Ready to Sell Your Boston, Massachusetts Restaurant?

After years of labor, you have made the decision sell your Boston, Massachusetts restaurant

Contemplating opening a different eatery, relocating, or maybe slowing down. No matter the reason, selling a Boston, Massachusetts restaurant can be a lot more challenging than you might realize. Thats because it takes thoughtful preparation and a solid game plan to successfully get out with enough money for all the sweat you’ve put into it.

Important Actions to Consider in Selling Your Restaurant

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

#1 Put Together any Important Paperwork

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

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

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

It's probably best not to reveal the majority of these documents to a potrntial buyer first day. However, you may want to have them ready because you will certainly need them during the sales process.

Also, compiling these documents lets you view your Boston, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Boston, Massachusetts restaurant you're selling. Furthermore, it allows you to show if there are any loopholes you will have to address.

#2 Put Your Financial Documents in Order

Your financial documents are a crucial part of selling your Boston, Massachusetts restaurant. This is why you should make an effort to have these documents complete and well organized.

Showing your financial records to potential buyers could aid clear any doubt they may have concerning your Boston, 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 records. This will make it easier for you to send the records to potential buyers.

In addition, as a seller, you have to disclose information including debts, owed taxes, prospective repairs, etc. Failure to inform a buyer about these things could create legal issues for you if a buyer later discovers these liabilities post signing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Boston, Massachusetts restaurant, you must find out the terms of your commercial lease. It would be devestating if, after securing a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it is advisable to have a discussion with your landlord concerning your plan to sell your Boston, Massachusetts restaurant and to possibly extend your lease.

#4 Have Your Restauarant Appraised

Buyers and investors will often request an in-depth evaluation of your financial records, whether favorable or not, this helps with estimating the true value of your Boston, 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 starting to sell your Boston, Massachusetts restaurant.

The estimated time it takes to sell a Boston, Massachusetts restaurant is 6 months. Within the six months, there are several things you can do in order to strengthen your profit and slash several costs, and thus increase the value of your Boston, Massachusetts restaurant.

Also, with regards to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This could aid you in estimating the overall value of your Boston, Massachusetts restaurant. When you understand the overall value this could help you settle on a selling price.

#5 Increase Curb Appeal

The appearance of your Boston, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Boston, Massachusetts restaurant does not appeal to buyers, they likely pass over without consideration.

To avoid this from happening, everything in and out of your Boston, Massachusetts restaurant must be cleaned and maintained. Manicured and a clean parking lot may help create appeal for potential buyers.

Clean windows, polished door handles and a clean floor are other simple things that would help create a unforgettable initial impression.

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

Non-functional equipment also raises doubt about your financial capabilities and output abilities. It may even lower the morale of your staff, and in turn, negatively affect your productivity and effect your profit and loss statement.

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

#7 Search for Boston Buyers

Looking for potential buyers is time-consuming and often requires specialized skills and a certain level of expertise. This may demand that you hire a professional Boston, Massachusetts restaurant broker to help. A professional Boston, Massachusetts restaurant broker will offer recommendations for saving time & money for attracting more potential buyers. However, if you make the decision to take on this project yourself, you will need to carry out appropriate advertising. You can list your Boston, Massachusetts restaurant on business websites and let your family and friends know about your intentions to market for sale your Boston, Massachusetts restaurant.

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

#8 Be Prepared

Whether you decide to sell your Boston, Massachusetts restaurant yourself, or with a a Boston, Massachusetts restaurant broker, you need to always be ready. Be ready to show your Boston, Massachusetts restaurant to prospective buyers at all times.

You'll never know when a buyer will walk into your Boston, Massachusetts restaurant. Some buyers may even visit as customers in order to carry out some research before contacting you.

#9 Sell Your Boston, Massachusetts Restaurant

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

You may need your attorney’s assistance in drafting this document. Working with an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the transaction.

This document includes details including the selling price of your Boston, Massachusetts restaurant, items and equipment and inventory value.

Choosing a Boston, Massachusetts Restaurant Broker

While trying to sell your Boston, Massachusetts restaurant on your own can be an exhilarating project, it could also be quite risky, especially for first time sellers.

It's true, in order for you to achieve the most out of the business transaction, you need some level of expertise to stand out against your competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Boston, Massachusetts restaurant broker is needed. A Boston, Massachusetts restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your Boston, Massachusetts restaurant. Additionally, a restaurant broker can help you sell faster and for more money.

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

Contact a Boston, Massachusetts Restaurant Broker

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

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

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