Time to Sell Your Billerica, Massachusetts Restaurant?

After years of labor, you have decided to sell your Billerica, Massachusetts restaurant

Considering opening a new Billerica, Massachusetts restaurant, moving, or even retiring. Regardless of the reason, selling your Billerica, Massachusetts restaurant can be a lot 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 labor you’ve put into it.

Necessary Steps to Consider when Selling Your Restaurant

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

#1 Gather all Necessary Paperwork

This is a necessary preparatory step to make when you begin the process of marketing your Billerica, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of a few generalized documents you may need to have on you:

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

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You probably do not want to show the majority of these documents to a prospective buyer first day. However, you should have them on hand because you will certainly require them during the sales process.

Also, compiling these documents lets you view your Billerica, Massachusetts restaurant through the lens of a buyer. This gives you a clear picture of the Billerica, Massachusetts restaurant you are offering for sale. In addition, it allows you to show if there are any loopholes you'll have to address.

#2 Get Your Financial Records in Order

Your financial records are an important detail of selling your Billerica, Massachusetts restaurant. This is why you should strive to make your documents accurate and well organized.

Offering your financial documents to potential buyers could help clear any hesitations they may have concerning your Billerica, Massachusetts restaurant.

These financial records can include:

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

Also, make sure you have hard copies of all of the records. This can make it easier for you to transmit the records to possible buyers.

Likewise, as a seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer regarding these things could create legal problems for you if a buyer later discovers these liabilities after signing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Billerica, Massachusetts restaurant, you need to understand of your commercial lease. It would be disappointing 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 Billerica, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the true value of the Billerica, Massachusetts restaurant.

It is therefore in your best interest to ensure that you increase sales and reduce expenses to build up your cash flow planning to sell your Billerica, Massachusetts restaurant.

The estimated time it takes to sell a Billerica, Massachusetts restaurant is 6 months. Within the six months, there are several things you can do to increase your profit and cut various costs, and thus strengthen the worth of your Billerica, 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 help you in deriving the probable worth of your Billerica, Massachusetts restaurant. If you understand the overall worth this may help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Billerica, Massachusetts restaurant can go a great distance in helping you bring potential buyers. Conversely, if the general curb appeal of your Billerica, Massachusetts restaurant does not look good to buyers, they might pass over without a second look.

To avoid this from happening, everything in and out of your Billerica, Massachusetts restaurant must be clean. Manicured and a clean parking area can help create curb appeal for prospective buyers.

Clean windows, polished door handles and a neat floor are also simple things that can help create a unforgettable initial impression.

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

Faulty equipment can raise doubt about your financial situation and output abilities. It can even dampen the morale of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of potential buyers concerning buying your Billerica, Massachusetts restaurant.

#7 Search for Billerica Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of expertise. This may require that you hire an experienced Billerica, Massachusetts restaurant broker to help. The professional Billerica, Massachusetts restaurant broker will have recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to handle this project yourself, you will need to carry out proper advertising. You can list your Billerica, Massachusetts restaurant on listing websites and tell family and friends about your plans to market for sale your Billerica, Massachusetts restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will visit your Billerica, Massachusetts restaurant. Some buyers may even visit as customers in order to perform some research before reaching out to you.

#9 Sell Your Billerica, Massachusetts Restaurant

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

You should have your attorney’s expertise in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every detail of the contract.

This document includes details including the selling price of your Billerica, Massachusetts restaurant, assets and equipment as well as inventory value.

Choosing a Billerica, Massachusetts Restaurant Broker

While trying to sell your Billerica, Massachusetts restaurant on your own can be an exciting project, it can 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 to stand out against the cometitors while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Billerica, Massachusetts restaurant broker comes in. A Billerica, Massachusetts restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Billerica, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Billerica, Massachusetts Restaurant Broker

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

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

Billerica Zip Codes We Support: 01821, 01822, 01862, 01865, 01866