Time to Sell Your Everett, Massachusetts Restaurant?

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

Considering opening a different Everett, Massachusetts restaurant, moving, or even retiring. No matter the reason, selling a Everett, Massachusetts restaurant can be a lot more difficult than you may think. This is because it takes careful preparation and a solid strategy to successfully get out with enough proceeds for all the sweat you’ve put into it.

Necessary Actions to Consider in Selling Your Restaurant

You may either decide to hire a eatery broker to assist you in selling your Everett, Massachusetts restaurant or take on the task on your own. Whether considering selling your Everett, Massachusetts restaurant on your own for the first time or with a restauarant broker, here are some tasks you can expect.

#1 Put Together the Necessary Paperwork

This is an important initial step to make when you begin the process of offering your Everett, 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 be requierd to have ready:

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

Corbett Restaurant Group comes with experience to assist you in the sale of your Everett, Massachusetts restaurant. Call today for a no strings attached business review at (888) 266-5182.

It's probably smart not to show all these documents to a prospective buyer right away. But, you should have them on hand because you will certainly need them during the sales process.

Also, putting together these documents lets you view your Everett, Massachusetts restaurant through the lens of a buyer. This gives you a clear image of the Everett, Massachusetts restaurant you are offering for sale. Furthermore, it allows you to identify whether there are any areas you will need to take care of.

#2 Put Your Financial Records in Order

Your financial documents are a crucial detail of selling your Everett, Massachusetts restaurant. That’s the reason you should make an effort to make these documents complete and organized.

Offering your financial documents to possible buyers may assist to clear any hesitations they might have concerning your Everett, Massachusetts restaurant.

Your 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 may make it easier for you to transmit the records to possible buyers.

Likewise, as the seller, you must disclose information including debts, owed taxes, planned repairs, etc. Failure to inform a buyer regarding these things could create legal issues for you if a buyer later discovers these ommissions after completing the deal.

#3 Organize the Information On Your Commercial Lease

While preparing to sell your Everett, Massachusetts restaurant, you need to understand of your commercial lease. It would be devestating if, after securing a buyer, your lease prevents you from sealing the deal.

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

#4 Have Your Restauarant Appraised

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

This will be in your best interest to ensure that you increase sales and reduce expenses to build your cash flow before trying to sell your Everett, Massachusetts restaurant.

The average time it takes to sell a Everett, Massachusetts restaurant is six months. Within those six months, there is a lot you can do to strengthen your profit and reduce several costs, and thus strengthen the value of your Everett, Massachusetts restaurant.

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

This could aid you in estimating the probable value of your Everett, Massachusetts restaurant. When you understand the overall value this could help you determine a selling price.

#5 Make Your Restaurant Look Better

The first impression of your Everett, Massachusetts restaurant could go a great distance in helping you attract potential buyers. Alternatively, if the overall curb appeal of your Everett, Massachusetts restaurant does not look good to buyers, they likely take a pass without a second look.

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

Clean windows, polished handles and a clean floor are other small items that could help create a great first impression.

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

Non-functional equipment also raises doubt about your financial situation and output capabilities. It could even dampen the excitment 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 concerning buying your Everett, Massachusetts restaurant.

#7 Search for Everett Buyers

Marketing to prospective buyers can be time-consuming and can require specialized skills and a certain level of experience. This may demand that you hire an experienced Everett, Massachusetts restaurant broker to help. The professional Everett, Massachusetts restaurant broker will come with recommendations for saving time for attracting more potential buyers. However, if you decide to handle this project by yourself, you will need to create appropriate advertising. You can offer your Everett, Massachusetts restaurant on business websites and let your family and friends know about your intentions to market for sale your Everett, Massachusetts restaurant.

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

#8 Be Prepared

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

You'll never know when a buyer will visit your Everett, Massachusetts restaurant. Some buyers might even visit as customers just to carry out some research before reaching out to you.

#9 Sell Your Everett, Massachusetts Restaurant

This is the final action to take after a successful negotiation with a buyer. This stage involves the presentation of the important paperwork to finalize the contract. The paperwork will usually start with the Asset Purchase Agreement.

You may need your attorney’s assistance in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

This agreement includes details such as the selling price of your Everett, Massachusetts restaurant, assets and equipment and inventory value.

Choosing a Everett, Massachusetts Restaurant Broker

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

It's true, if you're looking to get the most out of the business transaction, you need a higher level of expertise in order to stand above and against the competition while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced Everett, Massachusetts restaurant broker is needed. A Everett, Massachusetts restaurant broker has the resources, expertise and strategy needed to easily take on the task of selling your Everett, Massachusetts restaurant. Additionally, a restaurant broker can help you sell quicker and at a great price.

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

Contact a Everett, Massachusetts Restaurant Broker

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

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

Everett Zip Codes We Support: 02149