Right Time to Sell Your Chelmsford, Massachusetts Restaurant?

After years of sweat equity, you have decided to sell your Chelmsford, Massachusetts restaurant

Contemplating opening a different Chelmsford, Massachusetts restaurant, moving, or even slowing down. Regardless of the reason, selling your Chelmsford, Massachusetts restaurant can be a lot more difficult than you might think. Thats because it takes careful preparation and a solid game plan to successfully walk away with enough profit for all the sweat you may have put into it.

Important Steps to Take in Selling Your Restaurant

You may either decide to contract with a eatery broker to help you in selling your Chelmsford, Massachusetts restaurant or take on the task yourself. Whether considering selling your Chelmsford, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can plan for.

#1 Gather any Necessary Documentation

This is an important first step to take when you begin the process of marketing your Chelmsford, Massachusetts restaurant.

The required paperwork may vary from state to state--even in Massachusetts, but the following is a list of a few generalized documents you may be requierd to have prepared:

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

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

You certainly do not want to show the majority of these documents to a prospective buyer day one. However, you should have them at hand because you will eventually need them during the sales process.

In addition, putting together these documents allows you to view your Chelmsford, Massachusetts restaurant through the lens of a buyer. It gives you a clear picture of the Chelmsford, Massachusetts restaurant you're selling. Furthermore, it helps you identify if there are any areas you will have to address.

#2 Get Your Financial Documents in Order

Your financial documents are a crucial aspect of selling your Chelmsford, Massachusetts restaurant. That’s why you should make it a priority to have these documents complete and well organized.

Showing your financial records to possible buyers may help clear any doubt they may have concerning your Chelmsford, Massachusetts restaurant.

These financial documents could 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 information to prospective buyers.

Also, as the seller, you have to disclose information such as debts, owed taxes, expected repairs, etc. Failing to inform a buyer about these items may create legal issues for you if a buyer later discovers these ommissions after closing the deal.

#3 Put Together the Details of Your Commercial Lease

While preparing to sell your Chelmsford, Massachusetts restaurant, you need to understand of your commercial lease. It could be disappointing if, after attracting a buyer, your lease ends up preventing you from sealing the deal.

For this reason, it may advisable to talk to your landlord regarding your plan to sell your Chelmsford, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors could request an detailed analysis of your financials, whether favorable or not, this helps them estimate the value of the Chelmsford, Massachusetts restaurant.

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

The average time it may take to sell a Chelmsford, Massachusetts restaurant is six months. Within the six months, there is a lot you can do in order to increase your profit and cut various costs, and therefore increase the worth of your Chelmsford, Massachusetts restaurant.

In addition, when it comes to your assets, you need to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This will aid you in estimating the overall value of your Chelmsford, Massachusetts restaurant. When you understand the overall worth this may help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The appearance of your Chelmsford, Massachusetts restaurant could go a long way in helping you bring potential buyers. Alternatively, if the overall curb appeal of your Chelmsford, Massachusetts restaurant does not appeal to buyers, they might take a pass without consideration.

To prevent this from happening, all things in and out of your Chelmsford, Massachusetts restaurant must be cleaned and maintained. Landscaping and a clean parking area can help create appeal for prospective buyers.

Clean windows, polished door handles and a presentable floor are other easy things that would help create a memorable first impression.

Additionally, you should ensure that all the equipment is in satisfactory condition. If your equipment is not working properly, it can convey 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 capabilities. It may even lower the morale of your employees, which in response, negatively affect your productivity and effect your profit and loss statement.

You should look credible in order to build the confidence of potential buyers regarding buying your Chelmsford, Massachusetts restaurant.

#7 look for Chelmsford Buyers

Looking for prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may require that you hire a professional Chelmsford, Massachusetts restaurant broker to help. The professional Chelmsford, Massachusetts restaurant broker will have recommendations for saving time & money for attracting more prospective buyers. However, if you decide to take on this project alone, you will need to create proper advertising. You can market your Chelmsford, Massachusetts restaurant on business websites and let your family and friends know about your intentions to market for sale your Chelmsford, Massachusetts restaurant.

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

#8 Be Prepared

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

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

#9 Sell Your Chelmsford, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important documentation to finalize the contract. The paperwork will usually begin 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 deal.

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

Choosing a Chelmsford, Massachusetts Restaurant Broker

While attempting to sell your Chelmsford, Massachusetts restaurant on your own can be an exciting endeavor, it can also be very risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business deal, you need a higher level of expertise in order to stand above and against the competition while attempting to attract buyers.

Expertise is also vital during negotiations with prospective buyers. This is when an experienced Chelmsford, Massachusetts restaurant broker is recommended. A Chelmsford, Massachusetts restaurant broker has the resources, expertise and strategy needed to easily take on the task of marketing for sale your Chelmsford, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

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

Contact a Chelmsford, Massachusetts Restaurant Broker

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

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

Chelmsford Zip Codes We Support: 01824, 01863