Right Time to Sell Your Danvers, Massachusetts Restaurant?

After years of hard work, you have made the decision sell your Danvers, Massachusetts restaurant

Contemplating opening a different eatery, moving, or even slowing down. Regardless of the reason, selling a Danvers, Massachusetts restaurant can be way more challenging than you might think. Thats because it takes thoughtful preparation and a solid strategy to successfully walk away with enough proceeds for all the labor you’ve put into it.

Important Steps to Consider in Selling Your Restaurant

You may either make the decision to hire a eatery broker to guide you in selling your Danvers, Massachusetts restaurant or take on the task on your own. If you are considering selling your Danvers, Massachusetts restaurant on your own for the first time or with a restauarant broker, you can expect these steps.

#1 Gather all Important Paperwork

This is a necessary preparatory step to make when you start the process of offering your Danvers, Massachusetts restaurant.

The required paperwork may vary from state to state--even in Massachusetts, but the following is a list of some general documents you may find helpful to have prepared:

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

Corbett Restaurant Group has the expertise to help you in the sale of your Danvers, Massachusetts restaurant. Call today for a no-obligation business review at (888) 266-5182.

You probably do not want to show the majority of these documents to a prospective buyer right away. But, you may want to have them ready because you will eventually need them during the sales process.

Also, compiling these documents allows you to see your Danvers, Massachusetts restaurant through the lens of a buyer. This provides you a clear picture of the Danvers, Massachusetts restaurant you are selling. Furthermore, it allows you to identify whether there are any concerns you'll need to take care of.

#2 Put Your Financial Documents in Order

Your financial records are an important aspect of selling your Danvers, Massachusetts restaurant. That’s the reason you should make an effort to have these documents complete and organized.

Offering your financial records to prospective buyers may assist to clear any doubt they may have concerning your Danvers, Massachusetts restaurant.

Your financial records can 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 could 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, prospective repairs, etc. Failing to inform a buyer about these items may create legal problems for you if a buyer later on discovers these ommissions post signing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your Danvers, 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 could be advisable to talk to your landlord concerning your plan to sell your Danvers, Massachusetts restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors may request an in-depth analysis of your financial records, whether favorable or not, this helps with estimating the true value of your Danvers, Massachusetts restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to increase your cash flow starting to sell your Danvers, Massachusetts restaurant.

The average time it may take to sell a Danvers, Massachusetts restaurant is 6 months. Within those six months, there is a lot you can do in order to strengthen your profit and slash various costs, and thus strengthen the value of your Danvers, 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 deriving the overall value of your Danvers, Massachusetts restaurant. If you understand the overall worth this could help you come up with a selling price.

#5 Increase Curb Appeal

The appearance of your Danvers, Massachusetts restaurant will go a long way in helping you bring potential buyers. Conversely, if the overall appearance of your Danvers, Massachusetts restaurant does not appeal to buyers, they likely pass over without consideration.

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

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

Furthermore, you should ensure all the equipment is in satisfactory condition. If your equipment is not working, it could convey 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 output abilities. It can even lower the excitment of your staff, which in turn, negatively affect your output and effect your profit and loss statement.

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

#7 look for Danvers Buyers

Searching for potential buyers is time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional Danvers, Massachusetts restaurant broker to help. A professional Danvers, Massachusetts restaurant broker will offer recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this project alone, you will need to carry out appropriate advertising. You can show your Danvers, Massachusetts restaurant on business websites and tell family and friends about your intentions to market for sale your Danvers, Massachusetts restaurant.

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

#8 Be Ready

Regardless if you decide to sell your Danvers, Massachusetts restaurant yourself, or with a a Danvers, Massachusetts restaurant broker, you should always be prepared. Be prepared to show your Danvers, Massachusetts restaurant to potential buyers at all times.

You never know when a buyer could walk into your Danvers, Massachusetts restaurant. Some buyers might even visit as customers in order to carry out some research before reaching out to you.

#9 Sell Your Danvers, Massachusetts Restaurant

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

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

This agreement includes details such as the selling price of your Danvers, Massachusetts restaurant, items and equipment as well as inventory value.

Choosing a Danvers, Massachusetts Restaurant Broker

Although trying to sell your Danvers, Massachusetts restaurant on your own can be an exciting endeavor, it can also be quite risky, especially for first-timers.

It's true, if you're looking to achieve the most out of the business transaction, you need some level of experience in order to stand above and against your cometitors while trying to attract buyers.

Experience is also vital during negotiations with potential buyers. This is when an experienced Danvers, Massachusetts restaurant broker comes in. A Danvers, Massachusetts restaurant broker has the resources, experience and strategy required to easily take on the task of selling your Danvers, Massachusetts restaurant. Additionally, a restaurant broker will liekly help you sell quicker and at a great price.

With the assistance of a Danvers, Massachusetts restaurant broker, you can maintain your undivided attention on operating your Danvers, Massachusetts restaurant and rest easy with the knowledge that a professional is in charge of selling your Danvers, Massachusetts restaurant.

Contact a Danvers, Massachusetts Restaurant Broker

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

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

Danvers Zip Codes We Support: 01923, 01937