Right Time to Sell Your Cambridge, Massachusetts Restaurant?

After years of sweat equity, you have made the decision sell your Cambridge, Massachusetts restaurant

Contemplating starting a different Cambridge, Massachusetts restaurant, moving, or maybe retiring. No matter the reason, selling a Cambridge, Massachusetts restaurant can be a lot more complicated than you may think. Thats because it takes thoughtful preparation and a solid game plan to successfully walk away with enough proceeds for all the sweat you’ve put into it.

Necessary Actions to Take in Selling Your Restaurant

You may either make the decision to contract with a eatery broker to guide you in selling your Cambridge, Massachusetts restaurant or do the task yourself. If you are considering selling your Cambridge, Massachusetts restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together any Necessary Documentation

This is an important initial step to take when you start the process of offering your Cambridge, Massachusetts restaurant.

The necessary documents may vary from state to state--even in Massachusetts, but below is a list of some standard documents you may need to have ready:

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

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You certainly do not want to show all these documents to a possible buyer day one. However, you should have them on hand because you will certainly need them during the sales process.

In addition, putting together these documents allows you to see your Cambridge, Massachusetts restaurant through the lens of a buyer. This provides you a clear image of the Cambridge, Massachusetts restaurant you're selling. In addition, it allows you to show whether there are any areas you will need to take care of.

#2 Get Your Financials in Order

Your financial documents are an important aspect of selling your Cambridge, Massachusetts restaurant. This is the reason you should make an effort to make these documents accurate and organized.

Offering your financial records to possible buyers could aid clear any doubt they might have regarding your Cambridge, 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 the records. This can make it easier for you to send the information to prospective buyers.

In addition, as a seller, you must disclose information including debts, owed taxes, deferred repairs, etc. Failing to inform a buyer regarding these items may create legal problems for you if a buyer later discovers these liabilities after completing the deal.

#3 Gather the Details of Your Commercial Lease

While preparing to sell your Cambridge, Massachusetts restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting 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 Cambridge, Massachusetts restaurant and to possibly extend your lease.

#4 Appraise Your Restaurant

Buyers and investors will often request an detailed analysis of your financial records, whether favorable or not, this helps them estimate the true value of the Cambridge, Massachusetts restaurant.

This will be in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow starting to sell your Cambridge, Massachusetts restaurant.

The estimated time it may take to sell a Cambridge, Massachusetts restaurant is 6 months. Within those six months, there are many things you can do in order to increase your profit and slash various costs, and thus increase the worth of your Cambridge, Massachusetts restaurant.

Also, with regards to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s best to individually estimate your assets.

This will aid you in estimating the probable value of your Cambridge, Massachusetts restaurant. Understanding the overall value will help you determine a selling price.

#5 Make Your Restaurant Look Good

The appearance of your Cambridge, Massachusetts restaurant could go a long way in helping you bring potential buyers. Alternatively, if the general aesthetic of your Cambridge, Massachusetts restaurant does not look good to buyers, they could pass over immediately.

To avoid this from happening, everything in and out of your Cambridge, Massachusetts restaurant must be cleaned and maintained. Landscaped and a clean parking lot could help create curb appeal for prospective buyers.

Spot-free windows, polished door handles and a neat floor are other easy things that could help create a memorable initial impression.

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

Faulty equipment may rouse doubt about your financial status and production capabilities. 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 appear credible in order to build the confidence of potential buyers regarding purchasing your Cambridge, Massachusetts restaurant.

#7 look for Cambridge Buyers

Marketing to potential buyers can be time-consuming and often requires specific skills and a certain level of expertise. This may require that you hire a professional Cambridge, Massachusetts restaurant broker to help. A professional Cambridge, Massachusetts restaurant broker will offer recommendations for saving time for attracting more potential buyers. However, if you decide to handle this task alone, you will need to carry out proper advertising. You can list your Cambridge, Massachusetts restaurant on business websites and let your family and friends know about your plans to sell your Cambridge, Massachusetts restaurant.

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

#8 Be Ready

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

You will never know when a buyer could walk into your Cambridge, Massachusetts restaurant. Some buyers might even visit as customers in order to perform some research before contacting you.

#9 Sell Your Cambridge, Massachusetts Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the contract. The documentation often start with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Involving an attorney is recommended to make sure the Asset Purchase Agreement covers every aspect of the transaction.

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

Choosing a Cambridge, Massachusetts Restaurant Broker

Although trying to sell your Cambridge, Massachusetts restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first time sellers.

It's true, if you're looking to achieve the most from of the business deal, you need a higher level of expertise in order to stand above and against the cometitors while attempting to find buyers.

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

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

Contact a Cambridge, Massachusetts Restaurant Broker

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

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

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