusetts restaurant.

These 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 soft copies of all of these documents. This can make it easier for you to transmit the information to potential buyers.

Also, as the seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failure to inform a buyer about these things may create legal problems for you if a buyer later discovers these ommissions after sealing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Beverly, Massachusetts restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease ends up preventing you from closing the deal.

For this reason, it is advisable to talk to your landlord concerning your plan to sell your Beverly, Massachusetts restaurant and to potentially 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 will help them evaluate the true value of your Beverly, Massachusetts restaurant.

This will be in your best interest to ensure that you augment sales and make a reduction in your expenses to build up your cash flow before trying to sell your Beverly, Massachusetts restaurant.

The average time it takes to sell a Beverly, Massachusetts restaurant is six months. Within the six months, there are many things you can do in order to strengthen your profit and reduce several costs, and thus increase the worth of your Beverly, Massachusetts restaurant.

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

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

#5 Make Your Restaurant Look Better

The appearance of your Beverly, Massachusetts restaurant will go a long way in helping you bring potential buyers. Alternatively, if the overall appearance of your Beverly, Massachusetts restaurant does not appeal to buyers, they might pass over without a second look.

To prevent this from happening, everything in and out of your Beverly, Massachusetts restaurant must be clean. Landscaped and a clean parking area could help create appeal for potential buyers.

Spot-free windows, polished door handles and a neat floor are also simple items that can help create a great first impression.

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

Faulty equipment could raise doubt about your financial situation and production capabilities. It can even lower the morale of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 look for Beverly Buyers

Marketing to prospective buyers is time-consuming and often requires specific skills and a certain level of expertise. This may demand that you hire an experienced Beverly, Massachusetts restaurant broker to help. A professional Beverly, Massachusetts restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you make the decision to handle this task yourself, you will need to carry out appropriate advertising. You can market your Beverly, Massachusetts restaurant on business websites and let your family and friends know about your plans to sell your Beverly, Massachusetts restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Beverly, Massachusetts restaurant yourself, or through a Beverly, Massachusetts restaurant broker, you should always be ready. Be prepared to show your Beverly, Massachusetts restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your Beverly, Massachusetts restaurant. Some buyers may even come in as customers just to perform some research before reaching out to you.

#9 Sell Your Beverly, Massachusetts Restaurant

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

You should have your attorney’s help in drafting this document. Working with an attorney is recommended to make sure the Asset Purchase Agreement covers every detail of the deal.

This agreement includes details including the selling price of your Beverly, Massachusetts restaurant, assets and equipment and inventory value.

Choosing a Beverly, Massachusetts Restaurant Broker

Although attempting to sell your Beverly, Massachusetts restaurant on your own can be an exhilarating endeavor, it could also be quite risky, especially for first time sellers.

The fact remains, in order for you to achieve the most from of the business transaction, you need some level of experience in order to stand above and against your cometitors while attempting to attract buyers.

Experience is also vital during negotiations with prospective buyers. This is where an experienced Beverly, Massachusetts restaurant broker comes in. A Beverly, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of selling your Beverly, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Beverly, Massachusetts Restaurant Broker

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

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

Beverly Zip Codes We Support: 01915, 01965